Its good location presents a good investment opportunity for home-buyers.
A trendy neighbourhood with a wide range of matured town amenities. Seamless transport connectivity. Proximity to good schools, and new and existing industrial complexes in the pipeline. Steady growth in resale prices in recent years.
According to Mr Ismail Gafoor, CEO of PropNex Realty, Kovan is within the North-East region, which has experienced robust sales of residential homes in recent years.
All these and more make The Florence Residences, a new residential project to be launched in Kovan, a valued investment.
With a wide range of unit types from one- to five bedroom, the 99-year leasehold development by Hong Kong-listed Logan Property is suited for singles moving out for the first time, newly-weds building their first home, young families, multi-generational families and retirees wanting to live near their children and grandchildren.
The Florence Residences is expected to offer 1,410 units, most of which enjoy unblocked views overlooking the condominium’s 80-metre lap pool, low-rise landed housing estates in the neighbourhood or the sports stadium across the road.
Its facilities are designed with the Club-Condo concept, with 128 facilities spread over 12 clubs.
When choosing a home, it is more than just buying a place to live in – it is also about how it enables you to lead your choice lifestyle.
This new development offers the exclusivity of a private home without missing out on the many conveniences of one of Singapore’s most livable estates.
Located at the heart of a mature yet vibrant residential district, residents will find everything they need within walking distance. Kovan Market and Food Centre, Punggol Nasi Lemak Centre, Heartland Mall and Hougang Sports Centre are just a stone’s throw away.
There are plenty of mixed fares to be found around the neighbourhood; From hipster eateries such as Lola’s Cafe and Ice Edge Cafe to local favourites such as Yaowarat Thai Kway Chap, have also added buzz to the neighbourhood.
Alternatively, malls such as Nex Shopping Centre, Compass One and Punggol Waterway Point are just a short drive away, but you can leave the car behind and take the public transport to these destinations too, as Kovan MRT station is only an eight-minute walking distance away.
‘MRT’ and ‘schools’ effect
This property’s proximity to the North East Line MRT network also makes it a standout project for investors.
Property investors here are familiar with the power of the “MRT effect” which is defined as a phenomenon where prices of properties soar due to its location near an MRT station.
Mr Eugene Lim, the key executive officer of ERA Realty Network, says: “The MRT system is the backbone of our public transport system. As such, living near an MRT station offers additional convenience to both home-owners as well as tenants. As Singapore is progressing towards a car-light lifestyle, the MRT is expected to become the main method of transport and commute.”
Residents of The Florence Residences will benefit from its closeness to the Kovan MRT station on the North East Line – one stop away from Serangoon interchange MRT station, allowing you to travel by train with ease to anywhere on the island.
Frequent train commuters will appreciate the development of the Cross Island Line, slated to pass through the bigger Hougang area, will provide residents with additional direct MRT routes to Changi and the western side of Singapore; and will only be a six-minute walk away from The Florence Residences.
Residents who drive are not left out of The Florence Residences’ connectivity given its proximity to major expressways.
Commuting to downtown is a breeze via the Central Expressway or Kallang-Paya Lebar Expressway, while the Tampines Expressway and Pan-Island Expressway offer quick access to all corners of the island.
Road improvement projects along Hougang Central, Lorong Ah Soo, Tampines Road, Upper Paya Lebar Road and Upper Serangoon Road, and the new Integrated Transport Hub that is to connect various parts of areas around Kovan, will help make the commute to and from The Florence Residences a seamless experience.
The Florence Residences’ accessibility is not limited to closeness to public transport networks for ease of travel. The well-placed development is also within proximity to great schools and childcare centres that will benefit busy working adults looking to give the best education and care to their little ones.
It is no secret that all parents want the best for their children’s education. Proximity to good schools also plays a big role in Singaporeans’ home purchase decision.
A 2015 study by the National University of Singapore found that homes close to schools command significantly higher prices than others.
One can find reputable schools with solid reputation in and near Kovan, such as Rosyth School. Other schools within one-kilometre from The Florence Residences include Rosyth School, Holy Innocents Primary School, Xinmin Primary School and Montfort Junior. Prestigious international schools close to the area include DPS International School Singapore, Australian International School and Hillside World Academy.
Working parents with young children will be able to find ample childcare options in the vicinity. Modern Montessori, Pat’s Schoolhouse and Kinderland are some of the brand names with branches in Kovan.
The Florence Residences is close to various childcare centres and good schools.
New growth centres
Mr Lim says: “A well-placed private property that is closed to amenities is likely to retain its value over time and fetch a better resale value at the opportune time. As such, it invariably is a better investment option over one that is not well placed.”
Data from SRX Property showed that the resale volume in Kovan in 2018 was almost four times that of 2014. The median resale price on a psf basis in Kovan has also increased gradually from 2015 to 2018.
Resale prices in the area will continue to be on the uptrend, Mr Lim notes, thanks to new business parks, industrial estates and connectivity enhancements that will be rolled out in the coming years.
The nearby Defu Industrial Estate, for instance, has been unveiled by the Housing Development Board (HDB) under its ongoing Industrial Redevelopment Programme (IRP) to increase its industrial floor space. It will be renamed Defu Industrial City.
Another project set to boost the popularity of The Florence Residences is the upcoming Lorong Halus Industrial Park. Envisioned as an industrial park within a park-like setting, the integrated industrial complex with supporting recreational amenities and spaces for the public is expected to make waves in the North-East Region when it is completed in the future.
These projects will potentially increase the demand for property in Kovan: The Florence Residences will be ready in time to ride the wave.
Under the Defu Master Plan, the area will be transformed along the vision of ” A Green and Sustainable Industrial Park of Tomorrow”.
SOURCE: BRAND INSIDER | THE STRAITS TIMES