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FACILITIES SITE PLAN and FLOOR PLANS E-BROCHURE

Both the Facilities and Site Plan of New Condo in Woodleigh and New Mixed-use Development are currently seeking approval from relevant authorities.

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SINGAPORE PROPERTY MARKET

Singapore’s property market has one of the best long term returns on equity performance out of most investment instruments available.

And that has to do largely with the strength of the Singapore dollar, the availability of high leverage, and the attraction of Singapore to the international audience, not just as a region to invest in, but as an asset class on its own.

WILL THE PROPERTY PRICES IN SINGAPORE BE COMING DOWN?

MODERN LOOK FOR NEW BIDADARI ESTATE

Residents in the area will be able to visit a nearby market square and walk around a scenic park and lake.

The 10ha Bidadari Park will house the new Alkaff Lake, named after the Arab family that built the Alkaff Lake Gardens in the area in 1929.

BIDADARI HOUSING ESTATE TO HAVE FIRST BUS INTERCHANGE UNDERGROUND

The new interchange next to Woodleigh MRT station, expected to be ready by 2019, will cater to five bus services.

It will be "tucked away and hidden from the street view", sitting below a carpark and neighbourhood garden flanked by blocks of flats, according to the HDB's plans seen by The Straits Times.

Other plans to modernise Bidadari have been announced in the past couple of years for the area that was once Singapore's largest grave site. These include an underground service reservoir, a 10ha park and a lake within the park.

The future Bidadari estate will lay claim to a unique feature - Singapore's first underground service reservoir built on low, instead of high, ground.

Holding enough water to fill three Olympic-size pools, the tank will be built beneath the town's planned park to save on surface space and keep the surroundings unmarred.

The land above it will be "integrated with the surrounding park amenities, hence optimising land", PUB has said, adding that high ground available for service reservoirs is "limited".

3 CONDO DEVELOPMENTS IN NEW BIDADARI ESTATE WOODLEIGH

1) First mixed commercial and residential Bidadari site awarded to SPH and Kajima Developments

Mixed-use Development launching in Bidadari New Town- Click HERE for More Information

SINGAPORE - The 2.54 hectare land parcel next to Woodleigh MRT was hotly contested, as the site is slated o be a landmark project in the popular Bidadari estate.The first private land parcel in Bidadari was awarded today to entities linked to Singapore Press Holdings and Kajima Development.

The partners had put in a top bid of $1.132 billion for the 99-year leasehold site, beating a competitive field of 12 bids.

SPH announced that it will build more than 600 private residential units on the first mixed commercial and residential land site in the new township in Bidadari, touted to be the next Bishan.

Retail opportunities are presently limited along the North-East Line, which runs through Woodleigh. The Poiz Residences, another mixed-use project, is coming up next to Potong Pasir MRT station, while Nex at Serangoon is the biggest draw currently.

"There are not many retail offerings around the Bendemeer area. With so many HDB flats coming into Bidadari in the future, this mall could be the next Junction 8," said CBRE research head for Singapore and South-east Asia Desmond Sim.

On top of the retail portion, another 8,200 sqm at the site is meant for integrated community and institution uses, which could be a community club, childcare centre or library, among other options.

An SPH spokeswoman said that other than the residential units, there will be a 65,000 sq ft community club and a 20,000 sq ft neighbourhood police centre, which were requirements of the tender, as well as a 310,000 sq ft retail and commercial component.

2) The modest comeback of collective sales has kept up with the sale of Raintree Gardens in Potong Pasir for $334.2 million, after more than five developers bid for the site.

Many unit owners of the 175-unit privatised HUDC estate will walk away with about $1.9 million per unit, which is a premium of almost 90 per cent over the last transaction price of about $1.1 million this year.

After years of relative stagnation in the market, this is the third collective sale this year, after the blockbuster $638 million sale of Shunfu Ville in May and the 14-unit sale of Harbour View Gardens in August for $33.25 million. The latest sale was brokered by real estate firm JLL.

The deal was struck yesterday, after the requisite more than 80 per cent of owners consented. The public tender was launched on Sept 1, with a reserve price of $315 million.

Mr Aaron Wan, a member of the collective sale committee and an associate director at ERA, said it was "phenomenal" there were so many bids. The committee had not expected such a good response. "For each of us to be getting about $1.9 million hits the sweet spot," he said. His parents bought the unit for about $600,000 in the late 90s, he added.

It was a case of beginner's luck for Raintree Gardens, as the collective sale is its first attempt. It was privatised in July 2014.

The Straits Times understands that the top three bidders had very competitive bids, with a margin of about 1 per cent among the trio. UVD (Projects), a joint venture of UOL Group and United Industrial Corporation, won the day as it had responded quickly and was open to favourable terms for the sellers.

Mr Liam Wee Sin, UOL deputy group chief executive, said the acquisition was part of its land-banking strategy. "The location also allows us to ride on the Bidadari story," he said, citing upcoming developments at nearby Bidadari estate.

UVD is looking to develop the 201,405 sq ft site to house about 750 units. Overall, it is paying about $797 per sq ft per plot ratio (psf ppr), including the premium paid to top up the lease to a fresh 99 years and for redevelopment of the site to a gross plot ratio of 2.8.

Mr Ong Kah Seng, director of R'ST Research, said he was not surprised by the keen interest, as developers are "running low in land inventory and thirsty for land". They are also keen on the Potong Pasir area, as new developments and retail are set to energise the area, he said. The price was slightly high but realistic, he said, calling it a "price bearing a little optimism".

"Collective sales are making a comeback," he said, adding that more contractor-developers will actively look for city fringe sites to acquire via collective sales.

3) Woodleigh Lane site exceeds expectations with S$700.7m top bid

Top bid of S$1,110 psf ppr expected to lead to sale price of about S$1,800 psf

A RESIDENTIAL site at Woodleigh Lane near Bidadari housing estate is the latest to draw aggressive bidding.

This time, 15 bidders took part, with CEL Unique Development, a joint venture between Chip Eng Seng, Heeton and KSH, putting in the highest bid of S$700.7 million, which translates to about S$1,110 per square foot per plot ratio (psf ppr).

Keen competition was evident, with a tight margin of 0.8 per cent between the first and second bids. The top four bids were also all neck-and-neck with a tight 3.6 per cent margin. A total of five bids came in at above S$1,000 psf ppr.

Analysts say the tender price works out to a breakeven price of S$1,500-1,600 psf, and an eventual sale price of about S$1,800 psf.

Currently, units at nearby new developments are selling at far below that. Poiz Residences and Forest Woods were both transacting at a median price of just under S$1,400 psf in May this year.

A year ago, a psf ppr price figure of above S$1,000 would have caused jaws to drop, but this is gradually becoming a norm in recent tenders.

In June, Singapore Press Holdings and Kajima Development put in a top bid that translated to S$1,181 psf ppr for a mixed-use Bidadari site.

In May, Hong Kong's Logan Property and Chinese developer Nanshan Group put in a bid that works out to S$1,050 psf ppr for a Stirling Road plot. Both this and SPH's bid carried a total quantum above S$1 billion.

Listed Chip Eng Seng and KSH said in disclosures that they plan to build a condominium comprising 16-storey residential blocks on the Woodleigh site, with a total of over 800 units.

Corson and Wingjoy Investment, units of Keppel Land and Wing Tai respectively, put in the second highest bid of S$695 million, or about S$1,101 psf ppr.

City Developments' Verwood Holdings paired up with Logan Property to put in the third highest bid of S$688.1 million, or about S$1,090 psf ppr.

Desmond Sim, head of CBRE Research, Singapore and South East Asia, called the results "unsurprising", as the site had been identified as a high-profile one from the start, being located right beside Woodleigh MRT station and within the up-and-coming Bidadari precinct.

Besides, market sentiment has been picking up for some time now, and developers have been keen to restock their land bank with key development sites in order to keep their businesses running, he said.

Ong Teck Hui, national director for 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."

Indeed, many analysts are anticipating a bottoming-out of the market at the end of this year, and for residential prices to appreciate again starting 2018.

Christine Li, director of research at Cushman & Wakefield added that the tender results show that when a choice city-fringe site is up for sale, there will be no shortage of interest.

Asked if the current land bidding behaviour will undo the effects of property cooling measures, Mr Sim from CBRE said it is difficult for the government to gauge the amount of state land to release for sale, because if it were to attempt to do so, it could easily tip the balance over and create an oversupply situation - a repeat of what happened in 2012.

"One factor that could keeps the property market in check is the resale market. If the resale market finds it hard to match its prices with those in the new home sale market, this could attract some demand going to the resale market instead in the future."

Meanwhile, aggressive bidding in land tenders has already pushed some developers into the private en bloc market.

"With the imbalance between demand for land and the number of development sites available in the government land sales programme, we will likely see more collective sales committees being formed in older estates. More developers will probably seek this avenue as an option for replenishing land banks," Mr Sim said.

At last week's Real Estate Developers' Association seminar, some industry players described the compounding effect of aggressive land bidding, saying that since there can only be one winner for a site, each tender exercise leaves a large amount of capital on the sidelines waiting to be deployed into the next land parcel, thus feeding an upward spiral.

Source: Straits Times 2017

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