Florence Residences sold 30 percent of released units on launch weekend
Report hints at lackluster new home sales in 2019 as developers struggle on from last year's cooling measures.
The Florence Residences along Hougang Avenue 2 was officially launched for sale last Saturday and has managed to sell around 60 units out of the 200 units released on over the weekend.
It was noted that most of the buyers at The Florence Residences were upgraders who are mainly looking at 2-bedroom and 3-bedroom units.
Developed by Hongkong-listed Logan Property (who is also the developer for Stirling Residences at Queenstown), the 1,410-unit private residential development is the first mega launch in 2019 and it is sitting on the site for former HUDC estate, Florence Regency.
According to estimates, Logan Property’s breakeven price for The Florence Residences is $1,340 psf and it was mentioned by the developer that the average selling price around $1,400 psf.
It was noted by property consultants that there are also other competing condo projects within the vicinity such as Riverfront Residences, The Garden Residences, and Affinity at Serangoon etc.
More than 200 units are sold at these new launch projects over the last month after official plans regarding the Cross Island MRT line was announced by the Land Transport Authority (LTA) on the final week of January 2019.
Since then, Affinity at Serangoon has sold around 100; more than 50 units at Riverfront Residences in the last 4 weeks.
As there will be more new launch condos to be released in 2019, market watchers believe that property developers will be cautious of their pricing strategy based on the projected demand within the vicinity.
Another 2 smaller private residential projects have also clocked in their first sales over last week, Nyon at Amber Road and The Essence along Sembawang Road.