Developers are expecting there to be some moderate interest from a condo plot that was recently put up for sale in the market at 1 Clementi Avenue. A top bid has been forecasted to be between $265 – $285 million, which equates to about $540 – $580 per square foot, per plot ratio.

It is believed that a yield of around West Coast Vale Condo 460 units could be developed on this 99 year leasehold plot which measures 1..3 hectares. The site is situated near the NUS High School of Mathematics and Science and the Nan Hua High School. However, it also faces the Ayer Rajah Expressway.

Interest in West Coast Vale Condo

Mr. Lee Liat Yeang, who is one of Rodyk and Davidson’s real estate solicitors, pointed out that it is a rare thing, having a site that is this well situated aside preferable schools near EL Development Condo, as well as being in close proximity to the National University of Singapore. It should draw developers who are looking to augment the land bank with a quality suburban plot.

Something else to take into consideration is that there are very few new residential developments with 99 year leaseholds next to this EL Development West Coast Condo popular and mature residential estate. Also becoming scarce are Government Land Sales program development sites.

About 2 kilometres from Jalan Lempeng is Trininq condo, which saw its launch in 2013. Of the 350 units that have been launched to date, only 200 have been moved. Any developer would be worried regarding units that were unsold at this 755 unit project. Even with the average price being cut from it’s 2013 price of around $1,500 per square foot to this year’s $1,350 per square foot, sales continue to be sluggish for West Coast Vale EL Development.

EL Development Top Bidder for West Coast Vale

Even though the immediate vicinity has very few new homes, the West Coast area have a number of private residences that have been completed, most of which are 999 year leases of freehold.

Any project to be built on the 1 Clementi Avenue plot will face some stiff resale and leasing competition down the road from these homes in West Coast. It also seems that a weakening is occurring to West Coast’s resale prices, with a drop of around 3% to 7% of Carabelle in West Coast Vale EL Development, Hundred Trees and Botannia during this past year.

It seems that the Clementi and West Coast locations are losing their lustre, with new private housing estates in the suburbs, such as Lakeside, Bartley and Hillview, taking form with soon to come or existing MRT stations being situated closer to private homes. One analyst noted that Lakeside and Jurong locations are quickly being reinvigorated. This comes in sharp contrast when looking at the Clementi, which is quite a distance from the Clementi MRT station.

EL Development West Coast Vale Condo

It is expected that between 5 to 9 developers will make bids on this plot, with a forecast of between $540 and $580 per square foot being offered for West Coast Condo his isn’t much different from another West Coast Vale Government Land Sale plot in August that drew in 6 bidders and sold for $551 per square foot.

The Urban Redevelopment Authority recently shared that the closing date for this sites tender will be the 9th of December.