337 units at Forest Woods sell at an average of S$1,400 psf | Singapore Property

By Kalpana Rashiwalakalpana@sph.com.sg@KalpanaBT

Mr Cheong of Savills Singapore said the good result for the project's launch was location specific and not reflective of islandwide sentiment. "The market accepts that you have to pay a premium for proximity to amenities and accessibility."

Oct 10, 20165:50 AM

Singapore

CITY Developments Limited (CDL), Hong Leong Holdings and TID have sold 337 units at the 519-unit Forest Woods condo in Lorong Lew Lian near Serangoon MRT Station and Nex shopping mall.

Sales began on Saturday and the sales update provided by CDL was as at 5pm on Sunday. The net average price for 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 weekend launch.

The units sold make up 65 per cent of the total units in the 99-year leasehold project.

CDL said that all unit-types in the project achieved good take-up. In particular, all one-bedroom with study units and two-bedroom units have found buyers. One of the three penthouses was sold at S$2.85 million.

Prices start from S$688,000 for a one-bedroom with study unit, S$838,000 for a two-bedder, S$1.1 million for a three-bedder, and S$1.65 million for a four-bedroom unit. Prices are before the discount.

The group added that 88 per cent of buyers are Singaporeans, while the remaining 12 per cent are Singapore permanent residents and foreigners from China, Indonesia, Malaysia, Switzerland, Taiwan and Vietnam.

CDL's group general manager Chia Ngiang Hong attributed the "overwhelming response" to the "right mix of a prime location, unique features, attractive pricing and great value". He had earlier noted that 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, a 150-metre adventure zone and a 75-metre pool.

The CDL-led consortium paid S$710 per square foot per plot ratio for the plot at a state land tender that closed last November, outbidding 10 other contenders.

Savills Singapore research head Alan Cheong said the good result for the project's launch was location specific and not reflective of islandwide sentiment. "The market accepts that you have to pay a premium for proximity to amenities and accessibility."