A RESIDENTIAL site released for sale at West Coast Crescent yesterday is expected to draw a good response.
Property consultants said the 1.2ha plot could fetch between $94 million and $112 million.
This works out to $260 per sq ft (psf) to $310 psf of the site's potential gross floor area which stands at 361,667 sq ft. These expected prices are slightly higher than the $248 psf of gross floor area fetched for a site at Boon Lay Way last month.
The West Coast plot was launched for public tender by the Urban Redevelopment Authority yesterday as part of the Government's confirmed land sales programme, which identifies sites to be sold at a pre-determined date.
It is attractively located near schools - including the Japanese Supplementary School - as well the National University of Singapore, said market experts.
A new condominium built on the 99-year leasehold parcel 'promises a view of the sea and greenery at West Coast Park and Clementi Woods', said Mr Li Hiaw Ho, executive director of CB Richard Ellis Research.
He added that such a condo, which can be built to up to 36 storeys, would be only the second high-rise development 'on this stretch of West Coast', after Blue Horizon.
Mr Nicholas Mak, director of research and consultancy at Knight Frank, expects the site to attract three to six bids. About 290 to 300 condo units can be developed on the land, he said.
The breakeven cost for a future building on the site is likely to be about $650 to $690 psf, he added. 'The new units in this proposed development could be sold at prices between $740 and $780 psf.'
Mr Li also pointed out that some units in adjacent Blue Horizon were sold at about $750 psf in the fourth quarter of last year. Sub-sales of uncompleted homes at nearby Varsity Park were also in that price bracket.
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