Forest Woods (森涛苑)
|Developer||Serangoon Green Pte Ltd (JV of City Development Ltd, Hong Leong Holdings & TID)|
|Location/Address||Lorong Lew Lian|
|Site Area||14,001.5 sqm / approx. 150,712.1 sqft|
|Total Units||519 residential units|
|Tenure||99 years leasehold w.e.f 05 February 2016|
|Description||7 blocks of 12-storey condominium development with 60 types of facilities and concierge services. All units come with smarthome automation features.|
|Expected TOP||10 May 2021|
|Expected Legal Completion||10 May 2024|
|Total No. Car parks||519 lots|
|Unit Types||1 Bedroom + Study: 490 to 530sqft (69 Units)
2 Bedroom: 590 to 810sqft (38 Units)
2 Bedroom + Study: 630 to 760sqft (76 Units)
2 Bedroom + Study Premium: 720 to 870sqft (88 Units)
3 Bedroom: 710 to 1,110sqft (133 Units)
3 Bedroom Premium: 970 to 1,160sqft (59 Units)
4 Bedroom: 1,230 to 1,450sqft (53 Units)
5 Bedroom Penthouse: 2,050 to 2,570sqft (3 Units)
Strong demand for Forest Woods condo
Home buyers turned up in droves at the Forest Woods show-flat over the weekend, snapping up 65 per cent of units available at the newly launched project. City Developments (CDL) said 337 out of 519 units at the project, which is located in Lorong Lew Lian, were sold as at 5pm yesterday. Forest Woods is being developed by CDL, Hong Leong Holdings and TID.
CDL said yesterday that all unit types enjoyed a good take-up rate, with all one-bedroom with study units and two-bedders selling out. “Units sold have achieved an average pricing of $1,400 per square foot (psf) on its first weekend launch,” noted Mr Chia Ngiang Hong, CDL group general manager, in a statement.
Early bird discounts ranging from $6,000 to $12,000 were offered to buyers over the weekend. Unit sizes at Forest Woods range from 506 sq ft for a one-bedroom with study to 2,185 sq ft for the largest penthouse. CDL said that of the three penthouses available, one was sold at $2.85 million. Mr Chia said the good demand for units was due to a “right mix of prime location, unique features, attractive pricing and great value”.
Forest Woods is about five minutes from Serangoon MRT station and Nex shopping mall, and is slated to be completed in 2021. Analysts said very few projects have done this well on the first launch weekend since the implementation of the total debt servicing ratio framework in June 2013.
The closest project in terms of sales was probably MCL Land’s Lake Grande in Jurong, which sold about 450 out of a total of 710 units – or 63 per cent – in the first weekend in July. CDL said 88 per cent of buyers are Singaporeans, while the remaining are permanent residents and foreigners from China, Indonesia, Malaysia, Switzerland, Taiwan and Vietnam.
Teacher Yeo Keng Yong was at the show-flat at 10am on Saturday. He waited for three hours during the balloting process. “Prices have been falling for quite some time,” said Mr Yeo, who bought a three-bedder premium unit for $1.36 million. “I don’t think it will fall that much more.”
Investor Adeline Chua bought a two-bedroom unit for $895,000 and is hoping to rent it out.
“The project will be completed in a few years, so I’ll pray hard that the economy is better by then… I believe (if the location is) near MRT station, you can never go wrong,” noted Ms Chua, a customer service officer.
Analysts said the project’s location and developer’s reputation played a part in wooing buyers.
Century 21 Singapore chief executive Ku Swee Yong said: “The developer also managed to keep the price quantum for many units well below the $1 million mark.”
Ms Alice Tan, Knight Frank Singapore research head, noted: “There is still pent-up demand… but buyers remain very discerning, and they want a good deal in terms of location and price.”
Meanwhile, MCC Land’s project – The Alps Residences in Tampines – which was launched for sale on Oct 2, sold 300 out of 626 units as at noon on Sunday.
What will stabilise the weak property sector?
Upcoming new launches will pique buyer sentiment.
It will be a complete turnaround for the property sector in the coming months as upcoming launches will boost buyer sentiments.
According to a report by DBS Research, in the pipeline are a number of residential projects primed for launch in the coming months including Alps Residences (MCC Land), Forest Woods (CDL), The Clement Canopy(UOL) and Queens Peak (HY Realty).
“Healthy take-up rates during the launches will be seen by the market as sign of a further stabilisation of the property sector,” the report said.
This is following the weak developer sales registered in August due to lack of major launches.
“The lack of new launches meant that primary sales came in 58% lower m-o-m, 17% lower y-o-y to 805 units,” DBS noted.
Sales were partially buoyed by resale transactions, which saw a 30% YoY increase.
CDL reports better-than-expected quarterly results
Singapore-based City Developments Limited (CDL) announced on Thursday (11 August) a resilient set of financial results for the second quarter of 2016, bucking the trend of many peers who have registered declining profits and revenues due to tough macroeconomic challenges here and abroad.
Year-on-year, group net profit for the second quarter rose by 0.2 percent to $133.8 million, while revenue increased by 32.4 percent to $1.1 billion from the same period in 2015.
The better-than-expected results were attributed to revenue and profit recognition from Lush Acres, a fully-sold executive condominium (EC), following its TOP issuance in Q2.
During the first half of 2016, the developer sold 324 residential units in Singapore amounting to a total sales value of $385.7 million, up 82 percent from the 178 units sold in the first half of last year ($224 million).
Its latest residential development, the 174-unit freehold Gramercy Park condominium near Orchard Road, was soft launched in end-May. To date, 31 of the 40 units released for sale in the project’s North Tower have been sold at an average price of $2,600 psf.
It is understood that an official launch is being planned and private viewings by appointments are ongoing.
Strong sales were also seen at the 616-unit Jewel@Buangkok – which is almost fully-sold with only four units remaining, while Coco Palms – a 944-unit joint venture condo in Pasir Ris – is almost 90 percent sold.
In the coming months, the group plans to launch a new 99-year leasehold project named Forest Woods at the junction of Upper Serangoon Road and Paya Lebar Road. The 519-unit development will comprise one- to four-bedroom units and penthouses that are equipped with smart home automation features.
Based on the land cost of $710 psf, the project’s estimated selling price could be around $1,400 psf to $1,500 psf, said Wong Xian Yang, Senior Manager, Research and Consultancy at OrangeTee.
He noted that the median transacted price for the nearby Jade Residences at Lorong Lew Lian, a freehold 171-unit project, is around $1,521 psf.
Meanwhile, CDL has also been aggressively investing in overseas real estate projects, with good take-up seen at its residential developments in Australia, China and the UK.
Kwek Leng Beng, CDL’s Executive Chairman said: “We have a robust balance sheet, high liquidity and conservative accounting practices. This provides us with the firepower to continue investing overseas, given prevailing headwinds in the Singapore property market.”
CDL is looking to build a first-ever luxury care home development for elderly residents on a carpark site in central London, close to the Harrods Department Store in Knightsbridge. Planning consent has already been obtained for the £200 million (S$348.3 million) development.
The project will comprise 34 two-bedroom apartments for sale on 999-year leases. The units range from 1,250 sq ft to 2,110 sq ft in size.
Planned facilities include a luxury spa, swimming pool, private doctors’ surgery, 24-hour concierge service and dedicated nurse care rooms.