The Oct 8 launch of Forest Woods has brought the spotlight back to District 19, with existing new projects benefitting from the limelight. Excluding Forest Woods, there were 18 new private condominium and apartment units sold in the week of Oct 4 to 11, almost a third of the 56 sold in September based on URA caveat records.
The 519-unit Forest Woods is located along Lorong Lew Lian, near the Serangoon MRT station and Nex shopping mall. A total of 337 units (65%) were sold on the first day of launch, at an average price of $1,400 psf. The project, a joint venture between City Developments (CDL), Hong Leong Holdings and TID, collected more than 800 cheques during the fortnight of previews prior to the launch.
According to CDL, all unit types enjoyed a strong take-up, and the one-bedroom-plus-study and two-bedroom units were all sold. One of the three penthouses priced at $2.85 million was taken up over the weekend. The two-bedroom units were popular because owners were given the flexibility of turning the study into an en-suite or walk-in wardrobe. Prices started from $688,000 for a one-bedroom-with-study unit, $830,000 for a two-bedroom unit, $1.1 million for a three-bedroom unit and $1.65 million for a four-bedroom unit. About 70% of the units have been sold to date.
At Stars of Kovan, the latest property by leading Hong Kong giant Cheung Kong Property Holdings, buyers snapped up 11 units over the same week, at an average price of $1,434 psf, compared with 13 units in September. “The recent launch of Forest Woods has resulted in increased activity at Stars of Kovan and other projects in the area,” concurs Daniel Lim, a project in-charge at Huttons. Lim attributes the surge in sales to the return of genuine buyers in the area as a result of Forest Woods’ launch. “Prices at Stars of Kovan are comparable to those at Forest Woods, which are palatable to homebuyers looking for a property in the area,” he adds.
Buyers snapped up 11 units at Stars of Kovan in the week of Oct 4 to 11 at an average of $1,434 psf
Smaller units were the better performers at Stars of Kovan. Only one of the 11 transactions involved a three-bedroom unit. The 947 sq ft unit on the fourth floor went for $1.3 million, or $1,415 psf, on Oct 8. Two-bedroom units, ranging from 732 to 807 sq ft, were the most popular unit type among buyers; six were sold in the week. The next best-sellers were the one-bedroom units, measuring 506 to 517 sq ft, which accounted for four of the units sold. Prices averaged $1.04 million ($1,394 psf) for the two-bedroom units and $762,270 ($1,499 psf) for the one-bedroom units.
Stars of Kovan is a 99-year leasehold mixed-development at the junction of Upper Serangoon Road and Tampines Road. The project comprises 46 commercial units on street level, five strata terraced houses and a total of 390 apartments in four 17-storey residential blocks atop the commercial floor. It is slated for completion in 2020.
Over at Trilive, five units — three two-bedroom and two three-bedroom units — found buyers that week at an average price of $1,620 psf. The third priciest transaction at the project in terms of price psf took place on Oct 5 when a 646 sq ft, two-bedroom unit on the 16th floor was sold for $1.13 million, or $1,748 psf. Trilive, a freehold development by Roxy-Pacific Holdings, is located at the junction of Tampines Road and Hougang Avenue 3. It comprises two commercial shops and 222 residential units. Its one-bedroom units were snapped up within days of its launch. The project’s larger units, from 614 sq ft, could be converted into dual-key units, as two of the bedrooms come with an en-suite bathroom. As at September, 63 units were still available.
While a good proportion of the overall buyers are understood to be investors, a significant number are purchasing the units for their own use. “The buyer profile is a mix of both,” says Lim. “Some of the smaller units were purchased for investment, while others purchased for future use, for instance, parents who are looking to downsize when their children have grown up and moved out.”
This article appeared in The Edge Property Pullout, Issue 751 (Oct 24, 2016) of The Edge Singapore.