Woodleigh residential site attracts top bid of $700.7m

Singapore’s residential site at Woodleigh Lane has 15 bidders, which is near to the assumptions of the analyst and having offers on the table which beats the expectations.

The 99-years leasehold development which was officially launched last May 30 under the verified list for the first six months won the top bid  as high as $700.7 million of CEL Unique Development, where 60 percent of it is held by the Chip Eng Seng Corp and  the remaining 40 percent is controlled by the Unique Real Estate. 

The land is next to Woodleigh MRT station, adjacent to Bidadari New Town and near amenities such as Nex shopping mall. The 19,547 sqm location covers a maximum total floor area more or less 58,641 sqm.

The National director of research and consultancy of JLL, Mr Ong Tech Hui, told ” The development bidding fever for residential  property development has intensified in terms of the tender  drawn by bidders goal to acquire this interesting area in the market that is significantly recuperating,” He emphasized that more than half of the bids exceeded the expectations, having the top four which is strongest at 3.6 percent border.

 

About the Land Sales

The chair of  ZACD Group, research and consultancy Mr Nicholas Mak, shared that a lot of bids can be considered assertive, in spite the wide size of the area and the huge financial commitment needed.” Around one -third among 15 bids were over $1,000 per plot ratio, per sqft (psf ppr).

Dr Lee Nai Jia, the head officer of Edmund Tie & Company, the research and consultancy agency was not amazed even it is expected because the area itself is in the attractive premises. ” It matters on how the property orientates itself, residents will surely experience the open views as the area is just opposite over landed area,” he further added.

Based on property bidding, he believes the selling value of the suggested development within the range of $1,720 psf to $1,800 psf.

Nevertheless, Ms Christine Li, Cushman & Wakefield ‘s director, told that those selling prices are suitable to the place plus the plots could bump in with some competitive mixed-used developments over Bidadari estate held by companies connected to Kajima Development and Singapore Press Holdings.

 

Transformation in Bidadari

Population multiplies fast but never the land, which is so true in Singapore. Dead brethren are not exempted from the invasion of real estate developers just to answer the huge need for roofs of an increasing Singapore’s population.  Way back 2001 where Bidadari’s graves been cleared and fumigated, remains were transferred to the other areas, and some are even interred and cremated.

But for sure, Bidadari is not the first nor the last to be invaded by real estate developments just to provide a better abode to every family or an individual Singaporean. The neighbouring Bishan was a resting place for the first settlers of Singapore and at present, it is converted into a mature estate of 30 years plus the housing market famous for its million-dollar HDB units in contrast to its sepulchral past.

Bidadari’s total transformation from being a nature reserve and memorial park to new property developments has been always the talk of the town, with some protesters of the redevelopment mourning the huge and extensive invasion of Singapore’s national greeneries. This spot of greenery though just around the urban areas of Singapore was still a favourite place for birdwatchers as the abode for extinct species like the wood-owls and white-breasted waterhens.

Bidadari has considered also to be the burial place of the great men of Singapore such as Dr Kim Boon Keng, and Ahmad Ibrahim, the unionist. The victims of 1954 Kallang’s Airport tragedy were buried also at Bidadari. There are a lot who question the call to steamroll on the relics of Singapore’s history in lieu of the progress and accumulation of more wealth.

 

BTO Bloomed

Regardless of the various oppositions, still the state machinery did not stop from its expansion and transformation of the cemetery into new residential flats.

Bidadari’s Build-To-Order (BTO) developments knock the market in the end month of 2015, followed in 2016 of February’s BTO. ( Follow Figures 1 and 2  for the sizes and prices of newly built BTO.

Indeed February is the remarkable month of the BTO exercise, with the repeat buyers oversubscribing for third generation and five-room flats over 75 times. This signifies that for every unit offered by the HDB or Housing Board Development there corresponds 75 applicants.

Things happened as such perhaps because of the fringe city’s location, a shorten travel time heading to Serangoon Central and Nex, for the fastest transfer going to Circle line of MRT’s mechanism. Bidadari itself is catered by Woodleigh MRT Stations, North -East route and not more than 15 minutes drive from Dhoby Ghaut intersections. Upon Bidadari estate completion, a portion of it will be given a direct access to MRT Station of Bartley.

Parallel to Bidadari is the time-tested real estate Potong Pasir. Though this is considered a mature estate, with an epic layout in the sloped roof Housing Board Development blocks, the property just started to recognize the upgrading of HDB. Thus this made the Potong Pasir less in progress  compared to Toa Payoh, the estate where it belongs, with average psf cost  which is $475 for the second half of 2016 ( refer figure 3)

 

With psf prices which is comparable to Bidadari and Potong Pasir, the new prices of the recent BTO are somewhat lesser because of the smaller sizes which yield to a  smaller quantum. Aside from that, most of the flats around Potong Pasir were accomplished way back 1985 and have jumped the threshold which is 30 years. Given the longevity of Potong Pasir’s property, it perhaps would turn more expensive for those who have the passion to buy colonial resale units, it depends on the buyers’ age, some amount can be utilized from discounted CPF.

Bidadari’s latest BTO vividly manifested an intensified value proposition, specifically in terms of neighbourhood comparables. Additionally, HDB organizers have formulated easier, convenient facilities for the newest BTO’s that also involves the supermarket, malls, coffee shops, childcare centre and greeneries. The Bidadari Park, Alkaff Lake and Alkaff Lakeview are just the most recent blocks under the BTO projects.

Given these, it is therefore anticipated that sets of newest BTOs around Bidadari would be recognized and be fully embraced by the public the moment Minimum Occupation Period would be completed. With those greeneries and its distance from major transportation stations, it would not be surprising if biggest units in the new BTO campaign hit million dollars.

 

Going Green at Bidadari

The state has also implemented various long-term goals for Bidadari that justifies a solid appreciation of prices in the near future.

Maybe in the intention to replace those greens lost during the redevelopment of the property, state urban organizers layout the future Bidadari Park to be as huge as 10 hectares.Old trees will not be removed but will be preserved in the area, while the new Alkaff Lake would merge with the stormwater system to help flooding issues of the area.

To preserve the cultural and ancestral value of the property, the functioning Bidadari Memorial Garden will be merged to Bidadari Park.  Some portion of the Upper Aljunied Road will be converted to a Heritage Walk for the public pedestrians.

Along with the total plan for Singaporeans to have a  car-lite future, Bidadari also considers the idea of building cyclist and pedestrian friendly place.

In addition to the functional Woodleigh MRT  is the planned semi-basement bus interchange in the area of Bidadari. The so-called bus interchange is foreseen to be another source of traffic because Potong Pasir has no existing interchange, and this lane perhaps will be utilized by both estate. Most likely part of the future development after the MRT station foreseen like Market Square.

 

Developments near Bidadari

Those who have the heart for the private property must watch this parcel of land after to Woodleigh MRT. Recently scheduled to be launched for sale around December of 2018under the program of Government Land Sales (GLS), it is an area of mixed residential and commercial with a GPR or Gross Plot Ratio of 3.5. This area is roughly estimated to offer more or less 825 housing flats and 15,000 sq mts of the Gross Floor Area on retail component.

Among of these, the Sant Ritz and Sennett Residence will soon witness the construction will be completed or if not both would have lesser units left.  At this very moment, the mixed property Shoppes and Poiz Residences launched previous years has been observed with remarkable sales despite market crisis and even it disposed 554 units out of 570 units being launched, shared by developer’s record from the URA or Urban Redevelopment Authority.