Launch of Florence Residences will likely set tone for others: Report
The upcoming launch of Florence Residences - a mega project with more than 1,000 units - will likely set the tone for other developments heading to the market this year, some analysts have said.
Between 400 and 500 units are expected to be released on March 2, depending on interest at the preview this weekend, said Mr Chng Chee Beow, executive director of Logan Property (Singapore).
"We are targeting an average selling price of $1,450 per square foot."
The 1,410-unit leasehold project in Hougang Avenue 2 comprises nine 18-storey towers. Units range from 474 square-foot one-bedders starting at below $700,000 to 1,668 square-foot five-bedders from $2.5 million. The two-bedroom units will likely start under $900,000.
The project is being built on the site of the former Florence Regency and will have a resort-style, "club condo" concept, including 15 themed pavilions, 12 clubs and 128 facilities such as an 80-metre lagoon pool.
It will be an eight-minute walk from Kovan MRT and near the upcoming Hougang Interchange station on the Cross Island line.
International Property Advisor chief executive Ku Swee Yong noted: "If they can sell 300 units in their first weekend of launch, that will be quite good.
"The question is whether demand for the upper Serangoon area has been soaked up by neighbouring projects like Riverfront Residences, Affinity at Serangoon and The Garden Residences."
Affinity at Serangoon has sold about 360 of the 650 units launched, according to developer Oxley Holdings.
Condos priced at above $2 million in the suburbs will likely face more challenges, said Mr Desmond Sim, head of research for Singapore and South-east Asia for CBRE, adding: "It will be interesting to see if the big units will move." - THE STRAITS TIMES
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