Strong sales at Forest Woods have ripple effect on other new condos in District 19

By Esther Hoon / The Edge Property | October 21, 2016 10:00 AM SGT
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