$1400 average psf for Forest Woods
The developers of this property, City Developments Limited (CDL), Hong Leong Holdings and TID, have sold 337 units at the 519-unit Forest Woods condominium. It is situated at Lorong Lew Lian near the Serangoon MRT Station and the NEX shopping mall. 65% of the total units have been sold at an initial launch.
The average price of the units sold is S$1,400 per square foot after an early-bird discount of S$6,000 to S$12,000 during the launch.
In particular, all 1-bedroom with study units and 2-bedroom units have found investors or buyers. One of the three penthouses was also sold at S$2.85 million.
The prices start from S$688,000 for a 1-bedroom with study unit, S$838,000 for a 2-bedroom unit, S$1.1 million for a 3-bedroom unit, and S$1.65 million for a 4-bedroom unit. These prices were before the discount.
They also stated that 88% of the buyers are Singaporeans, while the remaining 12% are Singapore permanent residents and foreigners from China, Indonesia, Malaysia, Switzerland, Taiwan and Vietnam.
CDL’s group general manager attributed the “overwhelming response” to the “right mix of a prime location, attractive pricing, unique features, and great value”.
Meanwhile, the popular Serangoon Central area had not seen a launch of this size in the past few years. Forest Wood’s facilities include a three-level clubhouse with a 24-hour indoor gym, function rooms, tennis courts, a 150-metre adventure zone, and a 75-metre pool.
CDL led a consortium paid S$710 psf ppr for the plot at a land tender that were closed last November, which outbids ten other contenders.
Alan Cheong, a Savills Singapore research head, said the good result for this project’s launch was location specific and not reflective of island-wide sentiment. “The market accepts that you have to pay a premium for proximity to amenities and accessibility.” he added.