The 99-year leasehold development in Jalan Anak Bukit, jointly developed by the Far East Organisation and Hong Kong's Sino Group, was opened for previews on Saturday (13 May) and Sunday.

Greenwood is also the third new development to come on the market since the introduction of the cooling measures, following Blossoms by the Park and The Continuum.

In an interview with the Union-Tribune on Sunday, chief operating officer of Far East Institutional Sales and Leasing Group, Lizzy So, said the sales showroom at Green Foothills attracted about 5,800 visitors in the first weekend of the preview, which was well received by the market.

According to her analysis, as the first mixed-use development in Bukit Timah, and priced at market value, The Villas will appeal to a wide range of potential buyers, including owner-occupiers, young families, professionals and investors, and is believed to be popular with Singapore citizens and permanent residents.

The development will comprise 8 residential towers with a total of 732 residential units and about 160 serviced flats, with prices starting from $2,300 per square foot and will be launched on 27 May. Located above the 20,000-square-metre retail mall Bukit V and directly connected to the Beauty World MRT station, the project is expected to receive its provisional occupation permit in the first quarter of 2028.

At the end of last month, the government announced an increase in the Additional Buyer's Stamp Duty (ABSD) to curb rising investment activity. From 27 April, the Additional Buyer's Stamp Duty (ABSD) for residential property purchases was increased by three to 30 percentage points, with foreign buyers paying the largest adjustment to ABSD, from 30 per cent to 60 per cent.

The sale of Green Foothills is targeted at mainly local buyers and will not be hit too hard by the new cooling measures, and he expects the project to sell more than 40% of the units on the first day of trading. Given the location of the project and the reputation of the developer, the price range of $2,300 to $2,600 per square foot is good value for money.

The opening days of Bosun Court in Bonavista and Doubletree Garden in the Katong area were both good sales days on 29 April and 6 May respectively, also creating a buying boom. Bosun Court sold 198 units on the opening day, eight of which were purchased by foreigners, while 26% of the units at Doubletree Park were sold on the opening weekend, in line with expectations.

In the first opening weekend, Bosun Court, with 275 units, sold over 200 units, or 75%, at an average price of $2,423 per square foot. The 816-unit Doubletree Garden also sold over 200 units, or 26%, at an average price of $2,732 per square foot. Four units in Bosun Court were sold to foreign buyers who were willing to pay 60% ABSD, while Doubletree Garden did not attract any foreign buyers.