Park Colonial at Woodleigh
After drawing 15 bids for the site back in July 2017, the upcoming Park Colonial is probably one of the most exciting new launch development to be released for sale in 2018.
And the fact that this 99-year leasehold site tender somehow triggered that many property developers from the years of bidding slumber, this new launch at Woodleigh is certainly worthy of some attention.
So let us dive into the details for Park Colonial condo and find out if this Woodleigh condo is a good buy.
Park Colonial Condo Developer
The developer of Park Colonial is being formed by a consortium (CEL Unique Development) led by Chip Eng Seng Corporation – together with Heeton Holdings and KSH Holdings and each of them has more than 4 decades’ worth of experience in the real estate industry. Thus, buyers of their projects can be assured that they will not be shortchanged in terms of quality.
Being the lead developer in this consortium, Chin Eng Seng Corporation is perhaps the most experienced of all as its business started since the 1960s – growing from a small sub-contractor to become the main contractor for various conventional landed property projects and further expanding into property investment and developing both residential and commercial real estate over the last 50 years.
The combined profile for these 3 developers comprises of many private residential projects which are widely found across various districts in Singapore – Grandeur Park Residences (located at Tanah Merah and it is still under construction) and completed ones such as Lincoln Suites (in Novena), The Suites @ Central (in Somerset), Sky Green (in Macpherson) and Cityscape @ Farrer Park etc.
Park Colonial Location
Park Colonial is located along Upper Serangoon Road – entry via Woodleigh Lane, just next to the Woodleigh MRT station and right opposite the future Woodleigh Mall (spreading across 310,000 square feet of commercial space).
Without a doubt, being located next to an MRT station is definitely a big plus point for residents at Park Colonial as getting to the city or other amenities will be simply a breeze. For instance, a 10-minute train ride will get you to Dhoby Ghaut (only 5 train stops away) and a mere 2-minute train ride to reach NEX Shopping Mall at Serangoon.
At these 2 locations, you will also get the convenience of switching to other MRT lines, taking you to various parts of Singapore.
In addition, Park Colonial’s location is just adjacent to the Stamford American International School (SAIS) which is probably one of the important considerations for investors as well as to determine the rental source. We will touch on that in our Park Colonial review at the end of this post.
For parents of school-going kids, you have a vicinity advantage when balloting for places in both St Andrew’s Junior School and Cedar Primary as they are within the 1km radius. Other than these two, Maris Stella High School, YangZheng Primary School, and St Gabriel’s Primary School are also within close proximity to Park Colonial condo – within a 2km radius.
Park Colonial Condo Facilities
Being a somewhat high-density condo, it usually means residents will get to have more facilities being offered at Park Colonial condo.
Apart from the usual “standards” of having a well-sized communal swimming pool and a classy gym, Park Colonial provides residents with colonial-style dining pavilions – bringing out that historical touch within a modern real estate.
Landscaping is also being taken into consideration for Park Colonial. A notable feature would be the flower garden which adds elegance to the communal spaces in the condo and gives residents an opportunity to unwind over the weekends or after a long day at work.
On top of these, the water features have been blended nicely into the landscapes – with some offering a river-like feel to the surroundings. It does seem like resting areas will be uniquely built above some of the water features – taking relaxation to another level.
Park Colonial Floor Plan & Unit Types
Sitting on a site area of approximately 210,403 square feet, Park Colonial condo will comprise of 805 units in total – spreading across 6 residential blocks (each 14 to 15 storey tall).
It has various units types from a 1-bedroom to a large 5-bedroom apartment.
- 1-Bedroom – 463 square feet
- 1-Bedroom + Study – 506 square feet
- 2-Bedroom Classic – 570 to 635 square feet
- 2-Bedroom Deluxe – 635 to 678 square feet
- 2-Bedroom + Study – 667 square feet
- 2-Bedroom Dual-Key – 743 square feet
- 3-Bedroom Classic – 915 to 980 square feet
- 3-Bedroom Deluxe – 1,012 to 1,066 square feet
- 4-Bedroom Classic – 1,184 to 1,249 square feet
- 4-Bedroom Deluxe – 1,367 to 1,410 square feet
- 5-Bedroom Luxury – 1,712 square feet
It is noted that the floor finishes for the living/dining hall will mainly be homogeneous tiles (for 1-bedroom to 4-bedroom classic units) or marble (for 4-bedroom deluxe and 5-bedroom units) and solid timber for all the bedrooms.
Park Colonial Price
To date, there hasn’t been clear indication of Park Colonial price point. However, based on the site’s acquisition price of S$1,110 psf ppr by CEL Unique Development, the breakeven price will work out to be around S$1,500 to S$1,600 psf and therefore the eventual selling price for Park Colonial should be averaging around S$1,800 psf.
The following is the Park Colonial price guide for its Phase 1 launch and will be subject to changes, so do check with us for the latest pricing.
- 1-Bedroom from $7xx,000
- 2-Bedroom Classic from $9xx,000
- 2-Bedroom Deluxe from $1.0xx million
- 2-Bedroom + Study from $1.2xx million
- 3-Bedroom Classic from $1.3xx million
- 3-Bedroom Deluxe from $1.6xx million
- 4-Bedroom Classic from $2.0xx million
- 4-Bedroom Deluxe from $2.2xx million
- 5-Bedroom from $2.7xx million
Park Colonial Showflat Location
In the Park Colonial showflat, you will get to see 3 different unit layouts:
- 2-Bedroom Deluxe (with a loft in the common bedroom)
- 3-Bedroom Classic
- 5-Bedroom Deluxe
The Park Colonial showflat will be situated on the actual site along Woodleigh Lane and opening hours of the showflat has yet to be announced. So in order to save you time from making a wasted trip down, please do give us a call at (+65) 6631-8384 or drop us a note using the form below.
Park Colonial Review
In recent years, we’ve been seeing a lot of project launches in Potong Pasir and Bartley and It’s been a while since we had a new launch project released in the Woodleigh precinct. And now we are going to have 2 at one go; both Park Colonial and The Woodleigh Residences – but it seems like Park Colonial will be launching first.
Before we go into the Park Colonial review, first of all, let’s look at how “hot” was this site when it was released for sale by the government back in 2017. The top 5 bids were all above the $1,000 per square foot per plot ratio (psf ppr) mark and the top 3 bids were being set apart by no more than $20 psf ppr, it does reflect on the property developers’ “hunger” for the Park Colonial site.
Some of them are big and well-known developers in Singapore, such as City Developments Ltd, Wing Tai Holdings and Kingsford.
Well, the end result of the tender wasn’t really a big surprise to us – due to the fact that the site is just next to Woodleigh MRT Station, right opposite a shopping mall in future, within close proximity to the upcoming Bidadari new town and with the Singapore property market experiencing an uptrend.
Looking at the Park Colonial price guide, it does look like the units will be sold at an average of $1,800 psf – which was actually anticipated by analysts when this Woodleigh GLS site was concluded back in 2017. At $1,800 psf, how does Park Colonial line up against the other condos within the same area in terms of price?
|PROJECT NAME||TENURE||NO. OF UNITS||AVERAGE PSF (S$)||NO. OF UNITS SOLD|
|[email protected]||99 YRS FROM 2008||330||1,380||7|
|BLOSSOMS @ WOODLEIGH||FREEHOLD||240||1,196||5|
|PARK COLONIAL||99 YRS FROM 2017||805||~1,800||–|
The data above show the average psf price from the number of transactions concluded in 2018 so far. And from the table above, you can see 2 things.
First of all, the amount of “premium” that a buyer will be paying for a unit at Park Colonial condo will be around $400 to $500 psf – that’s almost an average of 30% to 40% more.
And secondly, despite an upturn in the property cycle, the number of transactions within the area doesn’t look very active – with only 15 units sold in the span of 6 months. Of course, the scenario is debatable as some owners may be holding out for the two Woodleigh new launch projects to be released before cashing in on their investments at a higher price.
If you are looking at Park Colonial from an investment perspective – be it for rental or capital appreciation, it’s probably a little risky in our opinion.
The reason being that there are 805 units within the development, thus there is likely going to be strong competition for tenants when the project is completed and you may succumb to a lower rental rate. Don’t forget there is still Woodleigh Residences next door and other newer condos down the road.
As for capital appreciation, just look at it this way from the price point. If you are purchasing it at $1,800 psf and to ensure that you get decent returns, you probably have to sell at above the $2,000 psf mark. Do you think it’s going to be realistic for the prospective buyer in the future?
Well, some may argue that you could sell at around $1,900 psf just to make that small profit, but if you do the math – the unit sizes are typically small at Park Colonial, thus a small psf jump will not make you much profit in terms of absolute amount. And don’t forget, you have to include calculations for your stamp duty and other miscellaneous costs.
Many believe that buying a property is about location, location and again, location. Yes – we believe that as well. No doubt, the location of Park Colonial is excellent and there is really nothing to complain about. Being well-served by public transport and so close to the city, Park Colonial just doesn’t get any better.
Honestly, we love the colonial design concept of the condo as well – something really unique in today’s market, or even within the Woodleigh precinct.
So if you are going for its charm and location, it’s definitely worth considering. But if you are looking to make big bucks from Park Colonial, you probably want to look at its surrounding older projects (which are relatively cheaper in terms of psf price) or other nearby new launch projects such as Tre Ver by UOL group or even Woodleigh Residences – just to compare your options before making one of the biggest decisions in your life.