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URA to launch tender for residential site at West Coast Vale

The Urban Redevelopment Authority (URA) has accepted an application from a developer to put up the residential site at West Coast Vale for sale by public tender.

This comes after the developer committed to bid a price of not less than S$ 379.988 million in the tender for the site.

“As the minimum price committed by the developer is acceptable to the government, the site will be released for sale by public tender,” said the URA.

With a maximum permissible gross floor area of 54,857 sq m, the 1.9ha site was made available for sale on the reserve list of the second half 2017 Government Land Sales Programme.

Tricia Song, head of research for Singapore at Colliers International, noted that the West Coast Vale site has been triggered for sale despite the abundance of new and upcoming supply within the area.

“We think this is probably due to the brisk sales chalked up at 752-unit Parc Riviera which is now 87 percent sold as of October 2017, at a median price of S$ 1,250 psf, since it was launched in November 2016,” she said.

“Next to the Parc Riviera site is a new, yet-to-launch project Twin Vew – which can yield 570 units – that was sold in February 2017 to China Construction at S$ 592 psf per plot ratio (ppr).”

Song expects the top bid for the site to stand at “about S$ 443 million to S$ 472 million (S$ 750 to S$ 800 psf ppr), with a selling price of S$ 1,300 to S$ 1,375 psf”.

The trigger price of S$ 379.988 million translates to S$ 643.5 psf ppr, she added.

Meanwhile, the URA revealed that the public tender for the land parcel will be launched in about two weeks, while the tender period for the site will be about six weeks.

This article was edited by Romesh.

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Parc Botannia in Sengkang to launch at prices starting from $548,000

Artist’s impression of Parc Botannia.

Parc Botannia, the last residential project to launch in 2017, will open its showflat to buyers on 11 November, said developers Sing Holdings and Wee Hur Holdings.

Sing Holdings owns a 70 percent stake in the development, while the remaining 30 percent is held by Wee Hur. The consortium was awarded the site last year after beating out 13 other developers with a top bid of $ 287.1 million.

The 99-year leasehold condominium comprises four 22-storey towers of 735 units. It sits on a 185,095 sq ft site along Fernvale Road next to Thanggam LRT station.

Unit types range from one- to five-bedroom apartments with sizes spanning 431 sq ft to 1,679 sq ft. Indicative prices start from $ 548,000 for a one-bedder, $ 738,000 for a two-bedder, $ 1.04 million for a three-bedder, $ 1.3 million for a four-bedder, and $ 1.6 million for a five-bedder.

There have been no new launches in the area in the past two years, with the last one being High Park Residences in 2015. Located right next to Parc Botannia, the private condo sold all 1,399 units for $ 988 psf within 20 months despite subdued market conditions in 2015 and 2016.

Parc Botannia is located within the future Seletar Regional Centre, which has the potential to grow to twice the size of Tampines Regional Centre. The nearby Seletar Aerospace Park is already home to big-name aviation firms such as Rolls-Royce and ST Aerospace.

There are also shops and eateries within reach at Jalan Kayu, Seletar Mall and Greenwich V.

“We believe that there is a mix of demand for homes and investment in this location,” said Lee Sze Hao, CEO of Sing Holdings.

“Being the only project to be launched in the vicinity, we are optimistic that Parc Botannia, with its unique features, strong selling attributes and attractive pricing, will be well-received.”

In view of the upcoming launches next year, Lee noted that the project’s average price of $ 1,280 psf makes it one of the most attractively-priced and affordable condos.  

The showflat at the junction of Fernvale Road and Sengkang West Way is now open for public previews.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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Almost one-third of Parc Botannia’s units sold during launch

Parc Botannia in Sengkang successfully found buyers for about 230 units at an average price of $ 1,270 psf after the condominium was launched for sale on Saturday (11 November), reported The Business Times.

Jointly developed by Wee Hur and Sing Holdings under a 30:70 partnership respectively, the 735-unit project along Fernvale Street is expected to be completed by end-2021.

Units at the 99-year leasehold condominium that saw strong take-up included those with one, two and four bedrooms, with locals accounting for most of the buyers.

Aside from being close to Seletar Mall and the food street in Jalan Kayu, Parc Botannia is also a stone’s throw away from the Thanggam LRT station and a few stops from the Sengkang MRT station.

 

This article was edited by Keshia Faculin.

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