On Saturday morning of Oct 8, crowds flooded into a tent adjacent to Nex shopping mall where balloting for units at the 519-unit Forest Woods private condo started at 10am. Excitement was high as more than 800 cheques had been collected during the fortnight of previews prior to the launch on Oct 8. By 5pm that day, 337 units or 65% of the total project had been sold at an average price of $1,400 psf.
“We’re very encouraged by the strong response and demand for Forest Woods,” said Chia Ngiang Hong, CDL group general manager. He attributes the overwhelming response to “the right mix of prime location, unique features, attractive pricing and great value”.
According to CDL, all the unit types enjoyed a strong take-up, although the one-bedroom-plus-study and two-bedroom units were all sold. The two-bedroom units were popular because owners have the flexibility of turning the study into an en suite for the second bedroom, or an open study. Alternatively, it can also be converted into a walk-in wardrobe for the second bedroom. Prices of the units started from $688,000 for a one-bedroom-with-study, $830,000 for a two-bedroom, $1.1 million for a three-bedroom and $1.65 million for a four-bedroom unit. There were buyers of multiple units, including a family that was said to have snapped up four units. Even one of the three penthouses priced at $2.85 million was taken up that day.
Showflat of a three-bedroom unit
While many of the buyers were owner occupiers, the project also found favour with investors, especially the one- and two-bedroom units. “Due to the limited supply of new projects in this prime location, investors also bought Forest Woods in anticipation of good rental demand,” said Chia. 88% of the buyers were said to be Singaporeans, with permanent residents and foreigners making up the remaining 12%.
Forest Woods is located within a five-minute walk of the Nex shopping mall, which is integrated with the Serangoon MRT Interchange station which connects the North-East and Circle Lines as well as the Serangoon bus interchange. The project is jointly marketed by ERA Realty, Huttons Asia and PropNex Realty.