The Woodleigh Residences’ launch drives up prices and transaction volume in neighbourhood

The launch of new projects in the Woodleigh-Potong Pasir neighbourhood in District 13 — notably, the 805-unit Park Colonial in July, 729- unit The Tre Ver in August and 667- unit The Woodleigh Residences on Nov 10 — is having a positive impact on the resale prices of some of the condominiums that were completed two to three years ago and located just one MRT stop away.
Notably, at The Woodleigh Residences, the average price of units sold so far is $2,036 psf, based on caveats lodged. The Woodleigh Residences is an integrated development that includes The Woodleigh Mall, an underground air-conditioned bus interchange and the Woodleigh MRT station. It is a 99-year leasehold project jointly developed by Kajima Development and Singapore Press Holdings. The developer released 100 units for sale before closing its sales gallery from Nov 19 for an official launch sometime in 2019.
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At the launch of The Woodleigh Residences on Nov 10 and 11, of the 50 units released, 31 units (60%) were taken up (Credit: KAJIMA DEVELOPMENT, SPH)
“The launch of The Woodleigh Residences has indeed drawn potential buying interest back to the Woodleigh and Potong Pasir area, thus giving other new launches there — both The Tre Ver and Park Colonial — greater exposure,” notes Ismail Gafoor, executive chairman and CEO of PropNex. “You can see the jump in sales in these other projects.”
Park Colonial, which is located adjacent to Woodleigh MRT station, has benefited the most. So far, the project is 69% sold, with the average price hovering in the $1,700-to- $1,750 psf range. Meanwhile, The Tre Ver is 32% sold, with the average price of transacted units hovering around $1,555 psf, based on caveats lodged so far.
The latest launch usually pushes up the sales volume and transacted prices of earlier launches, especially if those projects are offered at a lower price, notes Ray Teo, associate branch district director at PropNex Realty.
The launch can also have a positive impact on the resale prices of completed projects in the vicinity. An example is the 214-unit Sant Ritz, a 99-year leasehold condominium located opposite Potong Pasir MRT station and completed in 2016. There were five resales from April to October this year, at an average price of $1,547 psf,...