PARK Colonial, a new condominium in the Bidadari enclave and next to Woodleigh MRT station, is set to be launched on July 14. Jointly developed by CEL Development, Heeton Holdings and KSH Holdings, the estate on a land area of 19,547 sq m will comprise six towers with 805 residential units.
The one- to five-bedrooms units will be priced at an average of S$1,700 per sq ft; one-bedders will start at around S$780,000.
The 99-year leasehold project, with a British colonial-inspired design, is scheduled to be completed in 2022.
It will house more than 50 facilities, including a 10m-tall clubhouse, a 50m cantilevered lap pool and an al fresco dining terrace.
Nearby facilities include Nex shopping centre, the Serangoon bus interchange, Paya Lebar Central, the upcoming 10ha Bidadari Park and The Woodleigh Mall.
The 60:20:20 joint venture among CEL, Heeton and KSH respectively clinched the site last July with a winning bid of S$1,110 per square foot per plot ratio.
The launch of Park Colonial comes just ahead of the likely September launch of The Woodleigh Residences - another new condo in the much-coveted Bidadari estate.
Raymond Chia, executive chairman and group chief executive of Chip Eng Seng Corporation, CEL's owner, acknowledged the stiff competition among developers in the area: "If this project were launched a few months earlier, I think it will be more favourable for us."
But he is still confident that Park Colonial will garner "very strong interest" when its show units open for public preview on June 30.
He added: "We're still not too late. In real estate, it's always about the location. The development is right next to Woodleigh MRT station, near amenities, expressways and adjacent to the up-and-coming Bidadari town.
"With the en bloc fever showing no signs of abating, we also expect that a large number of home-owners from the recent en bloc projects will be looking for new homes as well."
Touted as "the next Bishan" because of its central location, where Park Colonial is located. Bidadari estate is developed as part of Toa Payoh town, bounded by Bartley Road, Sennett Estate, Upper Serangoon Road and Mount Vernon Road.
More than 11,000 residential homes are in the pipeline. The first batch of Build-To-Order (BTO) flats in the neighbourhood was rolled out in 2015 and has remained in high demand every year. Three new roads - Bidadari Park Drive, Alkaff Crescent and Woodleigh Link - were partially opened this year to service the area.
Three train stations away, in Hougang, Oxley Holdings' Riverfront Residences opened its sales gallery over the weekend. The Business Times understands that the units there are going at an average of S$1,248 psf.
Adapted from TheBusinessTimes, Jun 26, 2018
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