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Woods Square Price · Market Report
This commercial mixed development land sale at Woodlands Square drew a top bid of close to $634 million, or $906 per square foot per plot ratio (psf ppr) from a JV of Far East Civil Engineering (Pte) Limited, Tannery Holdings Pte Ltd, and Sekisui House, Ltd.
It was a hotly contested site, drawing a total of 8 bids, with the 2nd bidder losing out by a mere 2%. The top bid was within analyst’s expectations of around $600 to $1,100 psf ppr.
Knight Frank’s head of investment and capital markets, Ian Loh, expects a breakeven cost of up to $1,500 psf.
This could work out to a potential selling price of $1,800 – 2,000 psf for the strata office units. (Incidentally, this price range at the upper end could get you a residential unit at some place like LIV @ MB at East Coast, or at the lower end, possibly a unit at the Penrose in Sims Drive.)
DTZ head of Singapore research, Lee Lay Keng, reckoned that end users keen on buying strata office units in Woods Square could include firms with operations in Malaysia, as Woodlands will be linked to Johor via MRT in future.
The transport network in Woodlands Regional Centre will be boosted significantly and will have five MRT stations eventually.
In addition, CBRE Research associate director, Desmond Sim said, “Given that Woodlands Regional Centre will be the closest link to our northern neighbours via the Causeway and the future cross-border rail link, a commercial node will be well received by firms that may benefit from the cross-border proximity. In line with (Singapore’s) concept of decentralisation, future commercial occupiers can also tap on the growing residential workforce close by, as well as the pool of qualifying workers across the Causeway.”
For details of this URA Land Sale, click here (opens in new window).
WOODS SQUARE PRICE :: VIP PREVIEW JANUARY 2016
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