The launch of the 805-unit Park Colonial in 2018 was closely followed by market watchers given prevailing conditions in the property market back then. Sentiment was picking up but it was unclear if the new project could move that many units when some buyers still had a wait-and-see attitude.
In a further twist, Park Colonial previewed over the weekend of June 30-July 1 2018, and just days before the government introduced new property cooling measures on July 6.
The surprise introduction of these new measures saw buyers rush to secure units at the condo before stricter additional buyer stamp duties (ABSD) and loan limits kicked in the following day. This resulted in a frenzied launch night for Park Colonial, which moved more than 300 units at an average price of around $1,700 psf; a strong showing for a Rest of Central Region (RCR) project at the time.
In many ways, Park Colonial became a bellwether for the new launch market in 2018, and an indicator of the recovering property market in the years that followed. In this deep dive, we’re going to look at how it has performed since its launch, and whether its momentum has continued.
How was Park Colonial positioned at launch, and did it deliver?
When it was launched for sale, Park Colonial offered attractively priced new private homes in the Woodleigh neighbourhood. The development is next to Woodleigh MRT station on the North-East Line (NEL), and close to the nascent Bidadari HDB estate.
Woodleigh MRT is also one stop from Serangoon MRT which is connected to NEX, one of the largest suburban shopping malls in Singapore and a key commercial centre of the North-East region.
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