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.
The land parcel was made available for sale on the reserve list of the Second Half 2017 Government Land Sales Programme.
URA said on Monday that received an application from a developer for the site to be put up for public tender.
The developer committed to bid at a price of not less than S$379.988 million in the tender for the land parcel. This works out to about S$643.53 per square foot per plot ratio.
As the minimum price committed by the developer is acceptable to the government, the site will be released for sale by public tender.
In line with the procedures of the Reserve List system, URA has made public the minimum price committed for the site. It will not, however, release the identity of the applicant.
URA will launch the public tender for the site in about two weeks' time. The tender period for the land parcel will be about six weeks.
With a land area of about 1.9 hectares, the residential site at West Coast Vale will have a maximum permissible gross floor area of 54,857 square metres (about 590,475 sq ft).
The land parcel is located within a residential area with existing condominiums such as The Infiniti, Botannia and Carabelle. It is linked to both West Coast Highway and Ayer Rajah Expressway.
Shopping and dining options are available at Westgate, Jem and Big Box at the Jurong Lake District.
The nearby schools include Nan Hua Primary School, Commonwealth Secondary School and The Japanese School.
Separately, the collective sale of Park West near Clementi MRT station has been launched for sale by public tender.
The site has a land area of 633,644 sq ft and is zoned for residential use with an allowable gross plot ratio of 2.1.
More than 80 per cent of owners at Park West have consented to the collective sale and are expecting a price of S$818 million.
With an approved baseline equivalent to a plot ratio of about 1.74, the differential premium and lease upgrading premium are estimated at S$92 million and S$139 million, respectively. This translates to a land rate of S$788 per sq ft per plot ratio.
Adapted from: The Business Times, 5 December 2017