Park Colonial at Woodleigh Lane

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Park Colonial at Woodleigh Lane

CEL Unique Development, a unit of Chip Eng Seng Corporation, submitted the highest bid of $700.7 million for the 99-year leasehold site at Woodleigh Lane last year 11 July 2017. This works out to $1,110 psf per plot ratio.

The residential site along Woodleigh Lane is located next to Woodleigh MRT station received tough competition for the 1.9ha which draws as much as 15 bidders.

The following most elevated offer of $695 million originated from Corson and Wingjoy Investment, trailed by a $688.1 million offer from Verwood Holdings and Logan Property.

“About half of the bids were above expectations with the top four bids within a tight 3.6 percent margin,” said Ong Teck Hui, National Director, Research & Consultancy at JLL. “The break-even is estimated to be close to $1,600 psf, suggesting that units are likely to be priced optimistically when they are launched.”

Launched for sale on 30 May under the confirmed list of the first half 2017 Government Land Sales programme, this new launch at woodleigh could yield approximately 735 units.

The land parcel is allocate nearby to Bidadari New Town and is also close to NEX shopping mall and numerous reputable schools including St Andrew’s Secondary School, Maris Stella High School and Stamford American International School.

Desmond Sim, Head, CBRE Research, Singapore and South East Asia, noted that this is the second plot within the upcoming Bidadari precinct to have closed this year, after a mixed development site in the area was awarded last month.

Park Colonial are expected 805 residential private condominium.

Park Colonial at Woodleigh Location Map

This piece of rare gem located adjacent to Woodleigh MRT station and close proximity to the upcoming new Bidadari housing estate with an estimated future population of about 60,000 people; and its being the only mixed-use site in the estate available for sale, draw a very positive attributes to the developers and home buyers.

This new launch on the site has to be integrated with a community club and a neighbourhood police centre.

Park Colonial being the first mover advantage. Nearby to the first shopping centre in the Bidadari estate which will attract a high number of residents from the Bidadari estate.

Retail opportunities are presently rare along the North-East Line, which runs through Woodleigh. The Poiz Residences, is also another mixed-development project, under construction next to Potong Pasir MRT station, while Nex at Serangoon is the existing mega mall that provide daily necessity and convenience to the residents of North East Line.