The Woodleigh Residences’ launch drives up prices and transaction volume in neighbourhood
By Bong Xin Ying
/ EdgeProp |
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.
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, based on caveats lodged so far. This is 26.3% higher than the average price of $1,225 psf for the five units that changed hands from April to November 2017.
Adjacent to Sant Ritz is the 332- unit, 99-year leasehold Sennett Residence. The project was also completed in 2016. There were 13 resales this year at Sennett Residence, at an average price of $1,439 psf. This is almost on a par with the average transaction prices achieved when the project was first launched in 2013, when prices were in the $1,400-to- $1,500 psf range.
Meanwhile, at The Venue Residences, a mixed-use development located at Tai Thong Crescent, on the other side of Sant Ritz, the average resale price of units that changed hands this year was $1,463 psf. This is higher than the average price of $1,338 psf that the development achieved in 2017.
The Venue Residences was launched in October 2013 and completed last year. It comprises 266 residential units sitting on top of a single-storey retail and F&B podium with 28 strata commercial units. The project is also 99-year leasehold.
These projects were launched five years ago and fully sold. A recently completed mixed-use development located adjacent to Potong Pasir MRT station is The Poiz Residences and Poiz Centre. The project, which recently obtained Temporary Occupation Permit (TOP), comprises 731 residential units and a retail podium of about 5,000 sq m housing 77 strata shops. The Poiz Residences was launched in late 2015 and the average transacted price then was $1,413 psf. The latest transaction at the project was for a 1,625 sq ft, four-bedroom unit on the 18th floor, which fetched close to $1.7 million ($1,044 psf), according to a caveat lodged on Nov 7. The lower psf price for the four-bedroom unit is owing to the larger floor area.
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