“Are you looking to buy The Jovell?”
The Jovell – a 99-year Leasehold Condominium developed by Hong Leong Holdings Limited. Located on Flora Drive, The Jovell is a mid-size development with 428 units and is a relatively low-rise development, with a massive leisure pool (2,700m² ) that starts from near the entrance of the project and meanders throughout.
Here are some of my thoughts about this project.
Location and surroundings:
The Jovell is located in Flora Drive – a private residential neighbourhood far from amenities such as MRT, shopping malls, markets, schools etc. However, what it makes up for in unfettered convenience it delivers in spades a serene and uncluttered atmosphere. I believe residents in Flora drive, will enjoy the exclusiveness from the bustling city that makes up Singapore.
“Does that mean it will be hard to find tenants?”
At first glance, I imagine it would be difficult as most tenants will want the convenience as they do not own their own transport. On the contrary, rental yield is pretty decent for developments around that area at an average of 3.4% rental yield. I believe the factors for the rentability will come from the various Changi industrial parks and Changi business parks located close by.
The Jewel Changi Airport:
Set to open in the first half of 2019, The Jewel at Changi Airport will be an iconic destination and showcase for the world to see the very moment tourist land in Singapore. Jewel’s unique mix of lush nature and urban energy is coalescing amidst Singapore’s largest air-conditioned indoor garden and also features The Rain Vortex which will be the world’s biggest indoor waterfall.
“This is definitely something I personally am looking forward to experiencing.”
The Sky Nets is a world’s first to be created on such a scale in an indoor environment.
The Jovell is located about 5 mins drive away from Singapore’s upcoming main attraction, The Jewel at Changi. Experts have said that Singaporeans could expect about 1,000 new jobs with The Jewel which means more demand for rental.
Pricing and comparisons:
I feel that The Jovell is priced on the higher side in comparison to nearby units (about 20% more). How does it justify this price difference? I think it is because of the tenure as The Jovell is a 99-year leasehold starting from 2018 as compared to nearby projects which started from 2010-2012 even though they were constructed only 2-3 years ago.
“There is the limited plot of land available in the area, The Jovell is the latest project in Flora Drive”
In comparison to recent launches, The Jovell is priced within the sweet spot according to a Collier’s flash report in 2018. Similarly priced projects such as Riverfront Residences also had successful launches selling more than 50% of total units available.
Developer’s Track Record:
Tripartite Developments -a consortium comprising Hong Leong Holdings, City Developments Ltd and TID Pte Ltd (a joint venture between Hong Leong Holdings and Japanese developer Mitsui Fudosan). Other condo projects by Tripartite Developments in the Flora Drive are Azalea Park, Ballota Park, Carissa Park, Dahlia Park, Edelweiss Park, Ferraria Park and The Gale. After the launch of The Jovell, Tripartite Developments has only one remaining site in its landbank on Flora Drive.
Largest swimming pool in Flora Drive:
This is absolutely my favourite feature of living in The Jovell, the amazing 200m pool that stretches throughout the entire property. It is almost like coming home to a private beach resort away from the hustling and bustling city life every day. This is the difference that makes The Jovell stand out more compared to the older projects in the vicinity which have mediocre facilities.
In my opinion, The Jovell is more likely a home suitable for own stay than investment as it is quite affordable. There are nearby projects which are freehold and cheaper which makes could be a trap long-term. I think project suits buyers who frequently travel and needs to stay close to the airport and rentability is quite decent because of the surrounding business parks.
I would reccomend this to investors who are looking for consistent and good rental yield.
“The Jovell is affordable with good rental, capital appreciation is subjected to future market conditions holistically”
Value for money: ⭐ ⭐ ⭐ 3/5
Future appreciation:⭐ ⭐ ⭐ 3/5