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

The tenders for two government land sale (GLS) sites in Singapore located at Lentor Central and Champions Way closed on Sept 12. The Champions Way plot drew six bids, with City Developments Limited (CDL) submitting the top bid of $294.889 million, which reflects a land rate of $904 psf per plot ratio (psf ppr).

Apart from CDL, six other bids were submitted for the Champions Way site, with Thakral Corp’s bid of $203.33 million, coming in lowest ($623 psf ppr).

The site is the first GLS tender for Woodlands, excluding executive condominiums, since 2011.

CDL’s Group CEO, Sherman Kwek, commented on the opportunity to “create a vibrant and sustainable icon alongside the government’s rejuvenation plans”. He hopes the potential development will replenish CDL’s landbank and ensure a stable launch pipeline.

Wong Siew Ying, head of research and content at PropNex Realty, noted the large disparity between the top and bottom bids of the Champions Way plot. According to her, this indicates developers’ assessment of specific risks in the area.

Lam Chern Woon, head of research and consulting at Edmund Tie stated the bids point to an “inflection in the property market”, with different expectations held by various market players.

Knight Frank Singapore’s head of research, Leonard Tay believes the eventual selling price for the future project at the site could start from “just under $2,000 psf”.

Meanwhile, PropNex’s Wong estimated the future average selling price at over $1,900 psf, and that it would “set a new benchmark price for new launches in the Woodlands planning area”.

The Champions Way site is expected to yield 350 units. It is 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.

Its close proximity to Tengah Plantation EC makes it an ideal destination for shopping, dining, and entertainment.

Overall, the bidding activity for the two sites indicate a positive outlook on Singapore’s property market.