99.co new launch review: Forest Woods – The next big hit?

[Update 23 Sep] Site plan draft, unit sizes and launch prices have been updated. Schematic diagram draft added.

[Update 9 Sep] The showflat will be open 24th September (Sat). Subscribe here to get the latest information about Forest Woods.

As any savvy investor will know, a launch with huge potential and interest comes up occasionally. Most will agree that a sizeable condo development (more than 400 units), located in a mature estate and within 5 minutes walk to a MRT station is a property that satisfies both these criteria. Forest Woods, a joint venture between CDL and Hong Leong, is set to become the next closely watched new launch anticipated to happen in September 2016.

This follows the resounding success of Lake Grande in July where more than 464 units were sold, with the overall market showing  1,091 units sold, a 50 percent increase from the month of June.

A closer look into Forest Woods

The developers won the bid from the government land sales in Nov 2015 at $7,641.95 or $709.95 per square foot per gross floor area (GFA). It beat 10 other developers who bid for it, in a show of confidence of the area’s potential. Forest Woods is a 99 year leasehold development comprising of 7 blocks of 12 storeys buildings with 519 units in total.

Room type	Floor size	No. of units
1BR+Study	506–517 sf	69 Units
2 Bedroom	603–818 sf	38 Units
2BR+Study	635–786 sf	76 Units
2BR (Premium)	721–904 sf	88 Units
3 Bedroom	743–1130 sf	133 Units
3BR (Premium)	969–1184 sf	59 Units
4 Bedroom	1238–1475 sf	53 Units
PHs (5BR)	2045–2185 sf	3 Units
		519 Units

The appeal of location

Forest Woods is enclosed by Upper Serangoon Road, Lorong Lew Lian, Upper Paya Lebar Road. and landed houses along Jalan Chermat.

And as an added bonus, it is ONLY 280 metres (4 minutes walk) from exit D of Serangoon MRT, only 1 of the 2 current MRT interchanges located in the OCR. NEX Mall and Serangoon bus interchange are also within the vicinity of the MRT station. In other words, this translates to an estimated 30 minutes traveling time into the CBD, a point of interest for upgraders, new families and investors.

There are no other residential land plots available within the vicinity. This means that Forest Woods is one of the rare opportunities for buyers with a long horizon to get a new unit within walking distance to Serangoon MRT. Its closest comparison is Sunglade, which was launched 13 years ago and has a comparable size around the area.

Schools

Many renowned academic institutions are just a short drive away from Forest Woods, making it an excellent choice for home buyers with children. These schools include:

Located within 1km:

• Paya Lebar Methodist Girls’ School (Primary)

Located within 2km:

• CHIJ Our Lady Of Good Counsel
• Zhonghua Primary School
• St. Gabriel’s Primary School
• Yangzheng Primary School
• Xinghua Primary School
• Maris Stella High School
• Cedar Primary School

Neighbouring developments – comparable radius from Serangoon MRT

• Jade Residences (en bloc in 2012, sales launch in 2013, expected TOP 2017, Freehold, 171 units, $1,465 average psf) Developer units sold out.
• Sunglade (2003 TOP, 99 years lease, 475 units, $1,100 average psf,)
• Cherryhill (1994 TOP, Freehold, 163 units, $1,000 average psf)

Comparable developer units for sale which are near a MRT station

Sims Urban Oasis

The Glades – The Glades was mentioned in our Hot Developer Deals August

Estimated Launch prices

With the winning bid of $$710 psf ppr, we expect an average launch price of $1,350 psf, with the smaller units priced around $1,450 psf and $1,200 psf for the larger units.

Type	Size	Est. Ppsf ($)	Est. Launch Price
1BR+Study	506–517 sf	$1,450	$700,000 $688,000
2 Bedroom	603–818 sf	$1,400	$900,000 $838,000
2BR+Study	635–786 sf	$1,400	$950,000 $878,000
2BR (Premium)	721–904 sf	$1,300	$998,000
3 Bedroom	743–1130 s	$1,300	$1 million $1.1 million
3BR (Premium)	969–1184 sf	$1,300	$1.32 million
4 Bedroom	1238–1475 sf	$1,250	$1.7 million $1.65 million
PHs (5BR)	2045–2185 sf	$1,200	$2.4 million

Updated Site Plan

The vehicle entrance of the development is along Lor Lew Lian, and it will be accessible from both Upper Serangoon Road and Upper Paya Lebar road.

The most desirable units are at Block 9, with the SE facing units, that provide the best orientation and views due to the low rise developments in that direction.

Block 15, 17, 19: The N/NE facing units from the mid floor to the high floors have a good view due to low rise developments in that direction. The lower floors might have their views blocked by the viaduct. The SW facing units will have indirect afternoon sun.

Block 19: The games court, substation and bin centre may be a concern to some buyers.

Block 9, 9A, 9B, 11: The SW facing units will have a quiet view into the HDB estate.

Pool facing units at all blocks: Other than the difference in orientation, very little separates the views of the units.

Block 11 and 15 has a good buffer from the boundaries to minimise the road noise concerns but they will probably be still the cheapest priced units.

When can I see the showflat?

Showflat will be open on 24th September 2016.

To keep up to date with all the developer unit information, including floor plans, site plans, pricing and of course, discounts offered, subscribe to our free updates here!