Forestwood Residences is an upcoming new condo in Serangoon, District 19. To be built by Singapore’s leading developers City Developments (CDL) unit Verwood Holdings, Intrepid Investments and TID Residential, the project will comprise of approximately 500 units into several towers that stands at 12 to 13 storeys high. Forestwood Residences TOP date is not yet firm but expected to be around mid of year 2019.
The 99-year-old lease site in Lorong Lew Lian attracted 11 hopeful bidders at the close tender on 5th November 2015. This hot contest is largely due to the exceptional
Forestwood Residences location. Situated near the Serangoon
MRT station which serving the Circle Line and North-East Line, also being right opposite the NEX shopping mall, which is a regional mall, it is no wonder that it attracted a relatively large number of bidders. On top of that, there are currently no other major condominium projects in the area, making it exclusive and limiting competition.
The
new Lorong Lew Lian condo sits on about 150,700 square feet of land and has a maximum permissible gross floor area of about 452,138 square feet. With a winning bid of $321 million, the estimated breakeven price is about $1100 per square foot and hence the Forestwood Residences psf is anticipated to be in the range of between $1300 and $1350 per square foot.
The top bid by City Development is at nearly $710 per square foot per plot ratio, defeating the second best bid from UOL Venture Investments and Singland Homes of S$692 per square foot per plot ratio by just 2.6 per cent. Judging from the land cost, construction and other miscellaneous cost, the Forestwood Residences price might be starting from approximately $6xxK but yet to be firm.
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