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Everyone is buying with the intention of making even more money when re-selling the EC! Seems the mentality is now one of profit, rather than occupation. Are these people really the "sandwiched" class and in need of help in buying an apartment? What happened to "affordability"?

The Straits Times
Published on Dec 29, 2012
Nearly 150 units snapped up at launch of Woodlands EC

By cheryl ong

CLOSE to 150 units were sold at an executive condominium (EC) launch in Woodlands yesterday, property agents estimated.

A mixture of upgraders and first-time potential buyers showed up at the showroom for Forestville, a 653-unit development.

MCC Land said the average price was about $710 per sq ft, but declined to reveal sales figures.

The Straits Times understands from sources that the three-bedroom and four-bedroom dual-key apartments were the most sought after.

Dual-key units have two entrances, and separate living areas. They are designed to cater to grandparents, for example, who can live with the family but in a separate dwelling.

Owners can also rent out the separate unit, with its own kitchen and bathroom, for extra income.

Developed by Hao Yuan Investment but managed by MCC Land, Forestville comprises 14 blocks of 13-storey apartments, with 29 penthouse units. The project will have a mix of two-, three-, four- and five-bedroom units.

The largest penthouse, spanning 2,756 sq ft, was booked yesterday. About four of the 12 five-bedroom dual-key apartments were also snapped up.

First-time buyer Tan Wei Min, 28, bought a four-bedroom dual-key unit instead of a three-bedroom unit that he and his fiancee had been eyeing.

However, he sees the heftier downpayment as a form of investment.

He said: "In a few years, we know it's going to be worth a lot and will fetch a good price if we sell it."

But for second-time buyer Vincent Ong, 36, it was a combination of location and pricing that led him to purchase a four-bedroom unit yesterday.

"It's near my parents' place and is within my budget, that's the most important," he said.

He also noted that "the resale potential should be fantastic" as the Thomson MRT Line, set to be completed in 2019, is expected to add to selling prices of residential developments in the area.

Forestville is the first EC to be launched in Woodlands since La Casa in 2005.

It is expected to be completed in mid-2016.