The Florence Residences sell near to 60 units on first launch weekend

The Florence Residences located in Hougang released around 200 units for its phase one of sales on Saturday, of which close to 30% (around 60 units) were sold.

This is year 2009 first mega residential project lunch with 1,410-unit units. Logan Property is the developer of Florence Residences with the accrual site on the of Florence Regency, the  HUDC that was sold collectively in October 2017.

In February 2019, Mr Chng Chee Beow, executive director of Logan Property shared with The Straits Times that around 400 to 500 units are expected to be released on 2nd March, depend on buyer interest level during the preview.

A Logan spokesman shared with The Business Times: “We are confident of the product, especially we have two MRT stations (Kovan MRT and the future Cross Island Line around the project.”

The medium selling price of The Florence Residences are close to S$1,400psf, on the lower side of the S$1,420 psf to S$1,480 psf range that Mr Chng had earlier shareed. Research analysts from DBS estimate Logan Property’s breakeven price is S$1,350 psf.

Five marketing agencies are hired five agencies to market this project – Huttons Asia, OrangeTee, PropNex, ERA and SRI. Most of the sales are booked on Saturday.

PropNex CEO Ismail Gafoor told BT: “Today, investors and buyers still have a lot of choices within the radius and vicinity, like Affinity at Serangoon, Riverfront Residences, Tre Ver  and The Garden Residences.”

More than 190 units are sold at these 4 projects in the past 4 weeks after government reveal the upcoming Cross Island MRT line detail at the end of January, even though February is the Chinese New Year period. “Affinity sold about 100 units in the past 4 weeks, and the rest of the projects like Riverfront, Tre Ver and Garden all move more than 20.”

Two other smaller projects, the 92 unit Nyon condominium along Amber Road and The Essence, an 84 unit condominium at Sembawang Road also marked their first sales in the same weekend. A Nyon spokesman declined to comment on their sales.

International Property Advisor CEO Ku Swee Yong shared with Business Time on Sunday: “Regarding to the yesterday launch of The Essence , Nyon  and Florence Residences, I will say these weak sales numbers shows the over-supplied in the residential market.”

Source: https://www.businesstimes.com.sg/real-estate/florence-residences-sells-close-to-60-units-on-launch-weekend

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