PROJECT DETAILS
Florence Regency, former HUDC (Housing and Urban Development Company) estate along Hougang Avenue 2, North-East Region of Singapore, has been sold to Logan Property through a collective sales, in the 4th quarter of 2017, for S$629 million. The owners of the 336 privatised former HUDC development, each got an average of between S$1.84 million and S$1.89 million.
The sales price will translate to about a land rate of S$909 psf per plot ratio which incude a premium of around S$288.6 million to top up the lease from a 71 years lease remaining to a fresh 99 years and for redevelopment of the site to the gross plot ratio of 2.8 and intensification of the 389,286 sqft of land. The estimated breakeven amount is likely to be around S$1,392 psf.
New Launch of former Florence Regency- Click HERE to Read more Florence Residences
New launch at former Florence Regency, Florence Residences is approximately 500 metres to Hougang MRT Station, where it will also serve as one of the interchange when Cross Island Line (CRL) gets ready by 2029. Presently, Hougang MRT Station is serving on North-East Line (NEL), and is 2 stops to Serangoon NEX. It has direct access to Little India, Dhoby Gaut and Harbourfront Stations.
Other developments that are near to former site of Florence Regency include Midtown Residences, Kovan Regency, Bliss @ Kovan, Kovan Residences, The Tembusu and Kovan Melody.
New Condo at former site of Florence Regency- Connectivity
New Condo at former site of Florence Regency is strategically located just approximately 400 m away from Hougang Town Centre which host the Hougang Train Station and also the Hougang Bus Terminal. Its future residents can effortlessly access to the many bus services and also the North East Line Train Services. This complete public transport system will provide a conduit of fast and efficient travel for New Condo at former site of Florency Regency's future residents whether to travel to downtown Singapore or rest of the island.
For drivers, New Condo at former site of Florency Regency is approximately 9 minutes away and it will also take around 13 minutes to reach the Central Business District (CBD). Together with the nearby Kallang Paya Lebar Expressway (KPE) and the Tampines Expressway (TPE), drivers will find it a breeze to drive to any parts of the island from new site at former Florence Regency.
New Condo at former site of Florence Regency- Amenities
With the Town Centre just a stone’s throw away, New Condo at former site of Florence Regency's future residents will get to enjoy daily conveniences in terms of their daily shopping, dining and leisure needs with the shopping malls available such as Hougang Mall and Kang Kar Mall. The Midtown, a mixed development comprises of retail space will add more options to New Condo at former site of Florence Regency's residents when it is completed. For local food stalls and wet market produce, the nearby Kovan Hougang Market & Food Centre and Hougang Avenue 1 Block 105 Market & Food Centre will provide residents with a wide array of selections available.
New Condo at former site of Florence Regency- Education
Many schools are also located short distances away from New Condo at former site of Florence Regency, providing the education needs for its residents’ young children. Schools such as Holy Innocents’ Primary School, Montfort Junior School, CHIJ Our Lady Of The Nativity, Xinghua Primary School, Xinmin Primary School, Punggol Primary School, Yio Chu Kang Primary School, Hougang Primary School, North Vista Primary School, Palm View Primary School, Holy Innocents’ High School, Montfort Secondary School, Xinmin Secondary School, Yuying Secondary School, Serangoon Secondary School, Hougang Secondary School, North Vista Secondary School, Bowen Secondary School and Serangoon Junior College are less than 2 km away from New Condo at former site of Florence Regency.
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| Project | Hougang Avenue 2 New Condo at former site of Florence Regency |
| Developer | Logan Property Company |
| Location | Hougang Avenue 2 (Hougang Planning Area) |
| District | 19 |
| Tenure | 99 years leasehold |
| Site Area | 36,160 square metres/ 389,236 square feet |
| GFA: | square metres/ square feet |
| Plot Ratio | 2.8 |
| Expected TOP: | |
| Total Units | 1,410 residential apartments |
| Total Carpark | |
| Development | Private Condo comprising of communal facilities- The Florence Residences |
| Unit Type: | |
| Architect | |
| Eligibility | SC, SPR and Foreigner can buy |
| Hougang Avenue 2 New Condo Unit Mix Distribution | |||
|---|---|---|---|
| Unit Type | Type | Area (Square Feet) | Total No. of Units |
| 1 Bedroom | TBA | TBA | TBA |
| 2 Bedroom | TBA | TBA | TBA |
| 3 Bedroom | TBA | TBA | TBA |
| 4 Bedroom | TBA | TBA | TBA |
| 5 Bedroom | TBA | TBA | TBA |
| Penthouse | TBA | TBA | TBA |
| Hougang Avenue 2 New Condo Facilities | |||
TBA
|
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| Hougang Avenue 2 New Condo Price List | |||
|---|---|---|---|
| Unit Type | Area (Square Feet) | Pricing | PSF |
| 1 Bedroom | TBA | TBA | TBA |
| 2 Bedroom | TBA | TBA | TBA |
| 3 Bedroom | TBA | TBA | TBA |
| 4 Bedroom | TBA | TBA | TBA |
| 5 Bedroom | TBA | TBA | TBA |
| Penthouse | TBA | TBA | TBA |
LOCATION MAP and AMENITIES
Amenities Near New Condo at former site of Florence Regency
| Category | Important Amenities Near New Condo at former site of Florence Regency | Approximate Distance |
| Train Stations | Hougang (NE14) | 0.3km |
| Bus Stop | Naung Ct (Bus: 132, 136, 153, 51, 72, 80, 101, 119, 325) Blk 302 (Bus: 51, 72, 80, 101, 119, 325, 132, 136, 153) Nativity Ch Ctr (Bus: 51, 72, 80, 101, 119, 136, 153) |
0.1km 0.2km 0.2km |
| Supermarkets | Fairprice (Hougang Mall) Giant (683 Hougang Avenue 8) Prime (106 Hougang) Sheng Siong (19 Serangoon North) |
0.5km 0.9km 1.5km 2.4km |
| Shopping Malls | The Midtown (U/C) Hougang Mall Kang Kar Mall Heartland Mall Hougang Green Shopping Mall Hougang 1 |
0.4km 0.5km 0.5km 1.3km 1.4km 1.7km |
| Education Institutions | Preschool | |
| The Montessori Playroom Kindergarten PCF Hougang Blk 328-708 PCF Paya Lebar Blk 23 PCF Bedok Reservoir-Punggol Blk 508 PCF Bedok Reservoir-Punggol Blk 414 Masjid En-Naeem (Kindergarten) Nativity Church Kindergarten PCF Punggol South Blk 535-542 JENIUS Kindergarten PCF Punggol South Blk 452 |
0.4km 0.5km 0.7km 0.7km 0.8km 0.8km 0.9km 1.0km 1.1km 1.3km |
|
| Primary | ||
| Holy Innocents’ Primary School Montfort Junior School CHIJ Our Lady Of The Nativity Xinghua Primary School Xinmin Primary School Punggol Primary School Yio Chu Kang Primary School Hougang Primary School North Vista Primary School Palm View Primary School |
0.2km 0.7km 0.8km 1.1km 1.1km 1.1km 1.3km 1.7km 1.7km 1.8km |
|
| Secondary | ||
| Holy Innocents’ High School Montfort Secondary School Xinmin Secondary School Yuying Secondary School Serangoon Secondary School Hougang Secondary School North Vista Secondary School Bowen Secondary School |
0.5km 0.8km 1.2km 1.2km 1.3km 1.6km 1.6km 1.7km |
|
| Junior College | ||
| Serangoon Junior College | 0.6km | |
| Tertiary | ||
| Nanyang Polytechnic | 5.1km | |
| International | ||
| DPS International School | 1.8km | |
| Food Centre | Kovan Hougang Market & Food Centre Hougang Avenue 1 Block 105 Market & Food Centre |
1.2km 1.5km |
| Lifestyle | Hougang Sports Hall Punggol Park |
0.6km 1.3km |
FACILITIES SITE PLAN and FLOOR PLANS E-BROCHURE
The Facilities and Site plan of new condo launch at the former site of Florence Regency, along Hougang Avenue 2 are currently seeking approval from relevant authorities.
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HOUGANG OVERVIEW
Hougang is a mature town with good schools and a variety of parks and sports facilities. Over the next few years, residents will be able to enjoy more community facilities and recreational options and to have access to more jobs near home. There are also plans to showcase the town's rich history and heritage sites.
New Condo at Hougang Avenue 2, former site of Florence Regency- Gracious living in a heritage town
Various initiatives will be implemented to enhance the overall living environment and to strengthen the residents' connection with local history. These include:
- A One-stop community club with hawker centre, a health-care facility and an arts centre, located at Hougang Avenue 9
- An Estate- Upgrading Programme a new pedestrain footbridge across Sungei Punggol at the Gerald-Mugliston Estate
- More retail amenities at Kovan, Hougang Central, Hougang Avenue 7, Buangkok Drive and Jalan Pelikal
- A new nursing home to serve the needs of elderly residents at Hougang Avenue 8
New Condo at Hougang avenue 2, former site of Florence Regency- Leisure- Greener than ever
Residents in Hougang will have easy access to many major parks in the North-Eastern Region via the North-Eastern Riverine Loop (NERL) park connectors. When the NERL eventually becomes part of the 150km long Round Island Route, recreation sites farther afield will be even more accessible, such as the Changi Coastal Loop. As the green network expands in future, most homes in Hougang will be closer to parks or park connectors. These include:
- New neighbourhood parks within Kovan Estate
- A park at the future Lorong Halus Industrial Park
- An expanded Punggol Park
- An extended park connector at Hougang Avenue 3 to link up with the Pelton Canal park connector, providing easier access to Kallang Riverside.
- New interim sports facilities at the Jalan Kayu Sports Hub at Buangkok Crescent
- Enhancements to the canal at Hougang Avenue 10 through new landscaping with outlook decks, shelters and seatings
New Condo at Hougang Avenue 2, Former site of Florence Regency- More transport infrastructure- Better roads with better rides
Hougang is well connected to other parts of Singapore via public transport. Getting around will become much easier with trasnport improvements to smoothen traffic flow and improve accessibility. These include:
- A New Integraged transport hub in Hougang MRT Station
- Road improvements along Upper Serangoon Road, Upper Paya Lebar Road, Tampines Road, Lorong Ah Soo and Hougang Central
- Extension of Buangkok Link and Buangkok Crescent to complete the local road network
- Construction of the Cross Island Line which will pass through Hougang when it starts operations by 2030 and provides another direct MRT route to Changi and the west as well as other major towns.
FLORENCE REGENCY FORMER HUDC AT HOUGANG AVENUE 2 SOLD TO LOGAN PROPERTY THROUGH COLLECTIVE SALES FOR CONDO DEVELOPMENT
Each owner will receive gross proceeds of between $1.84 million and $1.89 million.
Owners of the 336-unit former Housing and Urban Development Company (HUDC) estate had earlier received a bid from Chinese developer Kingsford that exceeded the reserve price of $600 million and two that did not, according to Mr Jagir Singh Touwana, chairman of the collective sale committee.
None of the offers met the $629 million valuation by independent valuer Colliers International. The tender closed on Sept 27, with the three bidders refusing to match the valuation.
The collective sale agreement required that the sale price be no lower than the valuation. This prompted sole marketing agent JLL to woo other developers in an attempt to close the deal under private treaty within 10 weeks of the close of the tender.
"We are relieved it is finally over. Given the circumstances and today's market, it is a good price and a fair amount," said Mr Touwana.
The 389,236 sq ft site is zoned residential with a gross plot ratio of 2.8 and could yield around 1,000 units. The land price works out to $842 per sq ft (psf) per plot ratio (ppr) after factoring in the estimated differential premiums of $288.6 million to top up the lease to a fresh 99 years and develop the site to the gross plot ratio of 2.8.
It is the second site that has been snapped up by Hong Kong-listed Logan Property, which made history in May when, together with Chinese developer Nanshan Group, it put in the top bid of $1.003 billion for a 21,109 sq m site in Stirling Road.
That was the first time a purely residential site in the Government Land Sales programme crossed the billion-dollar mark.
"Florence Regency is one of the last few privatised HUDC estates in the north-east region. The future development will enjoy unblocked views, located next to landed housing estates and across the Hougang Stadium and the sports and swimming complex," said JLL's regional director Tan Hong Boon.
ZACD Group executive director Nicholas Mak said the land rate is fairly reasonable, adding: "It is a bit cheaper, compared with Serangoon Ville, which was sold at the land rate of $861 psf ppr, and the Government Land Sales site in Serangoon North Avenue 1 sold at $965 psf ppr in July."
Florence Regency's sale brings the total number of former HUDC estates that have been sold en bloc since 2005 to 12, according to consultants. New Launch- Florence Residences
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