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News Release

Singapore

Florence Regency at Hougang Avenue 2 up for collective sale

Attractive residential redevelopment site nestled within an established, mature estate offering potential unblocked views


​​SINGAPORE, 22 August, 2017 – Sole marketing agent JLL is launching a tender exercise for Florence Regency, a former HUDC estate for residential redevelopment.

The estate was built in the late 1980’s, comprising 336 units of apartments and maisonettes. This is the first attempt by the development’s owners in collective sale with more than 80 per cent of the owners agreeing and signing the collective sale agreement in less than 3 weeks.

Under the Master Plan 2014, the Florence Regency site is zoned ‘Residential’ with a gross plot ratio of 2.8. With a balance lease term of some 71 years, the 389,236 sq ft site could potentially support a total gross floor area of over 1.1 million sq ft or an estimated 1,100 to 1,300 apartment units.

Florence Regency has a minimum price of $600 million and with current estimated differential premiums of about $249 million, the land cost reflects about $779 per sq ft per plot ratio (psf/pr). This compares favourably with prices of the recently sold Serangoon Ville and the Serangoon North Avenue 1 GLS site at $861 psf/pr and $965 psf/pr respectively only last month.   

Tan Hong Boon, JLL Regional Director of Capital Markets, comments: “With very strong demand from developers for both the Government Land Sale (“GLS”) sites and collective sale projects currently, owners of Florence Regency are optimistic that the well located site would attract premium bids and are expecting offers from developers of between $615 million and $650 million onwards. There are good reasons for the owners’ optimism as the Florence Regency site is in a superior location, with good attributes and of good size that appeals to mid-to-large developers to capitalise on the economies of scale. However, it is not too large to risk missing the 5-year deadline for the 15 per cent Additional Buyer’s Stamp Duty remission."

Florence Regency is in close proximity to the Hougang MRT Station (which will become an interchange station when the planned Cross Island Line is completed) and the bus interchange with Hougang Mall and many amenities and services available. It is also within walking distance of the Kovan MRT Station along Upper Serangoon Road, a popular dining destination among residents in the area with a wide range of F&B options. 

Located within 1 km from Holy Innocents’ Primary School, a Special Assistance Plan school and in close proximity to the French School of Singapore, the site is also conveniently accessible by major roads and expressways such as the Central Expressway and Kallang-Paya Lebar Expressway. From Florence Regency, Changi Airport is a 25-minute drive via the Pan Island Expressway and it is a 17-minute drive to the Central Business District via the Central Expressway.

Mr. Tan added: “In fact, the key selling point of the site is its 270-degree unblocked views of the surroundings, being located next to landed housing estates and across the Hougang Stadium and the Sports & Swimming Complex. The new development will be able to enjoy extensive panoramic views as well as the privacy and serenity of the neighbouring landed housing estates. This location will be ideal for young families requiring a quiet and more conducive environment for their children to study and live in.”

The tender exercise for Florence Regency closes on Wednesday, 27 September 2017, at 2.30 p.m.​

Note to editors:

1. A high-resolution image of Florence Regency is available here. ​