In this Stacked Pro breakdown:
Comparison
We tracked how Forest Woods has performed from its launch in 2016 to 2024, and compared it to the overall District 19 market, resale counterparts, and similarly launched projects across Singapore. We also broke down unit types to assess where its value truly lies.
Key Insight
Forest Woods may look like an underperformer at first glance, especially when compared to District 19’s fast-rising resale segment. But a closer look reveals a nuanced picture: while ROI lags, layout efficiency, high rental appeal, and strong performance relative to its 2016 launch cohort suggest there’s more beneath the surface.
Why This Matters
Not all growth is created equal. While Forest Woods trails in raw percentage gains, its shown price resilience and solid demand in a competitive neighbourhood. This case highlights why evaluating projects by ROI alone can obscure key advantages.
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Why ROI Alone Doesn’t Tell the Full Story: Forest Woods
At first glance, Forest Woods doesn’t stand out. Since its launch in 2016, Forest Woods has delivered consistent price growth, rising from $1,408 psf to $1,985 psf by 2024. That’s an annualised gain of around 4.39 per cent, which is average – nothing to shout about. It’s also lower than the average of District 19 where it’s located.
But look beyond oversimplified ROI numbers, and you’ll find something interesting. Despite lagging on a pure ROI basis, Forest Woods may actually be one of the stronger performers among its launch-year peers; and it shines even more when you consider layout efficiency, pricing psychology, and its newer resale entrants. So let’s take a deeper look at Forest Woods:
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A quick summary of Forest Woods
Forest Woods is a 519-unit, 99-year leasehold condo located at Lorong Lew Lian, just a five-minute walk from Serangoon MRT station (NEL, CCL) and NEX mega mall. It was launched in 2016 and completed in 2020.
Unlike older neighbouring condos like Sunglade or The Minton, Forest Woods was built for compact efficiency; this was made clear from the very start as the marketing angle. Units tend to be smaller but compensate with flexible layouts, with a good number of two-bedders coming in 2+Study configurations, and four-bedders featuring dry-wet kitchen setups despite the smaller floor plates.
Now let’s look at the simplified, general ROI of Forest Woods from launch to the present:
| Year | Average $PSF |
| 2016 | $1,408 |
| 2017 | $1,408 |
| 2018 | $1,540 |
| 2019 | $1,559 |
| 2020 | $1,658 |
| 2021 | $1,672 |
| 2022 | $1,795 |
| 2023 | $1,910 |
| 2024 | $1,985 |
| Annualised | 4.39% |
Forest Woods launched in 2016 at an average price of $1,408 psf. As of 2024, it has reached an average of $1,985 psf. That’s a 4.39 per cent annualised return over eight years.
Now let’s compare this to the overall market, as well as other condominiums in district 19. For a fairer picture, we will only compare Forest Woods to other 99-year leasehold projects (for now we won’t discriminate based on the type of transaction, we’ll just use all transaction types)
| Year | Forest Woods | D19 condos | All 99-year leasehold condos |
| 2016 | $1,408 | $990 | $1,166 |
| 2017 | $1,408 | $1,035 | $1,230 |
| 2018 | $1,540 | $1,182 | $1,359 |
| 2019 | $1,559 | $1,291 | $1,474 |
| 2020 | $1,658 | $1,276 | $1,453 |
| 2021 | $1,672 | $1,262 | $1,517 |
| 2022 | $1,795 | $1,340 | $1,595 |
| 2023 | $1,910 | $1,460 | $1,783 |
| 2024 | $1,985 | $1,807 | $1,854 |
| Annualised | 4.39% | 7.81% | 5.97% |
Forest Woods has appreciated at a slower pace than both district 19’s average, and the national average for 99-year leasehold condos.
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