The Florence Residences is a prominent condominium project located at Hougang Avenue 2, District 19, developed by Florence Development Pte. Limited (Logan Property). With a total of 1,410 units spread across 9 blocks standing at 18 storeys tall, this development boasts a plethora of facilities and lifestyle elements that cater to residents of all ages and interests.

Three Main Takeaways:

1. Extensive Facilities: The Florence Residences offers an impressive array of 128 facilities spread across 12 different zones, providing residents with a wide range of recreational options.
2. Smart Design Choices: The units are designed with practicality in mind, featuring thoughtful layouts and quality fittings such as Grohe rain showers and Roca wall-hung toilet bowls.
3. Convenient Location: Situated between Kovan and Hougang MRT stations, residents enjoy easy access to public transport and nearby amenities like Hougang Mall and Heartland Mall.

Project Details:

Floor Plans:

The Florence Residences offers a variety of unit types including 1 Bedroom+ Study, 2 Bedroom Deluxe, 3 Bedroom Classic, and 5 Bedroom units, catering to different household sizes and preferences.

Unit Mix:

Site Plan:

The Florence Residences boasts an impressive site plan that highlights its luxurious layout, featuring a wide array of facilities and amenities designed to enhance the living experience. Located along Hougang Avenue 2, this development provides seamless access to transportation hubs and major amenities, making it an ideal choice for urban dwellers.

Key Features of The Florence Residences Site Plan

Blocks and Units

• Development Structure:
  • Comprises 9 blocks, each standing 18 storeys tall.
  • Total of 1,410 residential units.

Main Facilities

• Swimming Pools:
  • An expansive 80m Island Lap Pool.
  • Various themed pools for diverse aquatic experiences.
• Clubhouse:
  • A 2-storey clubhouse with high-ceiling dining suites.
  • Multi-purpose suites for versatile use.
• Fitness Amenities:
  • Comprehensive gym facilities.
  • Hydrotherapy pool and aqua gym.
  • Jogging track and other sports facilities.
• Relaxation Areas:
  • Outdoor jacuzzi and water bed.
  • Himalayan salt room and ice therapy corner.
  • Steam room, hillside spa, waterfall spa.
  • Floating cabana, reading cabana, and chillout cabana.
• Entertainment:
  • Amphitheatre with outdoor movie screening capabilities.
  • Dart board pavilion, karaoke room, library, and games room.
• Dining:
  • Multiple BBQ pavilions including Garden BBQ, Outback Grill, Italian Pavilion, Japanese Pavilion, Ikebana Pavilion, Gourmet BBQ Pavilion, Gastronomia BBQ Pavilion, and Oriental Hilltop Dining Pavilion.
• Children’s Facilities:
  • Childcare centre and family deck.
  • Various play areas designed for children.
• Other Amenities:
  • Concierge service for residents’ convenience.
  • Laundrette services available on-site.
  • A sky terrace offering stunning views.

Layout and Accessibility

Accessibility

• The site plan is designed to ensure easy access to all blocks and facilities through well-planned pathways and connectivity.
• Location: Situated along Hougang Avenue 2.
• Transport Links:
  • Proximity to Kovan and Hougang MRT stations.
  • Multiple bus stops nearby offer extensive public transport options.

Parking

• Parking Facilities:
  • Provision of 1,410 carpark lots.
  • Additional 9 handicapped lots available.

The Florence Residences offers a meticulously planned development that caters to the needs of modern urban living. With its extensive range of facilities and strategic location in Hougang, it presents an exceptional lifestyle opportunity for residents.

Price Range & PSF:

• Average price of $1,559 psf, with units selling well despite competition in the area.
• Prices saw an increase from the launch weekend average of $1,450 psf.

Pricing Comparison with Other Condos Nearby:

The Florence Residences offers a compelling choice for buyers seeking value in District 19, with initial launch prices around S$1,400 – S$1,600 PSF. This is notably more affordable compared to nearby high-end developments such as New Futura and Bishopsgate Residences, where PSF prices range from S$3,000 to S$4,000. Martin Place Residences and Sky Everton also present higher PSF prices, positioning The Florence Residences as a budget-friendly alternative.

Condominiums Overview

New Futura

• Address: 14 Leonie Hill Road, Singapore 239199
• Price Range: S$8,238,000 for a 3-bedroom unit.
• PSF: Approximately S$3,500 – S$4,000 PSF

Martin Place Residences

• Address: 2 Martin Place, Singapore 237988
• Price Range: S$1.55M – S$5.2M
• PSF: Approximately S$2,507 – S$3,019 PSF

Bishopsgate Residences

• Address: 1 Bishopsgate, Singapore 247676
• Price Range: Not specified
• PSF: Typically around S$3,000 – S$4,000 PSF

Sky Everton

• Address: 50 Everton Rd, Singapore 089396
• Price Range: S$2,664 – S$3,425 PSF
• Completion Year: 2023

Belle Vue Residences

• Address: 27 Oxley Walk, Singapore 238590
• Price Range: S$4,980,000 for a 3-bedroom unit.
• PSF: Approximately S$2,000 – S$2,500 PSF

Onze @ Tanjong Pagar

• Address: 11 Kee Seng St, Singapore 089218
• Price Range: Not specified
• PSF: Typically around S$2,500 – S$3,000 PSF

Comparing Price Per Square Foot (PSF)

Key Takeaways

• Affordability: The Florence Residences’ PSF prices ($1,400 – $1,600) stand out as significantly lower compared to other nearby condominiums.
• Luxury Options: Developments like New Futura and Bishopsgate Residences cater to the high-end market with PSF prices ranging from $3,000 to $4,000.
• Mid-range Choices: Martin Place Residences and Sky Everton offer mid-range alternatives with slightly higher PSF prices than The Florence Residences.

For buyers seeking affordability without compromising on location and amenities in District 19, The Florence Residences emerges as an attractive option. It stands in sharp contrast to pricier alternatives like New Futura and Bishopsgate Residences while still providing a competitive edge over mid-range properties such as Martin Place Residences and Sky Everton.

Transport & Location:

Transport & Location of The Florence Residences

Location Overview

The Florence Residences is strategically located along Hougang Avenue 2 in District 19, Singapore. This prime location offers residents the convenience of being close to various amenities, public transport options, and major roads.

MRT Stations

The Florence Residences is situated between two MRT stations on the North East Line (NEL):

• Kovan MRT Station (NE13): Approximately 0.66 km away, about a 10-minute walk.
• Hougang MRT Station (NE14): Approximately 0.88 km away, about a 12-minute walk.

Additionally, the future Hougang MRT Interchange on the Cross Island Line (CRL) will be about a 6-minute walk from the development, enhancing connectivity further.

Bus Services

There are multiple bus stops around The Florence Residences, providing extensive bus services that connect to various parts of Singapore. Key bus services include:

• Bus Stop Opposite BLK 709: Services 854, 25, 62, 82, 107M, 107, 112, 113, 132, 325, 581, 55.
• Bus Stop at Hougang Avenue 2 – Opp Blk 615: A 4-minute walk away.

Major Roads and Expressways

For residents who drive, The Florence Residences is conveniently located near major expressways:

• Kallang-Paya Lebar Expressway (KPE)
• Central Expressway (CTE)
• Tampines Expressway (TPE)

These expressways provide easy access to different parts of Singapore, including a direct route to Changi Airport via the KPE and TPE.

Nearby Amenities

Shopping Malls

Residents of The Florence Residences have access to several shopping malls nearby:

• Heartland Mall: Approximately 0.72 km away, offering a variety of retail and dining options.
• Hougang Mall: A popular heartland mall providing daily necessities and more.
• Nex Mall @ Serangoon: A larger mall with entertainment options such as a movie theatre and arcade, located one MRT stop away from Kovan.

Schools

The Florence Residences is surrounded by reputable schools, making it an ideal location for families with children:

• Holy Innocents’ Primary School: 0.56 km away.
• Xinmin Primary School: 0.72 km away.
• Montfort Junior School: 0.95 km away.
• Serangoon Junior College: 0.1 km away.

Childcare Centres

Numerous childcare centres are located within close proximity, including:

• The Pre-Schoolers Learning Centre: 0.17 km away.
• Pat’s Schoolhouse: 0.35 km away.
• My First Skool: Multiple locations within 0.64 km.

The Florence Residences offers excellent connectivity and accessibility, being close to both Kovan and Hougang MRT stations, numerous bus services, and major expressways. The development is also surrounded by a variety of amenities, including shopping malls, schools, and childcare centres, making it a convenient and desirable location for families and individuals alike.

Developer Reputation:

• Florence Development Pte. Limited (Logan Property) has a solid track record in property development.
• Known for creating quality residential projects with innovative designs and amenities.

Should You Get This Condo as an Investment?

Investing in The Florence Residences involves weighing various factors such as price appreciation, rental yield, comparative analysis with nearby developments, and future growth potential. Here is a detailed analysis of the pros and cons to help you make an informed decision.

Pros

1. Price Appreciation

• Current Market Trends: The Florence Residences has seen a steady increase in prices since its launch. Initial launch prices were around S$1,450 PSF, and recent transactions have been around S$1,523 PSF[2].
• Future Developments: The upcoming Cross Island Line (CRL) and other infrastructural developments in the North-East region, including Hougang, are expected to boost property values. The CRL will enhance connectivity, potentially increasing property valuations by 5% to 20%[6][8].

2. Rental Yield

• Demand for Rentals: The proximity to Kovan and Hougang MRT stations, as well as numerous amenities, makes The Florence Residences attractive to tenants. The rental yield is competitive, with 1-bedroom units showing promising trends over the past five years[3].
• Target Demographic: The development is ideal for families and young professionals, ensuring a steady demand for rental units.

3. Comparative Analysis

• Competitive Pricing: Compared to nearby developments like Affinity at Serangoon (S$1,551 PSF) and The Garden Residences (S$1,573 PSF), The Florence Residences offers a slightly lower average PSF, making it a more affordable option[2].
• Facilities and Amenities: The Florence Residences boasts a wide range of facilities, including an 80m lap pool, multiple pavilions, and a 2-storey clubhouse, which are significant selling points[2].

4. Future Growth Potential

• Urban Redevelopment: The North-East region, including Hougang and Kovan, is undergoing significant urban redevelopment. Projects like the Punggol Digital District and Lorong Halus Industrial Estate are expected to create more jobs and attract more residents to the area[5][7].
• Mature Estate Transformation: Hougang is on the path to becoming a mature estate, which typically sees improved amenities, better accessibility, and higher property prices[8].

Cons

1. Market Saturation

• High Supply: With 1,410 units, The Florence Residences contributes significantly to the private non-landed residential supply in the area. This high supply could lead to increased competition among sellers and landlords[1].

2. Price Sensitivity

• Comparative Pricing: While The Florence Residences is competitively priced, nearby developments like Riverfront Residences offer lower PSF prices (S$1,344 PSF), which might attract budget-conscious buyers[2].
• Resale Market: The resale market in the area includes older developments like Kovan Melody and Kovan Residences, which might offer lower prices, affecting the resale value of units in The Florence Residences[2].

3. Economic Factors

• Market Volatility: The property market can be influenced by broader economic conditions, including interest rates and government policies, which could impact property values and rental yields.

Key Factors to Consider

• Location and Connectivity: Proximity to MRT stations and future CRL developments enhance the attractiveness of The Florence Residences.
• Price Trends: Monitor the price trends and compare them with nearby developments to ensure competitive pricing.
• Rental Demand: Assess the rental demand in the area, focusing on the target demographic and rental yield trends.
• Future Developments: Consider the impact of upcoming infrastructural projects and urban redevelopment plans on property values.

Conclusion

The Florence Residences presents a compelling investment opportunity due to its strategic location, competitive pricing, and extensive facilities. The potential for price appreciation and rental yield is promising, especially with the upcoming CRL and other urban redevelopment projects. However, investors should be mindful of market saturation and economic factors that could influence property values. Conducting thorough research and staying informed about market trends will be crucial in making a well-informed investment decision.