The Florence Residences

The Florence Residences condominium at Kovan is set to be China-based developer, Logan Property’s biggest new launch project in 2019 since launching Stirling Residences at Queenstown the year before.

It is only the group’s second private residential project in Singapore as Logan Property acquired the former HUDC, Florence Regency for $629 million (or a land rate of $842 psf ppr) back in 2017 via a collective sale.

The Kovan precinct has always been well-known for its wide range of amenities and it’s excellent connectively to the city center, yet property prices in the area are relatively affordable.

Situated in within the north-eastern region of Singapore, the area has been extremely popular among homebuyers over the last couple of years as all new launch condos in released in Kovan since 2012 have been fully sold – such as Kovan Regency, The Tembusu and Stars of Kovan.

The last condo launch in Kovan was, in fact, Stars of Kovan by Cheung Kong Holdings back in May 2016.

After almost 3 years of new launch condo “drought”, how is The Florence Residences shaping up to draw the pent-up demand of home buyers and prove itself to be probably one of most valued real estate investments in Singapore?

Here’s all you need to know about The Florence Residences.

The Florence Residences Developer – Logan Property

Hong Kong-listed property developer, Logan Property Holdings made its debut into Singapore’ real estate market back in 2017 when the firm, together with Nanshan Group submitted a whopping $1 billion bid for a 99-year leasehold residential site along Stirling Road.

Originated from the Guangdong province in China and being a listed company in Hong Kong since 2013, Logan Property has been focusing their real estate business in the Hong Kong-Macau-Guangdong region for more than 20 years. Its flagship project is a 5 million square meter residential development in Shenzhen, named Logan City.

The acquisitions of the Stirling Road site and the former Florence Regency are part of Logan Property’s plans to expand its real estate footprint beyond the Guangdong-Hong Kong-Macao Greater Bay region as China tightened its real estate policies since October 2016.

Perfomance and Accolades of Logan Property

In 2016 alone, Logan Property’s annual contract sales attained a total of $5.8 billion (or 28.7 billion yuan), of which close to half of them were attributed to the Shenzhen’s property market where it houses some the firm’s large-scale projects.

Based on Logan Property’s sturdy credentials, it is being ranked number 32 among the top 100 Chinese property developers in 2016 and its land bank comprises a total 14.08 million square meters (in terms of gross floor area) for future developments.

The Florence Residences Location

The Florence Residences is located in Kovan, within the Hougang town – in the North-East region of Singapore. It is one of the housing estates in the nation which mainly consists of private residential homes.

One Location, Two MRT Stations

At The Florence Residences, you will benefit greatly from its close proximity to Kovan MRT station (situated along the North-East MRT line) – which is just one train stop away from the Serangoon MRT interchange. It allows commuters to switch rail to the Circle MRT line, taking them to the other eastern, western and central parts of Singapore easily.

On top of the existing convenience of having an MRT station nearby, you will also get to appreciate the future development of Cross Island MRT Line which will turn the current Hougang MRT station (situated along the North-East MRT line as well) into an interchange station. It will be due to complete by 2029.

The Hougang MRT station is just a mere 6-minute walk away and this future MRT line will provide residents at The Florence Residences additional routes to Changi and the western region of Singapore.

For savvy investors who are strong believers of the “MRT effect” – which acts as a significant catalyst to soaring property prices will definitely appreciate The Florence Residences’ location.

Easy access to Kallang-Paya Lebar Expressway (KPE) and others

Commuting by car to the city center can be quite a breeze when living at The Florence Residences, given the condo’s close proximity to Central Expressway (CTE) and the Kallang-Paya Lebar Expressway (KPE).

Various ongoing road improvement projects along Upper Serangoon Road, Lorong Ah Soo, Hougang Central, Upper Paya Lebar Road, and Tampines Road will also help make commuting to and from this brand new Kovan condo a smooth experience for the residents.

A wide range of amenities

Being located at the heart of the vibrant Kovan neighborhood, you can easily find everything you need, from daily necessities to food options – all within walking distance from The Florence Residences condo.

Some of the popular malls in the northeastern region, such as Kovan Heartland Mall, Hougang Mall, NEX shopping mall, Compass One, and Waterway Point at Punggol are all either just a short walk or train ride away.

Within the vicinity, there are plenty of F&B options as well. A couple of most patronized food options in the area include Kovan Market and Food Centre and the famous Punggol Nasi Lemak stall.

Close to top schools and childcare centers

When it comes to buying a home or an investment property in Singapore, one of the top considerations is its distance to schools (good ones, of course!). Let’s face it, it is no secret that most parents of school-going kids want the best form of education for their next generation.

In fact, a study from the National University of Singapore in 2015 showed that homes usually command a significant premium in terms of prices for being close to good schools as compared to those which are not.

Thus, at The Florence Residences, you can find some of the most reputable schools in Singapore in the area and near the Kovan precinct. These include the likes of Rosyth School, Xinmin Primary School, Montfort Junior, and Holy Innocents Primary School.

For international schools, there are also the Lycée Français de Singapour (French school), DPS International School and the Australian International School which are pretty close to the condominium as well.

Not forgetting working parents who have young children, they will be able to find a number of childcare centers such as Pat’ Schoolhouse, Kinderland and Modern Montessori within the Kovan vicinity.

The Florence Residences Condo Facilities and Features

The Florence Residences condo at Kovan boasts itself as a unique “club-condo” that is set to offer homebuyers the lifestyle experience of a club and the lavishness of living in a private condominium.

The condo will include a whopping 128 facilities being grouped into 12 clubs. Well, as they say, when buying a private property, it’s more than just buying one to live in – but also about pursuing a choice lifestyle to integrate with one’s quality of living.

It is being noted that most of the homeowners at The Florence Residences will get to enjoy unblock views of the surrounding landed housing estates and also overlooking the 80-meter swimming pool within the condominium.

In addition, the developer will be providing 2-year complimentary classes for the residents. These include fitness & dance, cooking & baking, enrichment class for kids and also flower arrangement.

Within the interiors, all units will be integrated with smart-home features – such as remote security camera for your home and a digital lockset (with fingerprint or pin code enabled). Appliances from brands such as Roca, Grohe, and Electrolux will also be provided within the homes.

Here are some of the artist’s impressions of The Florence Residences.

The Florence Residences Site Plan

As you can see from The Florence Residences site plan below, this new condominium in Kovan has 9 residential blocks in total and each block is 18-storey tall.

There are a total of 1,410 units within the condo, ranging from 1-bedroom to 5-bedroom unit types. Most of them have a North-South orientation, thus you do not have to worry over the issue of morning or evening sun.

The Florence Residences Floor Plan and Unit Types

The Florence Residences condo offers homebuyers a wide range of unit types, comprising of 1-bedroom units to 5-bedrooms units – sizes ranging between 474 sq ft to 1,679 sq ft.

In addition, the floor-to-ceiling height for the typical units is 2.975 meters and floorings mainly fitted with porcelain tiles and engineered timber strips.

The most luxurious unit type at The Florence Residences would probably be the 5-bedroom – which comes with its own private lift lobby.

Here is the Florence Residences floor plan list for each unit type.

• 1-Bedroom (474 – 603 sq ft)

• 1-Bedroom + Study (527 – 667 sq ft)

• 2-Bedroom Classic (624 – 807 sq ft)

• 2-Bedroom Deluxe (646 – 915 sq ft)

• 2-Bedroom + Study (700 – 926 sq ft)

• 3-Bedroom Classic (893 – 1,206 sq ft)

• 3-Bedroom Deluxe (990 – 1,281 sq ft)

• 4-Bedroom Classic (1,270 – 1,582 sq ft)

• 4-Bedroom Deluxe (1,389 – 1,701 sq ft)

• 5-Bedroom (1,668 – 1,916 sq ft)

The Florence Residences Price Guide

The following table shows the Florence Residences price indication (as of 12 February 2019) and is subject to changes. So do drop us a note using the form below and give us a call at (+65) 6631-8384 to verify.

Unit Type	Starting Price	Size	Psf
1-Bedroom	$678,000	474 sqft	$1,430
1-Bedroom + Study		527 sqft
2-Bedroom Classic	$878,000	624 sqft	$1,407
2-Bedroom Deluxe		646 sqft
2-Bedroom + Study		700 sqft
3-Bedroom Classic	$1.248m	893 sqft	$1,397
3-Bedroom Deluxe		990 sqft
4-Bedroom Classic	$1.7m	1,270 sqft	$1,338
4-Bedroom Deluxe		1,389 sqft
5-Bedroom	$2.456m	1,668 sqft	$1,468

The Florence Residences Showflat Location

The Florence Residences showflat will be located across Hougang Stadium and opposite the former Florence Regency site – right at the T-Junction along Hougang Avenue 2 and Hougang Avenue 10.

The opening hours of the showflat are from 11 am to 7 pm daily, however, do give us a call at (+65) 6631-8384 to find out more – in order to save you from making a wasted trip down.

Here are some pictures that were taken from The Florence Residences showflat for your reference.

The Florence Residences Review

In Singapore, a well-located private residential condominium that is situated close to a wide array of amenities is likely to retain its value in the long run and in some cases, it may even fetch a better resale value at the right time. Thus, it is always a better investment option as compared to one that does not have such location attributes.

According to data extracted from SRX Property for 2018, it has shown that the transaction volume in Kovan has almost increased by 4 times from the total number recorded in 2014. Furthermore, the average psf price has also gradually increased between 2015 to 2018.

In our opinion, here are a couple of reasons why Florence Residences may also benefit from this steady growth.

The Defu Industrial Estate development programme

Since 2012, the government has begun its plans to redevelop the Defu Industrial Estate. The plans are so huge that it’s projected to take up to 20 years to complete and the initial phase will cost around $1.5 billion and the area will be renamed to Defu Industrial City.

In general, the existing factories in Defu will be replaced progressively with modern and new industrial complexes. Furthermore, the amount of factory floor space will be increased to around 2.1 million square meters – 5 times the current, which is set to help Singapore to meet the industrial needs in the future.

So what does this mean for homebuyers or investors?

More industrial spaces equal more jobs, as simple as that. And when there are more jobs, it will naturally create a demand for housing within the vicinity. Some may disagree, but this is how things are working in Singapore – demand drives prices.

Just look at commercial and industrial areas which are currently undergoing redevelopment plans, such as Paya Lebar and Jurong. Let’s take Paya Lebar as an example.

Today, there are tons of commercial and industrial buildings being constructed all the way from the Tai Seng area to Paya Lebar central. Thus, it has created a pool of housing demand within the area. Some of the more prominent and well-received launches over the last couple of years include Sims Urban Oasis (at Aljunied), Skygreen (at Macpherson) and Park Place Residences (at Paya Lebar).

Do note that in future, there is going to be a train station being constructed in the Defu precinct as part of the Cross Island MRT line. So if nothing is going on over there, why would the government waste their time, effort and money to have one MRT station at Defu?

Newly improved connectivity

As mentioned earlier in this write-up, The Florence Residences is currently being well-served by various transport options. Currently, the condo already has two MRT stations (Kovan and Hougang) within the same neighborhood. With the new Cross Island MRT line in place by 2029, there will be 2 more stations in the area – Serangoon North and Defu.

Here are the exact locations of the Serangoon North MRT station and Defu MRT stations, as released by the Land Transport Authority (LTA) of Singapore.

In terms of upside potential, it’s no doubt The Florence Residences will benefit greatly from this massive “MRT effect” and it’s an exceptional opportunity for property investors who are looking at long-term gains.

So is The Florence Residences a Good Buy?

First of all, some other new launch condos (within the same district) at Serangoon North will be presenting themselves similarly as excellent investment opportunities due to the  “MRT effect” as well other than The Florence Residences – for instance, Affinity at Serangoon by Oxley Holdings and The Garden Residences by WingTai & KepLand.

Since the plans these new MRT stations for the Cross Island Line were announced, it has boosted sales for these other 2 condo projects tremendously. As a result, units were flying off the shelves almost every single day.

As a result, it may prove to be a challenge for The Florence Residences as it tries to rival these competing projects for prospective homebuyers.

Personally, we do feel that The Florence Residences is a decent condominium project which ticks most of the boxes for any property buyer or investor. Great facilities, awesome views of the surroundings (that’s if you are living on a higher floor), close to a wide range of amenities and tons of transport options to get around Singapore.

If we really have to pick one negative point from this Kovan condo, it would have to be the layout and sizes for some of the unit types. It’s just amusing that some units have balconies that are almost as big as the living hall and some even have a very long walkway from the main door into the kitchen or dining area.

In our opinion, these are quite a waste of space and buyers are actually paying for an area which one can hardly use anything for. Well, maybe it won’t be the case for a buyer who loves big balconies.

Then again, there are always trade-offs when it comes to picking the right property for yourself. As long as it ticks most of them, we seriously feel that The Florence Residences is worth considering.

 

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• Location
• Transport Links
• Amenities
• Interior
• Value