Chief Editor September 12 2023

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City Developments CDL submit highest bid for Champions Way site at Woodlands

Six property developers expressed their interest in a state-owned land parcel situated in the Woodlands region, with City Developments Ltd (CDL) emerging as the frontrunner in the bidding process. CDL submitted the highest bid, amounting to S$294.9 million, equating to S$904 per square foot per plot ratio (psf ppr), during the tender's closure on September 12.

The parcel of land, known as the Champions Way site, boasts an expansive area of approximately 14,433 square meters (sq m) and offers a maximum gross floor area of 30,309 sq m. 

In a press release, Sherman Kwek, the CEO of CDL, stated, "Following a string of successful project launches in Singapore, our available project inventory has diminished. This site acquisition will replenish our land portfolio and ensure a consistent stream of upcoming launches."

He further added, "It has been over a decade since the last private residential project was introduced in Woodlands, making this a unique opportunity to establish a dynamic and sustainable landmark in line with the government's urban renewal initiatives."

CDL intends to construct four 11-story residential buildings comprising around 350 residential units, along with an Early Childhood Development Centre and an underground parking facility.

The proposed development has been conceived with the objective of achieving the BCA Green Mark Platinum (Super Low Energy) certification, including the Maintainability Badge, aligning with CDL's commitment to achieving net-zero carbon emissions by 2030.

The residential site along Champions Way in Woodlands has a lease period of 99 years and it is under the first half 2023 Government Land Sales (GLS) programme by Urban Redevelopment Authority (URA). 

Propertyforsale Pte Ltd Managing Director, JT Chia predicts the launch price of the Champions Way site to be $1,800 PSF. 

“I totally agree with CDL Sherman that the lack of new private residential launches in Woodlands to be a strong impetus for their upcoming project,” he said.