Forest Woods, a condominium project by City Developments Limited (CDL), Hong Leong Holdings and TID, received a strong response during its launch over the weekend, with 337 of the 519 units (65 percent) sold as at 5pm on Sunday, 9 October.
CDL Group General Manager Chia Ngiang Hong attributed the keen interest to several factors, including its strategic location and competitive pricing.
All unit types saw a good take-up rate, with units sold achieving an average price of $1,400 psf. In fact, all the two-bedroom and one-bedroom with study units were snapped up, while one of the three penthouses was sold at $2.85 million.
Singaporeans accounted for 88 percent of buyers, while the remaining 12 percent comprised permanent residents and foreigners from Indonesia, China, Switzerland, Malaysia, Vietnam and Taiwan.
Unit prices start from $688,000 for a one-bedroom unit to $1.65 million for a four-bedder.
The project in District 19 comprises a range of facilities including a three-level clubhouse, a 75-metre pool and a 150-metre adventure zone.
Located at the junction of Upper Paya Lebar Road and Upper Serangoon Road, Forest Woods is near the Serangoon MRT station and bus interchange, as well as Nex shopping mall.
“Many units bought were for owner-occupation as they like the location and the project’s strong attributes and offerings. Due to the limited supply of new projects in this prime location, investors also bought Forest Woods in anticipation of good rental demand,” added Chia.