Singapore, 23 May 2016 – Developed by renowned Hong Kong real estate developer, Cheung Kong Property Holdings (“Cheung Kong Property”), Stars of Kovan received good response during its two-day VIP pre-sale over the weekend. Around 60 units were snapped up, with prices ranging between S$1,227 to S$1,554 per square foot for one-bedroom to three-bedroom units. This follows an enthusiastic response to its soft launch in early May.
With an average selling price of S$1,408 per square foot, the units sold over the weekend were priced between the range of S$666,400 to S$1,412,600. These figures take into account the VIP discount package, inclusive of a 5% and up to S$20,000 off the price list, which was available exclusively during the weekend launch. Buyers also consisted mainly of home up-graders while the remaining were long-term investors in the property leasing market.
“We are very pleased with the hit rate as over 90% of the buyers, who came down this weekend, purchased their desired homes. There were a few multiple-unit buyers purchasing for both family use and investment purposes,” said Mr. Francis Wong, Director of Property Enterprises Development (a member of Cheung Kong Property Holdings).
“In view of the strong demand, we have decided to offer the VIP discount of 5% only until this weekend, and may revisit the offer and discontinue it at any time as we see fit. As the market is fully aware that the potential value of mixed development projects in Singapore is more promising than residential land parcels, we are confident that these units are strategically priced to excite our VIP buyers, who can later enjoy a comfortable return in the future,” added Mr. Wong.
Stars of Kovan is the developer’s eight residential project and the first residential-cum commercial development to be launched in Singapore, which is slated for completion by
2020. Located at the junction of Upper Serangoon Road and Tampines Road, the
development is made up of four high-rise blocks with 390 residential apartments and five strata terrace units as well as 46 British-inspired commercial shops situated on the street level.
The luxe property is inspired by the grace and subtlety of the English and appeals to home owners and long-term investors because of its strategic and convenient location, excellent connectivity and first-class amenities.
About Cheung Kong Property Holdings Limited
Cheung Kong Property Holdings Limited (“Cheung Kong Property” or “the Group”) is one of the largest property developers in Hong Kong. It has a leading market share in Hong Kong, a strong penetration in the Mainland China, and an international presence through its operations in Singapore, the United Kingdom and The Bahamas.
With its long history of property development expertise, the Group has built many of Hong Kong’s most notable landmark buildings and complexes. About one in seven private residences in Hong Kong were developed by the Group.
As a fully-integrated, multi-disciplinary property developer, Cheung Kong Property has a diverse range of capabilities. Its principal activities encompass residential, commercial
and industrial property development and investment; hotel and serviced suite operation;
and property and project management.
The Group’s business scope also comprises unit holding interests in listed real estate
investment trusts. These include Fortune REIT (stock code: 778), Prosperity REIT (stock code: 808), and Hui Xian REIT (stock code: 87001). The Group also has interests in ARA Asset Management Limited (which is the holding company of the managers of Fortune REIT and Prosperity REIT) and Hui Xian Asset Management Limited (which is the manager of Hui Xian REIT).