Yahoo Finance COMMENTARY: Insight into The Woodleigh Residences
Artist’s impression of The Woodleigh Residences (Picture: Kajima/SPH)
Demand given a boost by Bidadari Plan
The 99-year leasehold integrated development, The Woodleigh Residences, has 667 units spread over 11 blocks. There are no one-bedroom units, which is very much in line with its family-centric concept.
At the time of writing, the development has a take-up rate of 96.6%, based on URA data for new sales. Demand is given a boost by the government’s plans for Bidadari, which is envisioned to be an urban oasis in a garden setting. Existing greenery and transport connections will also be utilised to sustain a high-quality living environment.
The developer has just launched the last batch of units for sale, which represents the final opportunity for buyers to ride on the growth of the up-and-coming Bidadari area.
Map 1: Future Bidadari Estate
Source: HDB
Analysis of transacted prices
Transacted prices range from $988,000 each for three 570-sq ft two-bedders on the third level transacted in mid-2019, to $3.448 million for a 1,475-sq ft four-bedder on the top level transacted in May 2022.
The lowest price paid was $1,732 psf. At this price level, there were four transactions for 570-sq ft two-bedders in mid-2019, two transactions for 667-sq ft two-bedders in June 2019 and a transaction in May 2020 for another 667-sq ft two-bedder. All seven transactions were for units on the third level. A 646-sq ft, two-bedroom unit on the top floor attracted the highest price of $2,468 psf when sold in April 2021.
In 2022, The Woodleigh Residences has an overall average price of $2,180 psf, which is slightly above the average price for new sales in Singapore ($2,121 psf) and the east region ($2,047 psf). This is not unusual because integrated projects tend to be more costly because of their highly desired convenience and connectivity.
Convenience and connectivity
The integrated nature of The Woodleigh Residences, coupled with its proximity to Alkaff Lake and Bidadari Park, gave a boost to its sales performance. Buyers like the convenience of having everything under one roof, while the nearby Alkaff Lake and Bidadari Park offers a natural reprieve from city living.
When the development receives temporary occupation permit (TOP) in mid-2023, it will be directly connected to The Woodleigh Mall, Woodleigh MRT Station, Singapore’s first air-conditioned underground bus interchange, a community centre and a neighbourhood police station. The Pan Island Expressway and Central Expressway are also a short drive away.
The Woodleigh Mall will have a FairPrice Finest supermarket, clinics, educational centres and F&B outlets. There will also be a bridge connecting the development to Bidadari Park and Alkaff Lake.
Artist’s impression of The Woodleigh Mall (Picture: Kajima/SPH)
In addition, there are four schools within a one-km radius and 19 schools within a two-km radius, including Paya Lebar Methodist Girls’ School (Primary), St Andrew’s Village, and St Margaret’s Primary School.
The Woodleigh Residences is developed by Singapore Press Holdings and Kajima Development, which are committed to incorporating exceptional Japanese craftsmanship and attention to details to the project.
Size more important than number of bedrooms
Stacks 33 and 34 are two-bedroom units in block 23 with views of the lap pool. Units at stack 33 are larger (743 sq ft) compared to units at stack 34 (646 sq ft). Despite the difference in size, both stacks have very similar floor layouts.
Showflat of a two-bedroom unit (Picture: Albert Chua/EdgeProp Singapore)
All units in both stacks are sold, but stack 33 fetched a higher average of $2,333 psf while stack 34 averaged $2,311 psf. The smaller size and lower unit price for units in stack 34 means a lower average price of $1.493 million, compared to the average total price of $1.733 million for units in stack 33.
It is notable that units in stack 33 cost about $240,000 more than their smaller counterparts in stack 34, which indicates that buyers are willing to pay more for a larger unit even if it has the same layout and number of bedrooms as a smaller unit in the same block. It was wise of the developer to focus on spacious units for young couples and families in view of the suburban location and numerous nearby schools.
Willing to pay for view
Block 29 comprises stacks 50 to 53, which are all 1,076 sq ft, three-bedroom units with the same layout. All units in the block are sold save for a low-floor unit in stack 52.
Among the four stacks, only stacks 52 and 53 have views of the lap pool. Hence it is not surprising that stacks 52 and 53 attracted higher prices of $2,143 psf and $2,214 psf respectively, while stacks 50 and 51 were transacted at $2,011 psf and $1,999 psf respectively.
From the above analysis, we can deduce that buyers are willing to pay for views. As such, orientating the majority of the units to face Alkaff Lake or water features in the development is certainly a good strategy.
Showflat of a four-bedroom unit (Picture: Albert Chua/EdgeProp Singapore)
View more important than privacy
Among the different three-bedroom floor layouts, type E2 units making up stacks 24, 27 and 32 are the only three-bedders in blocks with more than four units per level. Stacks 24 and 27 are in block 21 which has nine units per level, while stack 32 is in block 23 with eight units per level. All three stacks have views of pools and Alkaff Lake in the distance.
Stacks 47 and 48 are three-bedroom units in block 27 with two other stacks of two-bedroom units. Units in the two stacks will not have views of the lake.
Stack 24, which will have the best view of Alkaff Lake, has the highest average price of $2,297 psf, while stack 47 with a less ideal view has the lowest average price of $1,985 psf. This indicates that buyers are willing to compromise on privacy for views.
Lessons to be learnt
A development offering convenience and connectivity would be in demand.
Buyers are willing to pay for a larger unit even if it has the same layout and number of bedrooms as a smaller unit.
Buyers are not only willing to pay for views of nature, but also value that more than privacy.
Check out the latest listings near The Woodleigh Residences, Bidadari, The Woodleigh Mall, Woodleigh MRT Station, Paya Lebar Methodist Girls’ School (Primary), St Margaret’s Primary School
See Also:
Singapore Property for Sale & Rent, Latest Property News, Advanced Analytics Tools
New Launch Condo & Landed Property in Singapore (COMPLETE list & updates)
GuocoLand tops bid for Lentor Central site with $1,204 psf ppr; sets new record for OCR land prices
En Bloc Calculator, Find Out If Your Condo Will Be The Next en-bloc
