Park Colonial

Park Colonial LogoPark Colonial is located right beside Woodleigh MRT station, and is poised to be the next blockbuster project to be launched in the RCR region. Comprising 805 apartment units housed in 6 blocks, Park Colonial stands upon a massive site area of 210,413 sqft. It has a classic colonial design, inspired by the nearby Woodleigh estate.

Park Colonial Location

Park Colonial Woodleigh Location

Residents of Park Colonial will be able to enjoy easy access to Woodleigh MRT station which is only 5 stops away from Dhoby Ghaut interchange. For those who do not drive, there’s no need to walk long distances under the hot sun for daily commute. For those who drive, the Pan Island Expressway is less than 5 mins away.

Across Upper Serangoon Road is an upcoming mixed development which is expected to TOP around the same time as Park Colonial. The mixed development includes Woodleigh Mall, which offers Park Colonial residents additional shopping and dining options. Other malls within 1 MRT stop away include NEX mall, The Poiz Centre and The Venue Shoppes.

For those with school-going children, primary schools within 1km are Cedar Primary Sch, St Andrew’s Jr Sch and Maris Stella High Sch.

Bidadari New Town Rejuvenation

To meet housing demand for a growing population, Bidadari will be developed into a new public housing estate, with its own unique character. Bidadari Estate will be developed to blend with the area’s rich heritage, existing expanse of greenery to create a garden living environment.

Envisioned as “A Community in a Garden”, Bidadari Estate will feature the Bidadari Park, which will capitalise on the existing terrain, retain a cluster of mature trees, and replicate a fondly remembered lake in the former Alkaff Gardens in the area. The Park will be connected to the residential estate through pockets of open spaces, with part of the tree-lined Upper Aljunied Road to be converted into a heritage walk for pedestrians.

Bidadari Estate will be pedestrian and cyclist friendly, with seamless connections between transport nodes, the park and commercial developments. To provide for the needs of new and existing residents, Bidadari Estate will feature a wide range of amenities including a new commercial development next to Woodleigh MRT station. A bus interchange, neighbourhood police centre and other community facilities will be located nearby. Other amenities such as places of worship and healthcare facilities are also being planned for the estate.

Given Bidadari’s good location and URA’s development plans for the area, it has huge potential to transform into highly sought after mature estates such as Bishan. Just like how those who have massively profited from buying properties in Punggol during the infancy of its development, early investors into Bidadari and its surrounding areas are bestowed with substantial pricing upside potential.

Park Colonial Specifications

Project Name: Park Colonial
Address: 2 4 6 8 10 12 Woodleigh Ln, Singapore 357686
Developer: CEL Unique Development Pte Ltd
(Joint Venture by Chip Eng Seng Corporation, Heeton Holdings and KSH Holdings)
District: 13
Tenure: 99 years leasehold
No. of blocks 2 blocks of 14 storey
4 blocks of 15 storey
Total no of Units: 805  inc. 15 Dual Key Units
No. of carpark lots 664 (including 5 handicap lots)
Facilities Drop off Point – Colonial Square, The Grand Venue – Club House 10m Ceiling Height, Cantilevered Lap Pool – 50m, Tranquil Waterway – Hammock Pool, Kids Play House & Water Play, Colonial Boulevard, Boulevard Gourmet House, English Breakfast House, Tea Garden, Fren Graden, Lazy Pool, Spa Pavillion, 150m Garden Turf walkway, Sunset Bar, etc.
Site area: 19,547 sqm / 210,413sqft
Expected TOP: 13th July 2022
Expected Legal Completion 2024
Architect ADDP Architects LLP
Landscape Architect Ecoplan Asia Pte Ltd
Solicitor Dentons Rodyk and Davidson LLP
Main Contractor Dragages Singapore

Site PlanPark Colonial Site Plan

Unique Features

  • Convenience of access to Woodleigh MRT station at door step and 5 stops away from Dhoby Ghaut interchange
  • 5 mins walk to future Woodleigh Mall (28,000sqm of retail gross floor area)
  • Substantial pricing upside potential from first mover advantage of investing into Bidadari estate’s growth
  • Woodleigh Residences (across Upper Serangoon Road) expected to launch at a higher price
  • Within 1km to Cedar Primary Sch, St Andrew’s Jr Sch and Maris Stella High Sch
  • Connected to future mixed development, shopping and bus interchange
  • Massive project with huge common areas and numerous facilities
  • Efficient layout (avoid paying for wasted dead spaces)
  • Branded kitchen appliances (Bosch), sanitary wares (Roca) and fittings (Grohe)
  • Quality finishing – marble flooring for living and dining  for 4BR Premium and above
  • One of a kind high ceiling colonial clubhouse design

Photo Gallery

Park Colonial Floor Plans

Click here for Floor Plans

Unit Mix

Unit Type No.of Units Est. Unit Size(sqft)
1 Bedroom 153 463
1 Bedroom + Study 14 506
2 Bedroom Classic 157 570-635
2 Bedroom Deluxe 132 635-678
2 Bedroom + Study 28 667
2 Bedroom Dual Key 15 743
3 Bedroom Classic 146 915-980
3 Bedroom Deluxe 71 1012-1066
4 Bedroom Classic 30 1184-1249
4 Bedroom Deluxe 30 1367-1410
5 Bedroom Luxury 29 1712
Total 805

As at 8 July 2018:

  • Stack 5, 2D, fully sold
  • Stack 18, 2C, fully sold
  • Stack 40, 1B fully sold except #14-40 PH
  • Stack 41, 2D, fully sold
  • Stack 48, 2C, fully sold
  • Stack 56, 2D, fully sold

Park Colonial Official Pricing

In response to a Government Land Sale tender, there were a total of 15 bidders for the popular site and eventually drew a top bid of S$700.7m from CEL Unique Development, which is 60 per cent owned by Chip Eng Seng Corp, and 40 per cent by Unique Real Estate. Unique Real Estate is a joint venture of Heeton Holdings and KSH Holdings units. The site was awarded to CEL Unique Development which will build Park Colonial on this site.

According to a Straits Times article, Mr Ong Teck Hui, national director of research and consultancy at JLL, said: “The bidding war for residential sites has escalated further in this tender, driven by bidders’ determination to secure this attractive site in a market that is potentially recovering.” He noted that about half the bids were above expectations, with the top four within a tight 3.6 per cent margin.Park Colonial GLS bid

Latest Price (based on available units as at 11 Aug 2018)

✅ 1BR
#01-31 463sqft $793000 ($1712psf) 💥
#01-32 463sqft $793000 ($1712psf) 💥
#02-17 463sqft $824000 ($1779psf)
#04-24 463sqft $825000 ($1781psf)
#04-17 463sqft $830000 ($1792psf)

✅ 1+Study
#02-23 506sqft $932000 ($1841psf)
#01-23 506sqft $935000 ($1847psf)
#03-23 506sqft $935000 ($1847psf)
#04-23 506sqft $938000 ($1853psf)

✅ 2BR C
#04-09 603sqft $1055000 ($1750psf)
#04-16 603sqft $1055000 ($1750psf)
#01-27 624sqft $1056000 ($1691psf) 💥
#03-27 624sqft $1056000 ($1691psf) 💥
#06-09 603sqft $1063000 ($1750psf)
#03-44 635sqft $1082000 ($1704psf) 💥

✅ 2BR D
#02-04 678sqft $1183000 ($1744psf) 💥
#01-04 678sqft $1187000 ($1750psf) 💥
#02-01 678sqft $1212000 ($1787psf)
#01-01 678sqft $1229000 ($1812psf)
#03-01 678sqft $1229000 ($1812psf)
#02-13 678sqft $1236000 ($1823psf)

✅ 2BR DK
#01-08 743sqft $1363000 ($1834psf)
#04-08 743sqft $1393000 ($1876psf)
#05-08 743sqft $1397000 ($1881psf)
#07-08 743sqft $1405000 ($1892psf)

✅ 3BR C
#02-23 936sqft $1511000 ($1614psf)
#01-23 936sqft $1516000 ($1619psf)
#04-23 936sqft $1521000 ($1625psf)
#02-42 980sqft $1542000 ($1573psf) 💥
#01-42 980sqft $1547000 ($1579psf) 💥
#09-23 936sqft $1551000 ($1657psf)

✅ 3BR D
#03-06 1023sqft $1649000 ($1613psf) 💥
#04-06 1023sqft $1654000 ($1617psf) 💥
#05-06 1023sqft $1659000 ($1622psf)
#02-43 1066sqft $1705000 ($1599psf) 💥
#02-07 1012sqft $1763000 ($1742psf)
#01-07 1012sqft $1776000 ($1755psf)

✅ 4BR C
#02-22 1184sqft $2098000 ($1771psf)
#02-02 1249sqft $2099000 ($1681psf) 💥
#01-22 1184sqft $2104000 ($1777psf)
#03-22 1184sqft $2104000 ($1777psf)
#04-22 1184sqft $2110000 ($1782psf)

✅ 4BR D
#02-19 1367sqft $2259000 ($1652psf) 💥
#02-55 1410sqft $2356000 ($1671psf) 💥
#01-55 1410sqft $2362000 ($1675psf)
#03-55 1410sqft $2362000 ($1675psf)
#04-55 1410sqft $2391000 (1696psf)

✅ 5BR L
#01-50 1701sqft $2780000 ($1635psf) 💥
#02-50 1711sqft $2791000 ($1631psf) 💥
#03-50 1711sqft $2798000 ($1635psf) 💥
#04-50 1711sqft $2805000 ($1639psf)
#05-50 1711sqft $2890000 ($1689psf)

💥 denotes starbuy units with lowest psf

This is considered a steal as the neighbouring Woodleigh residences is expected to be priced above $2,000psf.

Register now to obtain more information on the availability of your choice units!

About the Developer

CEL Development Pte Ltd is a wholly owned subsidiary of Chip Eng Seng Corporation Ltd, a public listed company in Singapore since 1999.

CEL’s Vision: “To be a leading multi-discipline property development company of choice, one is synonymous with creating quality homes with outstanding build quality and investment value, thereby creating sustainable value to its shareholders and customers and being a socially responsible corporate organization”.

Some of CEL’s projects include Grandeur Park Residences, High Park Residences, Onze @ Tanjong Pagar, Sky Green@Macpherson, KAP Residences and Park Colonial.

Register Interest Now

Park Colonial is expected to launch in mid July 2018. REGISTER NOW for an appointment at our showflat and enjoy VIP pricing direct from the Developer! No agent commission required!

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Great Location!
  • Location
  • Value for money
5

Summary

Park Colonial boasts a great location, and its price point is attractive compared to that of other recent launches. The pricing upside potential is huge, as Bidadari estate is at its infancy stage and has huge potential to be developed into the next Bishan.

 


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William Chen • Powerhaus
William Chen • Powerhaus
TRIPLE LAUNCH WEEKEND!
VAN HOLLAND VS LEEDON GREEN VS THE AVENIR

We are barely into the new year and developers decided to launch all 3 projects for preview at the same time!

Most people would have expected property prices to moderate by now, but it only gets higher! Sounds familiar? Didn't we all expect prices to drop after North Korea bombarded Yeonpyeong, after the Eurozone debt crisis, after Grexit, after Brexit, after the US-China trade war? But prices have climbed 50% on average since the Yeonpyeong incident back in 2010.

So here we are in 2020 and the prices of these 3 new projects continue to set the benchmark:

1) Van Holland (FH next to Holland Village MRT) - ave $3000psf
2) Leedon Green (FH within 7mins walk to Farrer Road MRT) - ave $2,700psf
3) The Avenir (FH within 3mins walk to Great World MRT) - ave $3,200psf

If I have $2m to spare, which one will you buy? I will buy The Avenir for sure! Not only because it offers better value for money in terms of the price/location consideration, its layout is beautifully done! Come see all 3 projects for yourself with me!
William Chen • Powerhaus
William Chen • Powerhaus
UPCOMING LUXURY CONDOS IN HOLLAND AND RIVER VALLEY

2 new long awaited projects are opening for public preview this weekend. Here's a quick introduction for you:

1. LEEDON GREEN
This is the rebirth of Tulip Garden, which is right beside D'Leedon and mins walk from Farrer MRT station. With 638 units at a GCB enclave, Leedon Green is one of the biggest new launch in the vicinity. It's freehold, yet expected to launch cheaper than One Holland Village! It is definitely a magnet for diehard freehold fans who cannot bring themselves to buy the likes of D'Leedon. The developer is a JV between MCL Land and Yanlord. If One Holland Village can sell 30% of its units on its first weekend of launch, how do you think Leedon Green will fare?

2. AVENIR
This is a little more upmarket at River Valley, where we find another condo reborn from the former Pacific Mansion. Avenir, another freehold condo with 376 units, is 3mins walk from the future Great World MRT station which is just 1 stop away from Orchard. It is also around 10mins walk to the current Somerset MRT. I love Martin Modern's layout. From 3.2m ceiling height and very spacious living rooms, we can easily spot how GuocoLand has incorporated the brilliance of Martin Modern into Avenir. The developer is a JV between GuocoLand and Hong Leong. Oh, and can you believe the kitchens come with air conditioning too?

Official prices for both condos will be released closer to this weekend. If you would like to find out more or have a look at the showflat, let me know. Early bird discounts are available for units booked on launch date.
William Chen • Powerhaus
William Chen • Powerhaus
99Y HDB vs CONDO - DO THEY DEPRECIATE THE SAME WAY?

If HDB prices can depreciate to zero, shouldn't condo be the same? Shouldn't a 99Y lease HDB and a 99Y lease condo both depreciate at 1%pa?

We know that based on real world behaviour, this doesnt happen. But why? To answer that, we gotta have a better understanding of the concept of depreciation. Let's use a Singapore registered car as an example where its useful life is 10 years. Simply, if you bought the car at $100k, its depreciation should be $10k per annum right? Actually, that's incorrect as we have not taken into account its residual value at the end of its useful life. At the end of 10 years when COE expires, if the car still has scrap value of $20k the annual depreciation is only be $8k per annum.

Now back to the topic of real estate. Private leasehold properties tend to get sold en bloc before the end of the 99 years. In the last enbloc cycle, most of those which went enbloc were around their 40th year mark. And the owners were rewarded handsomely above market value. This would fall under the definition of "residual value". Though it's impossible to quantify the residual value at the time of purchasing a property, this gets factored into the depreciation one way or another. With a high residual value, inflation can easily overtake the rate of depreciation and therefore, nominal prices can still rise.

What about HDBs? Question is - can a private developer buy a HDB block and redevelop it? In the past, some HUDCs have privatised and subsequently sold enbloc to developers. A prominent example is Eunosville which eventually became Parc Esta, and the prior owners walked away millions richer. But this is a very rare example because the owners of Eunosville have to agree to pay a huge sum to the government to buy over the carpark space and other common areas before they could privatise. Not many residents are willing or able to fork out this huge sum, but the residents of Eunosville eventually did so and it paid off handsomely!

Judging by the total number of HDB flats in Singapore and the number of them that eventually privatised and went enbloc, the chances of reaping the benefits of former Eunosville owners are virtually zero. At best, HDB owners have a 4-5% chance of VERS or SERS, which just means you get compensated at market price and get priority to book a new BTO in a nearby location.

That explains why when we compare HDB prices vs condo prices over the past 20 years, condo prices (even those with 99 years) rose much faster. Do you think this trend will continue?
William Chen • Powerhaus
William Chen • Powerhaus
Sometimes, real estate analysts have vested interest and may make biased projections about property price outlook.

When a non-real estate player like Fitch makes a forecast, I guess it is more believable 😄
William Chen • Powerhaus
William Chen • Powerhaus
ONE-TIME LEASE TOP UP FOR AGEING HDB FLATS?

There's growing awareness about HDB lease decay and how that will impact property prices. This is especially so after Lawrence Wong mentioned that HDB prices will depreciate to zero eventually.

Recently, there were suggestions to implement a one-time lease top up of ageing HDBs back to 99 years to tackle the lease decay issue. It's a radical idea, and let's take an IMAGINARY journey if this were to be implemented:

--------------------------------

Tommy recently paid $600k for a 10 year old 5-room flat in Hougang. Overnight, HDB announced that the 40-year-old flat next door's lease is topped up back to 99 years! His "newer" flat immediately lost value because his neighbour's flat instantly became more desirable than his. He was also unhappy that his neighbour paid less to buy an older flat and was rewarded for it by automatically qualifying for the one-time lease top up. Tommy rants on social media, and he's not alone. He gathers his friends to meet the MPs and demand that the remaining lease of his flat gets topped up to 139 years to be fair. After all, if his neighbour can enjoy additional 50 years for nothing, why shouldn't he?

As elections approach, HDB is forced to concede to such demands, and decides to automatically add 50 years lease across all HDB flats in Singapore. Consequently, it created an expectation that the remaining leases of all HDB flats will continue in perpetuity. HDB flat owners start adjusting their asking prices as if they are selling freehold properties. Resale HDB flats become increasingly out of reach for 1st time property buyers, and it becomes harder for retirees to cash out by downgrading to a smaller and older HDB flat.

--------------------------------

Do you think the government will allow this to happen? 🤔

https://www.propertyguru.com.sg/property-management-news/2019/12/185088/mnd-to-consider-suggestions-to-tackle-hdb-lease-decay
William Chen • Powerhaus
William Chen • Powerhaus
STIRLING VS AVENUE SOUTH

I have a few clients who compare these 2 projects and are undecided which is a better buy. In terms of pricing, both are rather similar priced around $1900-$2000psf. Both are quite near to town and are located towards the west side of Singapore. Both are high rise projects with about 1000 units, and even the exterior design is quite similar. While Stirling is nearer to an MRT station, Stirling is nearer to town as the crow flies, and rides on the Greater Southern Waterfront Transformation. Stirling's developer is Logan, whereas Avenue South's developer is a more established one - UOL.

The above-mentioned factors are what most buyers will consider. Given the various trade offs, there is no obvious winner unless one feels very strongly about staying near MRT station, or believes strongly in the future transformation at the Greater Southern Waterfront.

But one very important consideration that many buyers miss out on is this ===> TIME! What do I mean?

These will be my typical questions to buyers considering between these 2 properties:
1) Let's say you are buying this unit for investment. When are you intending to cash out?
2) If you're buying this for own stay, do you foresee any life events that require you to move out to another place within the next 6-7 years? e.g. get married, have more children, etc?

Why are these questions important? Let me illustrate this with an example. I have a single buyer in his late 20s who would like to buy a 1 bedroom unit for own stay. So quite likely, he will get married and settle down within the next 5 years or so. If he has kids, he will definitely need to upgrade within the next 10 years. Here is the golden question => if he intends to buy Avenue South for capital appreciation, will he get to enjoy it within the next 10 years before he needs to move elsewhere? If Keppel port will be moving to Tuas only in 2027, can he wait for this area to be redeveloped before realising the profits from his investment? If not for the current publicity around Avenue South, will he consider buying a property in that area?

Buying is easy. Selling may not be. I can help you think ahead to avoid buyer remorse in the years ahead! 😄