Forest Woods is located in Lorong Lew Lian and is being developed by the CDL (City Developments), Hong Leong Holdings and TID. Unit sizes at Forest Woods range from 506 sq ft for a one-bedroom with study to 2,185 sq ft for the largest penthouse. CDL said that of the three penthouses available, one was sold at $2.85 million.
Home buyers showed up at the Forest Woods show-flat last October with discounts ranging from $6,000 and $12,000, snapping up 65%of units available at the newly launched project. According to CDL, 337 out of 519 units at the project were sold as at 5pm October 9. They also said that all unit types enjoyed a good take-up rate, with all of the 1-bedroom with study units and two-bedroom units are selling out. A CDL group general manager, Mr. Chia Ngiang Hong said in a statement: “Units sold have achieved an average pricing of $1,400 per square foot (psf) on its first weekend launch.”
Forest Woods is about five minutes from Serangoon MRT station and NEX shopping mall. This property is expected to be completed in 2021. According to CDL, 88% of the buyers were Singaporeans, while the remaining percent were permanent residents and foreigners from China, Indonesia, Malaysia, Switzerland, Taiwan and Vietnam.
Mr. Yeo bought a 3-bedroom premium unit for $1.36 million and said: “Prices have been falling for quite some time… I don’t think it will fall that much more.”
Analysts said that this property’s location and its developer’s reputation played a part in attracting buyers. The Century 21 Singapore chief executive said that the developer also managed to keep the price quantum for many units well below the $1 million mark.
Knight Frank Singapore research head also noted: “There is still pent-up demand… but buyers remain very discerning, and they want a good deal in terms of location and price.”