At the close of the tender, after receiving a mere six bids, a land parcel for private, residential development at West Coast Vale created a sub-par response. Property analysts have said it reflects a more selective approach because of the conservation of financial resources, holding off for more lucrative sites.

The second highest bid, Sunway Developments and Oriental Worldwide Investments, tabled by a group comprising Hoi Hup Realty, turned out to be about 3.2% lower than the highest bid, tabled by EL Development. The Urban Redevelopment Authority, the top bid, totaled at $314.1 million, which is about $551 per square foot, per plot ratio (psf, ppr).

West Coast Vale Tender

The sum of the offers proposed for West Coast Vale, being the final residential site in the Confirmed List of the Government Land Sales (GLS) Programme for the first half of the year, was the lowest since the tender a …