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SINGAPORE, 20 October 2017 – Florence Regency, a 336-unit development at Hougang Avenue 2, has been sold via a collective sale to Logan Property (Singapore) Company Pte. Limited by sole marketing agent, JLL. This is the first collective sale attempt by the owners of the development with 80% of the consent level attained in under 3 weeks. The sale price of $629 million matches the valuation of the site by an independent valuer, as required by the law, at the close of tender on 27 September 2017.
Under the 2014 Master Plan, the 389,236 sq ft site is zoned ‘Residential’ with a gross plot ratio of 2.8.
After factoring in the current estimated differential premiums of $288.6 million payable to the State to top up the lease to a fresh 99 years, and to develop the site to a gross plot ratio (GPR) of 2.8, it translates to a land price of approximately $842 psf per plot ratio.
The site 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 to the Kovan MRT Station along Upper Serangoon Road, a popular dining destination with a wide range of F&B options.
In addition, it is easily accessible by major arterial roads and expressways. Holy Innocents’ Primary School, a Special Assistance Plan school, is within 1 km of the site and it is near to the French School of Singapore.
Mr. Tan Hong Boon, Regional Director at JLL, says: “Florence Regency is one of the last few privatized HUDC in the North East region. The future development will enjoy 270o unblocked views of the surroundings, being located next to landed housing estates and across the Hougang Stadium and the Sports and Swimming Complex.”
“At this sale price, the owners would expect to receive gross sale proceeds between $1.84 - $1.89 million per unit”, says Mr. Tan.
Over 80% of the owners have consented to the sale, which is subject to several conditions being met, including an order of sale by the Strata Titles Board and the court, where applicable.
This is the second collective sale site sold in less than three weeks by JLL, the other one being Amber Park, the largest freehold residential collective sale earlier in October.
Note to editors:
1. For a high-resolution photograph of the property, please click here.
Tan Hong Boon
+65 6494 3673 / +65 9684 0607