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

The tender for the two government land sale (GLS) sites located at Lentor Central and Champions Way ended on Sept 12. The Champions Way site, offered a potential of 350 units and attracted six bids. City Developments Limited (CDL) submitted the highest bid of $294.889 million at a land rate of $904 psf per plot ratio (psf ppr). Their bid was 8.3% higher than the second-highest bid from TID at $272.26 million or $835 psf ppr.

Being the first GLS tender in Woodlands excluding executive condominiums since 2011, CDL had the opportunity to create a new vibrant and sustainable icon. Sherman Kwek, their group CEO said, “It has been over a decade since a private residential project was launched in Woodlands, so this is a rare opportunity to create a vibrant and sustainable icon alongside the government’s rejuvenation plans.”

The Lentor Central plot attracted two bids, however, the Champions Way plot gathered more attention from developers. Wong Siew Ying, head of research and content at PropNex Realty, even noted that the Champions Way plot received the most number of bids for a non-executive condominium (EC) site this year.

A noteworthy observation is the large difference between the top bid and lowest bid for Champions Way, 45% to be exact. Thakral Corp’s bid of $203.33 million ($623 psf ppr) was the lowest bid while CDL’s was the highest at $294.889 million ($904 psf ppr). Lam Chern Woon, head of research and consulting at Edmund Tie believes this points to an inflection in the property market, with different expectations held by various players.

The Champions Way site stands to benefit from the growth of the Woodlands Regional Centre, upgrader demand from residents in Woodlands, as well as its proximity to the Woodlands South MRT Station on the Thomson East Coast Line. Leonard Tay, head of research at Knight Frank Singapore, estimated the future project selling price to start from “just under $2,000 psf” while PropNex’s Wong estimated the future average selling price to be above $1,900 psf.

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It would thus set a new benchmark price for new launches in the Woodlands planning area. With such expectations of success, CDL’s replenishment of their landbank will no doubt ensure a stable launch pipeline.