A look into Bidadari Estate’s Resale Condo – Part 2: Woodleigh Cluster
This is a 3-part series where we explore Bartley, Woodleigh and Potong Pasir Clusters to see if the private resale condos are worth considering.
In the first part of this series, we discussed about the Bidadari Transformation, the Bidadari Wealth Effect and had a look at the Bartley Cluster. If you have not read the first part, you can read the article here.
In the next part, we dive deep into the Woodleigh Cluster.
A. The Woodleigh Cluster
When the North-East MRT line (NEL) started operation in 2003, Woodleigh MRT remained closed. There was even some “hearsay” that the area was eerie because it was close to a cemetery. For many years, this small cluster has been under the radar because there were so few properties there and it is not an area that property buyers will look at because it was not a convenient area at that time.
Fast forward 17 years later to today, Woodleigh is fast becoming a vibrant property cluster which will be home to many young families with the construction of the Woodleigh HDB BTO flats.
Woodleigh will be the central hub for the Bidadari estate as the new mall, transport hub and community club will be located there.New residents will be happy to know that the transport hub and MRT stations are built underground, therefore residents will not have to worry about the new infrastructures adding to the already heavy traffic flow in the area.
Now let’s explore the private resale properties in the Woodleigh cluster.
B. Are the resale properties undervalued?
There are 5 private properties in the Woodleigh Cluster.
- 8 @ Woodleigh (99yr)
- Blossoms @ Woodleigh (Freehold)
- Parc Mondrain (Freehold)
- Avon Park (Freehold)
- Euro-Asia Park (Freehold)
There are 2 new private condominium that has been launched
- The Woodleigh Residences (99yr)
- Park Colonial (99yr)
Below are the prices of the resale and new properties in the Woodleigh Cluster:
In the price analysis, we will focus on three metrics.
- PSF/Year which is taking the average price psf divided by the remaining lease
- Rental Yield which is taking the annual expected rent divided by the property price
- Price difference to New which is taking the difference between the resale and new properties in the area
Resale properties in this cluster are mainly freehold, therefore using PSF/year analysis may not yield the best comparison because we would place a constant 99-year land lease left for a freehold for calculation sake. It is better to analyse the cluster using both rental yield and new-resale price gap.
Based on rental yield, 8 @ Woodleigh (the only 99yr in the cluster currently) has the highest yield at 3.3%. This proves that tenants do not care if the property is 99yr or freehold, they will pay top dollar for a property that they like staying in (livability). The other freehold properties regardless of age are at 2.3% yield +/- except for Avon Park.
Based on the price difference to new analysis, all of the resale properties offer a sizable discount compared to the new 99yr launches which are priced at $1800 to $1900psf, or a 35% to 50% discount. Given the huge discount in the resale property prices to new, we believe the resale properties here are undervalued and is worth further research.
C. How are the layouts like?
In this section, we will be looking at the 3 properties that were completed less than 15 years ago.
1-Bedroom Layout
Of all the resale properties in the area, only 8 @ Woodleigh has 1-bedroom unit type. At 398sqft, the size of the unit is rather compact. The squarish layout of the unit compensates for its compact size as the layout is rather space efficient.
2-Bedroom Layout Comparison
The 2-bedroom layout for 8 @ Woodleigh is space efficient. There is almost zero space wastage at the entrance of the unit (unlike some with a longer entrance walkway). For those who do heavy cooking, closing up the kitchen might be a good option as the current configuration is an open one.
Blossoms @ Woodleigh has a very functional 2-bedroom layout with a closed kitchen, yard and spacious bedrooms. The layout is almost perfect, if not for a slightly odd shape Master bedroom.
If you prefer more privacy, the layout of Parc Mondrain will be ideal because the bedrooms are not side by side. The 2 bathrooms comes between the 2 bedrooms. The unit comes with a enclosed kitchen and a bomb shelter which can be used for storage.
3-Bedroom Layout Comparison
If you prefer to have a yard area, Blossoms and Parc Mondrain would be good options. Both condos have similar 3-bedroom layouts, enclosed kitchen, yard and utility/bomb shelter and just the right allocation of space to the living areas and bedrooms.
The typical 3-bedroom units at 8 @ Woodleigh does not have a yard area, residents will have to make use of the planter area to hang dry their clothes. Alternatively, use a dryer or laundry services.
4-Bedroom Layout Comparison
The 4-bedroom at 8 @ Woodleigh comes with a yard and utility, which is great for families. What is interesting about the layout is that you can easily expand the master bedroom by combining bedroom 4 and the master. The entrance of the master bedroom can be pushed forward to the existing door of bedroom 4. The living and dining area are side by side, which is a configuration that most HDB upgraders will be familiar with.
Blossoms @ Woodleigh has a functional 4-bedroom layout. Like the other bedroom types, it would have been perfect if the Master bedroom was squarish, without the slight angled shape. Otherwise, we would classify the layout as an almost perfect layout. Parc Mondrain has 4 bedrooms that are 2-storey penthouses. There are 2 rooms on each floor and the unit features a large roof terrace for buyers who enjoy entertaining family and friends in their homes.
D. Are private resale properties in the Woodleigh cluster worth considering?
Based on the numbers, a good entry price for this area will be +/- $1,400psf depending on unit type, facing and unit conditions. While it may take some patience to find a good unit at a good price, the wait might just be worth it. With the new launch prices at $1900psf, buying a resale property at $1,400psf range offers a $500psf difference or 26% discount.
With Woodleigh being the center of the Bidadari Estate and potential HDB upgrader interest in this area in the coming years, we believe that the resale properties in Woodleigh are worth considering at the suggested entry price. Do note that selecting the right unit may also impact future price performance of the unit.
E. What are the possible exit strategies?
Exit Strategy 1
7 years later will be a possible exit point, this is because most of the Bidadari HDB BTO owners will have reached their 5-year MOP. That will be the time where aspiring HDB upgraders will be selling off their HDBs to buy private properties. In general, majority of HDB upgraders tend to upgrade within or near their current estate. The Woodleigh property cluster being the town center would naturally be one of the potential options for HDB upgraders. The Bidadari Wealth Effect will very likely benefit private condo owners who own unit types that will be in demand by HDB upgraders.
Exit Strategy 2
The next exit point can potentially be when other private properties or HDBs are built at the Braddell Road section of Woodleigh Cluster. While there are no confirmed plans in these area, the URA Masterplan 2019 shows this section as future private residential land. If URA launches private residential land for sale and assuming land cost moves higher then, we can expect higher overall launch prices some years later. If the same section is planned for only HDB estates, then there could be even higher demand for private properties once these new potential HDB upgraders start hunting for properties. If we had to guess, we would expect more information on this section of land sometime after 2025.
As always, the decision to buy a property depends on your objectives. It is important to identify your needs and requirements in the coming years in order to make a good decision. In the next and final article for the Bidadari series, we will be exploring the Potong Pasir cluster. Stay tuned!
P.S. All floorplans has been retrieved from 99.co, if you would like to search for floorplans for any private property in Singapore, they are a good source.
P.S.S. The title image is of The Woodleigh Residence, image source is from SPH & Kajima, no copyright infringements were intended.