This is my review for an up-coming new condominium project, The Florence Residences
The Florence Residences – 99 years leasehold residential project in North-East Region of Singapore, Hougang. Built on the former site of Florence Regency, The Florence Residences has a large land site and will house approximately 1410 residential units. With a sprawling land size of 389,236sqft, and an astounding 128 Condominium Facilities, this development exudes relaxing and enjoyable lifestyle
Location and Surroundings:
The Florence Residences is situated along Hougang Ave 2 and Florence Road. It is not really practical to walk to MRT as it would take about 14-15minutes. Along Florence Road is mostly landed housing and there are not many shops or dining options close by. It is next to Serangoon Junior College
Nearby several well-known schools – Hougang estate has always been home to many good schools. The Florence residences is in the middle of such exemplary schools like Rosyth School, Xinmin Pri School, CHIJ, Monfont Junior and many more which are also well received according to most Singaporean parents.
Defu Industrial Redevelopment – The Government has identified Defu Industrial Estate for redevelopment as part of HDB’s ongoing Industrial Redevelopment Programme. Existing factories in Defu Industrial Estate will be progressively replaced with new and modern industrial complexes. The estate will be revitalised into a modern industrial park, complete with landscaped greenery and environmentally sustainable features.
The total amount of factory floor space of the new Defu Industrial Park will be increased by five-folds to 2.1 million sqm. of industrial space, which will help meet Singapore’s future industrial need.
“How is this important to The Florence Residences?”
I believe when the Defu Industrial estate is completely revamped in the near future, It will open up a lot of doors to industrial opportunities which will generate more jobs, and thus lead to higher rentability and capital gains
Pricing and Comparisons:
The following graph shows the price comparisons for nearby resale condominiums. Kovan Regency (built in 2015) has an average selling price of S$1,354 psf which serves as a benchmark as it is located close to MRT and is also 99 years leasehold. I feel in order for it to be a good buy, prices for The Florence Residences should not exceed this by too far off as it is not as conveniently located in comparison.
In comparison to recent new launches:
The Florence Residences is the result of collective sale enbloc of Florence Regency at S$629 million which translates to a land price of approximately $842 psf per plot ratio, after factoring in the differential premium of $288.6 million to top up the lease to a fresh 99 years, and to develop the site to a gross plot ratio of 2.8.
Assuming the cost for construction, land financing, professional fees, taxes and marketing and a developer’s profit margin of 25%, the estimated selling price would be around S$1,628psf
|Project Name||The Florence Residences|
|Psf Per plot ratio (land cost)||$ 842.00|
|Estimated Breakeven||$ 1,303.00|
|Estimated Profit Margin (25%)||$ 325|
|Estimated sales price||$ 1,628|
Developer’s Track Record:
Logan Property – Well known integrated real estate developer and is listed on the Hong Kong Stock Exchange. The group has received Grade-A qualifications in property development, general construction contracting and engineering design. The group has built a strong track record in building numerous residential properties in China. They are also developers for Stirling Residences
The fixtures and appliances that come with the apartment is mediocre. Swedish brand, Electrolux, for kitchen appliances. Roca and Grohe for sanitary wares. Even though the fixtures are average compared to what is available in the market, The Florence Residences is smart home enabled which I think is quite important for homes of the future.
The Florences Residences is a massive development with over 1400 units, easily one the biggest in Hougang estate. The benefits of high-volume developments is that communal space is huge and facilities are plentiful. One of the selling points for The Florence Residences is the Club-Condo concept with unique facilities such as Amphitheatre with Outdoor Movie Screening, Sparring Ring Pavilion with Punch Bag Corner, Pool Table with Dart Board Pavilion.
This project suits buyers who enjoy the recreational club lifestyle as there will be classes and workshops conducted within the development. I would reccomend this to HDB upgraders who are living in Hougang/Kovan area as the entry price is relatively lower compared to recent launches.
*prices are estimated and are subjected to developer’s latest changes, please check with us for the latest price list
This review will be undergoing updates stay tuned for latest updates !
Value for money: ⭐⭐⭐ ⭐ 4/5
Future appreciation:⭐⭐⭐3 /5
If you would like to have The Florence Residences brochure, floor plans or pricing, do inform us.