The Woodleigh Residences Price List
To check on unit availability, see the Balance Units Chart
|Type||Area (Sqft)||Price Min.||Price Max.|
|2 Bedroom||570 - 743||1,088,000||TBA|
|2 Bedroom Deluxe||667||1,261,000||TBA|
|2 Bedroom Flexi||721||1,407,000||TBA|
|3 Bedroom||850 - 1,119||1,664,000||TBA|
|3 Bedroom Deluxe||1,076 - 1,076||2,077,000||TBA|
|4 Bedroom Deluxe||1,475||3,213,000||TBA|
(All prices for Woodleigh Residences displayed here are for reference purposes. Prices are subject to change from time to time without prior notice. This webpage cannot be held responsible for any inaccuracies, omissions and/or dispute.)
According to Desmond Sim, CBRE’s Singapore and Southeast Asia research head, the GLS site that was to be Woodleigh Residences was a highly and closely contested site with 12 bidders.
The eventual successful bid of $1.132 billion for the site was won by a joint bid by Singapore Press Holdings (SPH) and Kajima Development in June 2017. This translates to a $1,181 psf per plot ratio.
The next highest bid made by Far East Organization and Sekisui House was a close one at $1.12 billion and in psf per plot, the ratio was $1,166. The third highest bid was from Guoccoland at 1.06 billion or 1,105 psf per plot ratio. It was obvious that there was a hot contest for the premium site.
The 2.54-hectare site is located next to Woodleigh MRT Station, good schools, and also a new city fringe housing estate, Bidadari. JLL’s Singapore head of research and consultancy, Tan Huey Ying noted that the successful bidder “can enjoy a first-mover advantage in capturing the private housing demand in this new estate.” Moreover, the upcoming residential enclave will benefit the commercial component of the Woodleigh Residences site.
What would be the Woodleigh Residences launch prices?
Based on the top bid of 1.132 billion paid for a maximum gross floor area of 958,450 sqft, the psf per plot ratio is $1,181. After adding up construction, marketing, and other costs at $488.3 million. The estimated Woodleigh Residences break-even price in psf might be $1,691 psf. If a minimum developer margin of 20% is factored in, the estimated launch price might be $2,029 psf.
In a nutshell, the Woodleigh Residences price psf could be summed up as follows:
Land cost: $1,181 psf ppr
Construction: $383 psf
Market and other fees: $127 psf
Breakeven psf: $1,691
Developer margin @ 20%: $2,029 psf
It makes sense to draw a comparison from the opposite GLS site at Woodleigh Lane that was sealed in the same month. The prices for that site were transacted at $700.7 million. Based on the allowable gross floor area of 631,211 sqft, the per square feet per plot ratio is $1,110. After factoring in developers’ costs, the break-even $psf is $1,609. This is quite similar to Woodleigh Residences’ breakeven price.
On 27 October 2018, SPH and Kajima Development announced that they will be pricing Woodleigh Residences from $1,873 psf, 8% lower than estimated.
Indicative price ranges were also revealed for all the unit types. The smallest unit type, 2 bedroom condos sizing from 570 sqf to 742 sqf, will start asking from $1.088 million. 3 Bedroom units will have a starting price of $1.664 million and these units range from 850 to 958 sqf in sizes. The four-bedroom apartments are sized between 1,270 sqft and 1,475 sqft and have a starting price of $2.55 million up.
Analysts from Orange Tee & Tie believe that buyers are willing to pay a higher premium of 7% to 18% for integrated developments that incorporate other elements such as retail and transport nodes. For example, units at Park Place Residences in Paya Lebar were sold an average of 18% higher than other developments in its vicinity.
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