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West Coast Vale site draws top bid of $292m

China Construction Development’s offer seen to reflect optimism in housing market

China Construction Development has put in the top bid of $292 million in a hard-fought, nine-way battle for a residential land parcel in West Coast Vale.

The bid of $592 per sq ft per plot ratio (psf ppr) was towards the upper end of expectations, said JLL national director of research and consultancy Ong Teck Hui.

He added: “It reflects optimism that the residential market will continue to improve. Private home sales in 2016 grew nearly 16 per cent over the previous year and is expected to improve further in 2017, while price declines have been moderating.

“This has led to the perception that the market is closer to the bottom and contributed to the firm bidding for the subject site.”

The West Coast Vale 99-year leasehold plot was launched on Dec 7. The tender closed yesterday.

Close behind, in second spot, MCC Land tendered $289.9 million, or about $587.3 psf ppr, for the parcel with a site area of about 176,294 sq ft – close to the top end of the expected $450 psf ppr to $600 psf ppr range.

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