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

The nearby Havelock MRT Station is just a 5 minutes’ walk away and provides excellent access to other locations in Singapore. Its strategic position also links to major expressways such as Central Expressway (CTE), Ayer Rajah Expressway (AYE), Marina Coastal Expressway (MCE), and East Coast Parkway (ECP). In addition, the area’s abundance of bus services allows commuters to explore the different areas in Singapore conveniently. The gorgeous Zion Road Condo adds to its charm, opening up a world of possibilities for its residents. Boasting with lush greens, the area is perfect for outdoor lovers and action sports enthusiasts. With its close proximity to CBD, Havelock MRT Station, and several expressways, Zion Road Condo Havelock MRT Condo is the ultimate choice for those seeking a sophisticated lifestyle.

The tenders for two government land sale (GLS) sites located at Lentor Central and Champions Way closed on Sept 12. The Champions Way site received the highest number of bids this year among all non-executive condominium (EC) land sale sites, with six submitted bids, the top one from City Developments Limited (CDL). CDL’s bid of $294.889 million reflects a land rate of $904 psf per plot ratio (psf ppr), 8.3% higher than the second-highest bid from TID (the Hong Leong Group-Mitsui Fudosan joint venture) at $272.26 million or $835 psf ppr.

CDL shared that the site will replenish its landbank, ensuring a stable launch pipeline. The rare opportunity presents a potential for a vibrant and sustainable icon alongside the government’s rejuvenation plans.

The Lentor Central plot, on the other hand, only received two bids. The wide disparity between the top and lowest bids for Champions Way caught attention, with CDL’s bid 45% higher than Thakral Corp’s $203.33 million ($623 psf ppr).

This indicates that market players are assessing different levels of risks in the locale, as highlighted by Wong Siew Ying, head of research and content at PropNex Realty. Leonard Tay, head of research at Knight Frank Singapore, notes the selling price for the future project at Champions Way could start from “just under $2,000 psf”.

The future project could set a new benchmark price for new launches in the Woodlands planning area. Lam Chern Woon, head of research and consulting at Edmund Tie, believes this shows an inflection in the property market. It will benefit from the growth of the Woodlands Regional Centre, upgrader demand from residents in Woodlands, and its proximity to the Woodlands South MRT Station on the Thomson East Coast Line.

PropNex’s Wong adds that the future average selling price is expected to be above $1,900 psf, more than 53% of the median price for resale transactions at Parc Rosewood this year of $1,301 psf.

It has been over a decade since a private residential project was launched in Woodlands. The outcome of this tender certainly signals change and potential growth in property values in the area.