Buyers waiting for the next mega private residential project may be in for a treat with the upcoming launch of the 1,410-unit The Florence Residences.
Analysts are expecting this launch to lead the way for the rest of the new launches this year.
A third of units at The Florence expected to launch in March
The launch of The Florence Residences is expected to take place on March 2 with the release of 400 to 500 units. The average selling price is expected to hover around $1,450 psf.
The Florence Residences is a leasehold development in Hougang, on the site of the previous HUDC estate Florence Regency.
The site was sold en bloc in October 2017 for $629 million and is just an 8-minute walk away from the Kovan MRT station.
The Hougang interchange station of the newest MRT line, the Cross Island Line, will also be nearby.
Units at The Florence Residences will range from 474 sq ft one-bedders to 1,669 sq ft five-bedders.
Prices are expected to start from $700,000 for the one-bedroom apartments up to $2.5 million for the 5-bedroom units. 2-bedders are likely to be priced around $900,000.
The new condominium project will comprise of nine 18-storey towers and is purported to boast a “club condo” concept with themed pavilions and other facilities such as an 80-metre lagoon pool.
A new project may renew interest in Hougang district
While this new project may inject even more excitement into the Hougang district, some analysts are concerned that launches from surrounding projects such as the Riverfront Residences, Affinity at Serangoon and The Garden Residences, may dilute interest.
There is however potential rental yields for units at The Florence Residences. The Defu Industrial City is expected to be completed by 2021 with over 1,046 factories in a “Green and Sustainable Industrial Park of Tomorrow”.
With prices at the neighbouring condominiums between $1,313 psf (at Riverfront Residences) and $1,475 psf (at Affinity at Serangoon), some buyers may consider $2 million for larger units a challenge.