337 units sold at Forest Woods launch at average $1400 psf
Situated close by Serangoon MRT Station and NEX mall, Forest Woods condo managed to sell a total of 337 out of 519 units on the first day of sales which took place last Saturday.
According to developers City Developments (CDL), Hong Leong and TID, the units were sold at an average per square foot (psf) of $1,400 after all discounts.
The total number of units sold at the 99-year leasehold condo in Lorong Lew Lian chalks up to approximately 65% of the entire development.
CDL mentioned that the 1-Bedroom with study and 2-Bedroom units have all been taken up, and has also managed to find a buyer for 1 of the 3 penthouses available (sold at $2.85 million).
Forest Woods price ranged from $688,000 for a 1-bedder with study, $838,000 for a 2-bedroom, $1.1 million for a 3-bedroom and $1.65 million for a 4-bedroom unit.
It was noted that a staggering 88% of the buyers were all Singaporeans, while the rest comprises of Singapore PRs and foreigners (such as from Indonesia, China, Taiwan and Switzerland).
Developers have added that the overwhelming responses received was mainly due to the good location of the project, the unique condo features presented and the attractive price points. It’s probably why sales managed to surpass the last condo launch in same district (19), Stars of Kovan by Cheung Kong Holdings.
Then again, market watchers have commented that the strong sales at Forest Woods condo was solely due to the project’s location and isn’t a clear reflection of the market sentiments islandwide. However, it shows that the market has accepted the fact that for a property that is near amenities coupled with great accessibility, there will be a premium to be paid for.