Property Shocker: West Coast property bid comes in below 20% forecast

The top bid for a URA residential site opposite West Coast came in at $175.8m or $461 per square foot per plot ratio, compared to analysts’ forecast of $580 psf ppr.

DMG Research noted:

When the government launched the tender for the 99-year leasehold site at West Coast Link/West Coast Crescent in early May, consultants had predicted a top bid as high as $580 psf ppr. The land parcel can potentially yield 360 housing units with a maximum permissible GFA of 35,456 sqm. Interest in the site was keen, with a total of 12 bids received. Far East Organisation submitted the top bid, narrowing beating Centurion RE’s bid of $456 psf by 1.1%. Projected breakeven is around the $800-850 psf range and selling prices could range from $900-1000 psf. With the massive rollout plans for HDB and private residential sites announced by the new National Development Minister Khaw Boon Wan, we believe developers will remain selective and measured in their future land bids, building in a buffer for possible declines in end selling prices. Lower land costs will enable developers to price their projects more competitively and create a more sustainable housing market.

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