Norwood Grand New Condo

Norwood Grand New Condo is an exciting new development by City Developments Limited (CDL) located at Champions Way. CDL secured the site with the highest bid of $294.889 million, translating to a land rate of $904 per square foot per plot ratio (psf ppr). This bid was 8.3% higher than the second-highest offer of $272.26 million, or $835 psf ppr, from TID, a joint venture between Hong Leong Group and Mitsui Fudosan. The Norwood Grand site, which can accommodate 350 units, attracted a total of six bids, reflecting strong interest in the area.

Norwood Grand New Condo is particularly significant as it marks the first government land sale (GLS) for non-executive condominiums in Woodlands since 2011. The last such sale was at Woodlands Avenue 2 and Rosewood Drive, which led to the development of the 689-unit Parc Rosewood at a rate of $367 psf ppr. This long gap highlights the importance of the Norwood Grand acquisition, offering a rare opportunity to create a dynamic and sustainable landmark in line with government rejuvenation initiatives for the area.

The competitive bidding for the Norwood Grand New Condo site indicates a turning point in the property market, with varied expectations among developers about the potential of the Woodlands area. The development is poised to benefit significantly from the expansion of the Woodlands Regional Centre, local upgrader demand, and its proximity to the Woodlands South MRT station on the Thomson-East Coast Line.

Future sales of units in Norwood Grand New Condo could start at just under approx $2,000 psf, a substantial increase from the current median resale price of $1,301 psf at Parc Rosewood. The average selling price for Norwood Grand could exceed approx $1,900 psf, potentially setting a new price benchmark for new developments in Woodlands. This premium pricing reflects the site’s strategic location and the high expectations for this new landmark residential project in the heart of Woodlands.