On the morning of Oct 8, a Saturday, a tent located close by the Nex shopping mall was the epicentre of excitement as prospective property owners were balloting for their share of the 519 units in the Forest Woods condo. With more than 800 cheques collected during previews done before this day, it was hardly a surprise that by 5pm, the event yielded sales totaling 337 units (65% of the total project) at an average price of $1,400.
“We’re very encouraged by the strong response and demand for Forest Woods,” enthused Chia Ngiang Hong. The CDL group General Manager credits the strong positive response to the project’s “right mix of prime location, unique features, attractive pricing, and great value”.
The CDL group revealed that the sales results were encouraging across all unit types, with the one-bedroom-plus-study and the two-bedroom units having the strongest performance with all units sold out. The latter’s popularity was due to the flexibility the design offers: owners can convert the study into the second bedroom’s ensuite, a walk-in wardrobe, or an open study. One-bedroom-with-study units prices started at $688,000 while the two-bedroom units went for $830,000. Meanwhile, prices were at $1.1 million and $1.65 million for three-bedroom and four-bedroom units, respectively. There were three penthouse units available, with one costing $2.85 million also purchased that day. Buyers of multiple units were not unheard of – a family is said to have bought a total of four units.
Most buyers intend to occupy the units themselves, but there were several who bought mostly one- and two-bedroom units as investments. Chia explains that “due to the limited supply of new projects in this prime location, investors also bought Forest Woods in anticipation of good rental demand.” Singaporeans made up majority of the buyers at 88%, while the remaining 12% were made up of foreigners and permanent residents.
Forest Woods project is marketed by PropNex Realty, ERA Realty, and Huttons Asia. It is located five minutes by foot from the Nex shopping mall, which benefits from integration with the Serangoon MRT Interchange station, which connects not just the North-East and Circle Lines but also the Serangoon bus interchange.