CDL’s Forest Woods and Gramercy Park steal the show

By Michael Lim / The Edge Property | December 27, 2016 9:00 AM SGT
Singapore’s leading listed property group, City Developments (CDL), has launched just one residential project this year, the 519-unit Forest Woods. Yet, it was one of the bestselling private condominium projects in 2016. At its launch during the weekend of Oct 8 and 9, Forest Woods saw 337 units (65%) sold by balloting at an average price of $1,400 psf. As at mid-December, the tally was 380 units (73%).
Located on Lorong Lew Lian, Forest Woods is a five-minute walk to the nex shopping mall, which is integrated with the Serangoon MRT interchange station and the Serangoon bus interchange.
The crowd on balloting day at Forest Woods, during which 337 units were snapped up
Forest Woods was CDL’s top-selling project in October, with 337 out of 519 units sold over its launch weekend of Oct 8 and 9
However, it is not just in the suburbs that CDL has seen units move. There has also been buying activity at Gramercy Park on Grange Road, its 174-unit luxury condo project.
Gramercy Park — future capital upside
When Gramercy Park obtained its Temporary Occupation Permit (TOP) in 2Q2016, the project was soft launched with an initial release of 40 units in May. The units, priced at an average of $2,600 psf, were quickly snapped up, mainly by Singaporeans. To date, 45 of the 50 units released have been sold.
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There are some foreign buyers as well, given Gramercy Park’s freehold tenure and prime district 10 address. CDL has also marketed the project overseas, in Malaysia, Indonesia, Hong Kong and China (in Beijing and Shanghai).
View of the Gramercy Park grounds from one of the towers. CDL has sold 45 of the 50 units launched, at an average price of $2,600 psf.