The Florence residence is a 99-years leasehold condominium project located in District 19, 530713 Hougang Avenue, North Eastern Region of the Island is a beauty to behold. It’s a project handled by Logan Holdings- a Chinese company and it’s their first residential project in Singapore.
The project comprises of nine 18-storey blocks with a total of 1, 410 residential units. However, this development is handled by Florence Development Pte. Ltd, a subsidiary of Logan Holdings. And according to the organisation, the estimated date for the completion of this elegant project in March 2023.
Florence Residence Overview
As earlier stated in the introduction, this amazing edifice is expected to host a whopping 1, 410 residential units, and nine 18-storey blocks. The site of the project is located in between Hougang Avenue and Florence Terraces.
What more, this project will be the second project acquired by Logan Holdings in their years of activities in Singapore, and it cost them a large sum of $629 million to be the owner of this edifice. The acquisition can be traced way back to 2017 during the private treaty in 2017.
Previously located on the site of this building is the 366-HUD Florence Regency at Hougang Avenue 2, one of the privatized HUD building in the North East Region.
The 99-years Leasehold Condominium offers a 5 units apartment design with a range of 1-5 bedrooms layout, and it stands on a 389, 236 square feet, with 2.8 gross ratio. Apart from the fantastic comfort this project would provide for its residents, its proximity to Hougang MRT located at the MRT North-East Line makes it amazing.
One of the major selling point of the project is the transformation of Hougang central area when the new cross island line that cuts across from Changi to Jurong is ready by 2029. Hougang mrt interchange will connects the purple north east line with the green cross island line.
Consequently, the building contains 128 outstanding facilities ranging from karaoke theatre, swimming pools, lounge, detoxified salt pools, Jacuzzi, community gardens, an amphitheater to mention a few. Also, it comes with 12 uniquely themed clubhouses for its residents to enjoy to the brim.
What makes this project more unique is the fact that it offers more than just a home for residents, it’s a luxury with a natural-themed lifestyle. From its recreational clubs to the lush greenery on all areas of the estate, islands, its water features and so on, everything speaks of luxury and comfort.
With all these features, weekends can never be boring for you, and you can rest assured of getting whatever you want at the tap of a finger. Thanks to the fact that it’s located at the relatively central of Kovan and Hougang which gives you access to various amenities.
According to the project update status, the starting price for each unit of the apartment is highlighted below.
- One-Bedroom would go for $678,000
- Two-Bedroom starts from S$878,000
- Three-Bedroom starts from S$1.248 million
- Four-Bedroom starts from S$1.7 million
- Five-Bedroom starts from S$2.449 million
Note: the price list is subjected to changes. Hence, contact us for the latest available price.
Surrounding price analysis
Now the most important part of the review is to analyse if florence residence is a good buy in terms of price and value. Lets take a few comparison on the transected prices that Florence residence will be competing with in the future when planning for exit
The almost 10 years old project Kovan Residence with 2 bedrooms averaging $1.2m , 3 bedrooms averaging $1.6m and 4 bedroom averaging $2.2m. Lets dive in and look at a few more examples
Kovan Melody is near 20 years and prices are relatively close to kovan residences . Lets look at newer developments that are 5 years old like Kovan Regency and the newly TOP Stars of Kovan.
The prices all seems pretty similar on average as you can see. Lets compare them all together now
Developer low profit margin
In summary, it is very rare to find new launches to be cheaper or even around the same price bracket as older condos as we all know brand new condos are usually more expensive. The developer is very smart with the pricing strategy by working on the quantum yet giving you a new condo and better facilities. Potential investors will be able to easily exit even at current market average price. You must be curious how this is even possible for developers to price so affordably. Once of the reason is the developer manage to enbloc a former HUDC and usually this is cheaper than enbloc of a condo like those around district 15 Katong areas. Logan also settled for lower profit margin of less than 10% in the studies we found . With lower acquisition cost and settling for lower profit margin is how Logan is manage to sell cheaper than surrounding resale. I truly applaud Logan for going with this strategy.
As we study the masterplan around the vicinity, there is another expected piece of land to be open for sale during the next new launch cycle around 2024 with 3.5 plot ratio and the another one in blue colour highlighted is the future integrated residence that will developed together with the cross island line. Prices will not be cheap we can foresee for this 2 future developments and it will be a good for Florence residence as this should help with Florence resale prices.
Currently Florence residence is the 2nd best selling project behind Treasure at Tampines and we can see why. A beautiful development with a very attractive price that is selling around surrounding resale price and supported by potential upcoming transformation with the cross island line, this undervalue gem is definitely one of my favourite if not highly recommended project that you should look at.
Being the first residential project of Logan Holdings in Singapore, their reputation of providing quality and elegant buildings back in China is at stake, i certainly believe they are here to make a lasting impression with Florence residences
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