Special Feature

Why Park Colonial is the top-selling project in 3Q2018

By Park Colonial

/ Brought to you by CEL Unique Development |

October 19, 2018 11:40 AM SGT

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LAUNCHED ON July 5 — the eve of the property cooling measures — Park Colonial saw more than 300 units snapped up in a single night. Another 200 units have been sold since then, bringing the total to more than 500. The first phase, or 60% of the 805-unit development, is now fully sold.

From July to September, Park Colonial was the top-selling project in the city-fringe area, or Rest of Central Region (RCR), according to Cushman & Wakefield. This was achieved against a backdrop of higher additional buyer’s stamp duty and lower borrowing limit for mortgages that were part of the latest property cooling measures.

WELL-LOCATED

“The property cooling measures have forced homebuyers to be more circumspect about selecting the right property before committing to a purchase,” says Alvin Tan, executive director and head of project marketing at PropNex International. “Besides price, they look at potential capital appreciation due to future development, as well as potential rentability of the unit post-completion.”

Park Colonial outperformed other recent launches because it possesses many of the attributes that homebuyers seek, adds Tan. One major attribute is its location: The project is adjacent to the Woodleigh MRT station and across the road from the Stamford American International School.

Across the road is the upcoming Woodleigh Mall with more than 300,000 sq ft of retail space and the future township, Bidadari Estate, adds Tan. Thus, Park Colonial enjoys the best of both worlds — situated in a private residential enclave, yet able to enjoy the amenities of an up-and-coming masterplanned township.

COMPETITIVELY PRICED

At prices averaging $1,700 to $1,800 psf, Park Colonial is competitively priced relative to other projects in the RCR, says Eugene Lim, key executive officer of ERA Realty Network. “The upcoming Woodleigh Mall at the MRT station and future development of Bidadari estate will spell capital appreciation over the long term,” he notes.

The developer, CEL Unique Development, is a consortium comprising Chip Eng Seng Corp’s property development arm CEL Development, Heeton Holdings and KSH Holdings

STANDOUT PROJECT

A development inspired by the blackand- white bungalows located in the picturesque and serene Woodleigh Park, Park Colonial was designed by multiple-award winning ADDP Architects. The development contains six blocks of 14 and 15-storey towers spread across a sprawling 210,404 sq ft site.

The development has a wide range of unit types — from 463 sq ft, one-bedroom units to 1,712 sq ft, five-bedroom units. “The variety of unit types is designed to suit the expectations of a majority of buyers shopping for a dream home,” says Julynn Ngiam, director of project sales and marketing at Huttons Asia.

In keeping with its “colonial-inspired modern living” theme, Park Colonial was designed with 50 unique facilities — from the triple volume “Colonial Club” to the 50m cantilevered lap pool — as well as a wide variety of gardens, ranging from a tea garden to floral sanctuary and meditation lawn. There is a pet’s park and facilities dedicated for young children, such as a water play area and playhouse.

PROXIMITY TO TOP SCHOOLS, AMENITIES

Families with schoolgoing children will fi nd the neighbourhood desirable too. Besides the Stamford American International School, Park Colonial is also near top schools such as St Andrew’s Village (an integrated school), Cedar Girls’ Secondary School and Maris Stella High School.

Besides Woodleigh Mall, other amenities include the eateries and shops at The Venue Shoppes and The Poiz Centre, which is linked to the Potong Pasir MRT station, just one MRT stop away. Nex mall, with more than 600,000 sq ft of retail space, and the Serangoon MRT interchange station (for the Northeast and Circle Lines) are located just one stop from Park Colonial.

“Park Colonial has all the strong attributes in terms of excellent location, thoughtful design and attractive prices,” says Huttons’ Ngiam. “This will benefit buyers looking for a dream home, an investment or even both.”