The Alps Residences see 280 units sold on launch day, all eyes on Forest Woods
By Cecilia Chow
/ The Edge Property |
On Sunday, Oct 2, The Alps Residences saw 280 out of a total of 626 units sold by balloting, just a week after the private condo project in Tampines previewed on Sept 24. This means that 45% of the units were snapped up on the first day of launch.
Of the 280 units sold, over 80% were one- and two-bedroom units, which were priced from $491,000 to $806,000, or from under $1,000 psf to $1,200 psf. “We attribute the strong response to the highly efficient unit designs as well as competitive prices,” according to a spokesman for Alps Residences. “There seems to be a pent up demand in Tampines as there hasn’t been a new condominium launched since The Santorini.” The Santorini, a 597-unit private condo project is also located along Tampines Street 86, off Tampines Avenue 10. It was launched in April 2014.
Crowd on balloting day at The Alps Residences showflat on Oct 2
Source: Agents
All eyes are on the 519-unit private condo project Forest Woods, located on Lorong Lew Lian, off Upper Serangoon and Paya Lebar Road. The project previewed on the same weekend as The Alps Residences, and drew more than 2,000 visitors. Forest Woods will start sales by balloting on Sunday, October 9.
Forest Woods is jointly developed by listed property giant City Developments Ltd (CDL), Hong Leong Holdings and TID Pte Ltd. The project is said to be a five-minute walk from the nex shopping mall which is integrated with the Serangoon MRT Interchange station on the North-East and Circle Lines.
Units at Forest Woods are also competitively priced, with one-bedroom units starting from $688,000, and two-bedroom units from $838,000. Meanwhile, three-bedders are from $1.1 million, and four-bedders start from $1.65 million. About 52% of the units are made up of one- and two-bedroom types including two-bedroom-plus-study premium units. Sizes for the one-bedroom-plus-study units range from 506 to 517 sq ft, while the two-bedroom units, including those with study as well as premium units are sized from 603 to 904 sq ft. Three-bedroom units range from 743 to 1,184 sq ft, with four-bedders from 1,238 to 1,475 sq ft.
There hasn’t been a project of this size launched in the Serangoon Central area for a few years, says Chia Ngiang Hong, group general manager of CDL. “We have received strong interest.”
Forest Woods is jointly marketed by ERA Realty, Huttons Asia and PropNex Realty.
The project is expected to see equally strong sales. Word on the street is that more than 400 cheques have been collected from interested buyers. The absolute prices at Forest Woods translate to $1,327 to $1,461 psf, or an average of about $1,400 psf.
“It’s a quantum play, with one- and two-bedroom units priced below $1 million, and three-bedroom units just above $1 million,” says Desmond Sim, head of research for CBRE Singapore and South East Asia. “These two projects – The Alps Residences and Forest Woods - should add significantly to October’s new home sales.”
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