West Coast Vale Site Awarded To EL Development
West Coast Vale Site Released:
On 25 May 2015, the Urban Redevelopment Authority (URA) announced the release of a residential site at West Coast Vale for application under the first half 2016 Government Land Sales (GLS) Programme Reserve List.
West Coast Vale Site Open For Sale:
On 18 Jun 2015, the URA announced that the West Coast Vale site which has been triggered for sale will be released for tender. The huge piece of land parcel spanning 19,000 square metres (m2) / 203,531 sq ft has an estimated 53,000 m2 / 569,895 sq ft in permissible gross floor area which can allow up to 595 residential units to be built.
Four primary schools are located within the vicinity, two of which are within the 1km range and they include Nan Hua Primary and Qifa Primary. Within the 2km radius, the two other schools are Pei Tong Primary and Clementi Primary.
West Coast Vale is well located near the Jurong Lake District (JLD) where a huge Jurong transformation is taking place. JLD has become the 2nd regional centre, the largest commercial hub outside the city centre. Many amenities are located here and these include convenient transport networks, High Speed Rail Terminus, 5 shopping malls, Ng Teng Fong and Jurong Community Hospitals, Genting Hotel, upcoming Lakeside Village waterfront dining and entertainment, upcoming Jurong Innovation District, upcoming waterfront hotels, and many more.
West Coast Vale is also near the Southern Ridges Loop connecting to Pandan Reservoir and Bukit Batok Nature Park. Staying here enables one to have easy connection to the West Coast Highway and Ayer Rajah Expressway.
This West Coast Vale site is the third development requiring to adopt the Prefabricated Pre-finished Volumetric Construction (PPVC) method. The first two being the new launch condo sites at Yishun Avenue 4 (Wisteria) and Jurong West Street 41 (Lake Grande).
West Coast Vale Land Parcel Tender Closed:
Tender closed on 4 Aug 2015 and 6 bids were received. EL Development submitted the highest bid of $314.1 million. This works out to about $551 per square foot per plot ratio (psf ppr). It is 3.2% higher than the 2nd bid submitted by consortium Hoi Hup Realty, Sunway Developments and Oriental Worldwide Investments.
This top bid by EL is the lowest one received for the first half of 2016 in the Confirmed List of GLS Programme. The last lowest bid was on 7 August 2014 for a private residential site for the condo launch High Park Residences in Fernvale Road (Parcel A at $438.17 psf ppr and Parcel B at $448.35 psf ppr).
The highest bid at West Coast Vale site is rather similar to the condo site at Jalan Lempeng where Trilinq sits now which had attracted 8 bids with the top bid being tendered by Multi Wealth, a subsidiary of Malaysia’s IOI Properties at $554.35 psf ppr in January 2012.
This price is approximately 25% lower than the land price at Faber Walk which had 18 bids and tender closed a little before the Total Debt Servicing Ratio (TDSR) rule became mandatory on 29 June 2013.
Moving forward, developers will be more selective in their choice of land for tender as they want to make their limited resources work best for them.
It has been confirmed that the West Coast Vale residential land parcel will be named Parc Riviera.