Forest Woods had 337 of its 519 units or 65% sold by close of the day on 9 October. The units sold at $1400 psf average price. The condominium jointly developed by Hong Leong Holdings, City Developments Ltd, and TID was launched in the weekend of October 8. The balloting had begun at 10 am on the launch date and was the climax of the high excitement of the two weeks of previews where over 800 cheques were collected.
“The strong response on the development is due to the right mix of competitive pricing, strategic location, unique features and great value,” said CDL group manager Chia Ngiang Hong.
All units received a good response with 1 bedroom and 2 bedroom units, all with a study, being sold out. The 1 bedroom plus study had the lowest price at $688,000, the 2 bedders at $830,000, 3 bedders at $1.1m and the 4 bedder at $1.65m. A penthouse going at $2.85m was also sold.
The majority of the buyers were Singaporeans at 88% with the 12% comprising of foreigners and permanent residents from Malaysia, Indonesia, Vietnam, Switzerland, Taiwan and China.
“While the majority of the units bought were owner-occupier due to the project’s location and strong attributes, investors also showed interest and took most of the 1 and 2 bedrooms units. Investors are anticipating high rental demand since new projects are in short supply in this prime location,” said Chia.
Forest Woods has its location at Upper Serangoon Road and Upper Paya Lebar Road junction in District 19. Nex mall is five minutes walk away and so is Serangoon MRT.
The project has full condo facilities including a 75-meter swimming pool, a clubhouse of three levels and an adventure zone.
The marketing for the project is jointly done by Huttons Asia, PropNex Realty and ERA Realty.