Park Colonial Condo Visit

 

 

Park Colonial is a 99-year leasehold project located along Woodleigh Lane. On the night of the fateful ABSD increment to 12%, this project’s launch was brought forward and 310 of its 805 units moved at an average S$1,730 psf. I must say, the images online were about the best I’ve seen from mass market condos so I dragged mrs and little one along for a viewing (again). I really wanted to see how was sales doing post new ABSD rate.

 

Some background

Based on the land bid, the estimated breakeven price is about S$1,600 psf. Since developer Chip Eng Seng and KSH are construction companies at heart, their real breakeven should be slightly lower. Location wise, its in the developing Bidadari zone which I read dunno from where is the next bishan lol. Still near enough to city centre.

 

 

How is sales since 6july2018?

Not too bad imo. Of course, the big units are hard to move but they have moved another 100units to become 52% sold as of end july 2018. There are remaining 1 and 2 bedroom units that should be fairly easy to sell. The saying is true, phase 1 may contain some of the harder to sell units actually.

 

 

This is pretty cool

We say this 2-BR deluxe in the showroom for top floor units. It’s almost like 3 BRs to me because there’s this loft section where you can house 1 more person. Maybe it can be rented as 3BRs also if the tenants agree.

The little one enjoyed climbing the steps to his personal space up there and waiving back in glee at us. It’s something like an attic. And because it is top floor, the views should be pretty nice?? Price is about $1.35m if not wrong.

 

 

Stack where the “investment properties” lie

They are all facing the MRT which is connected. Pretty convenient. Something that condo “The Tre Ver” cannot boast of.

 

Stiff competition in area

The Woodleigh Residences is coming up soon and that project breakeven is even higher. The marketing message was prices are going to rise again. Yea of course.

The Woodleigh Residences comes with a Woodleigh Mall and is scheduled to complete in the second half of 2022.

 

But there are already so many projects along Upper Serangoon Road. They are all looking pretty new to me. All vying for the same tenant pool.

 

In addition, there is “The Poiz Residences” by MCC land. That project is also near to an MRT (potong pasir) and 99years.

If you believe hunting for deals starts at the showroom, look at this:

Small unit at less than $1200psf were transaction this very month there. 

 

Nearby there is 8@woodleigh which is transacting $1300psf.

Would you really want to buy $1,700 psf for completion that is 2years down?

 

 

Image source: https://www.straitstimes.com/business/property/woodleigh-residential-site-attracts-top-bid-of-7007m

Josh Tan Jian Liang (CHFC) Principal Author

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