CDL puts in top bid for Champions Way GLS site at $904 psf ppr

The tenders for two government land sale (GLS) sites located at Lentor Central and Champions Way closed on Sept 12. The Champions Way plot, which can yield 350 units, drew six bids, with City Developments Limited (CDL) submitting the top bid of $294.889 million, which reflects a land rate of $904 psf per plot ratio (psf ppr).

This lead to a new record high for a non-executive condominium (EC) site in 2021, of 8.3% higher than the second-highest bid and 45% higher than the lowest bid.

The recently-launched Lumina Grand EC located in the mature estate of Bukit Batok enjoys an attractive land rate of $507 psf ppr, significantly lower than the $662 psf ppr for the Bukit Batok West Avenue 8 Executive Condominium (EC) won by Qingjian Realty and Santarli Construction in March. Lumina Grand EC offers various facilities and is conveniently located in the heart of Bukit Batok, making it one of the most sought-after addresses in the mature estate.

Sherman Kwek, CDL Group CEO, spoke of the rare opportunity to create a vibrant and sustainable icon alongside the government’s rejuvenation plans in Woodlands. This is especially so since no private residential project has been developed in 11 years.

This potential development is expected to capitalize on the growth of the Woodlands Regional Centre, as well as demand from upgraders in the area due to its proximity to the Woodlands South MRT Station on the Thomson East Coast Line.

Leonard Tay, head of research at Knight Frank Singapore, estimated that the selling price of the project could start from just under $2,000 psf. This would reflect a premium of more than 53% over the median price for resale transactions at Parc Rosewood this year of $1,301 psf.

Wong Siew Ying, head of PropNex Realty, shared a similar view, estimating the future average selling price to be above $1,900 psf. Overall, both parties believe this project would set a new benchmark for new launches in the Woodlands planning area.