The Florence Residences Review: Price Trends, Future Growth, and Rental Yields Explained! Are You Ready?

The Florence Residences Review

Units Sold

100%

Overview Score

4.5/5

our consideration

Unit Mix & Size4
Price & Affordability3.5
Location3
Amenities4

Our Verdict

The Florence Residences in District 19 presents itself as a sizable development with 1,410 units, offering a variety of layouts from 1-bedroom to 5-bedroom units. The project boasts a range of facilities, including 128 facilities spread across 12 different zones, catering to residents of all ages and interests. The condo’s location along Hougang Avenue 2 provides proximity to mature estates like Kovan and Hougang, although the nearest MRT station, Hougang MRT, is a bit of a walk away at 11 minutes. The development’s pricing at an average of $1,559 psf has attracted buyers, especially families, evident from the 1:1 carpark ratio and proximity to schools and amenities.

The unit mix and size at The Florence Residences offer above-average sizes compared to similar developments in the area. For example, the 1-bedroom + study unit at 527 sqft is larger than the average 1-bedroom unit. The layouts are functional, with considerations for storage space and usability. Price and affordability are reasonable for the amenities and facilities provided, although the pricing per square foot is slightly higher compared to the initial launch price. The location, while convenient in terms of amenities and nearby facilities, is slightly lacking in immediate access to public transportation, which may be a drawback for some residents. However, the project compensates with a shuttle bus service for the first two years.

In conclusion, The Florence Residences is a family-friendly condo with a plethora of facilities and a focus on providing a comfortable living experience. The development’s emphasis on lifestyle and community living is evident through its numerous amenities and well-thought-out unit designs. While the location may not be the most ideal in terms of immediate access to public transport, the project’s overall offerings make it a desirable choice for families looking for a quality living environment in District 19.

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.

The Florence Residences Florence Residences Aerial View 2

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:

Project NameThe Florence Residences
District19
DeveloperFlorence Development Pte Ltd (Logan Property (Singapore) Company Pte. Ltd)
Address81, 83, 85, 87, 89, 91, 93, 95, 97 Hougang Ave 2
Tenure99 years wef 24 December 2018
Site Area36,161.2 Sqm / 389,239 Sqft
Type of DevelopmentPrivate Residential Development
No. Of Units1,410 Residential
No. Of Carparks1,410 Carpark Lots (excluding 9 handicapped lots)
No. Of Storeys9 Blocks of 18-Storey
Plot Ratio2.8
ArchitectP&T Consultation Pte. Ltd.
Landscape ConsultantSitetectonix Pte. Ltd.
SolicitorDentons Rodyk & Davidson LLP
Main ContractorTiong Aik Construction Pte. Ltd.
Project AccountUnited Overseas Bank Limited for Project A/c No. 451-309-180-4 of Florence Development Pte. Limited
Facilities80m Island Lap Pool, Biker Pavilion, 2-Storey Clubhouse, Gym, Hydrotherapy Pool, Amphitheatre, Dart Board Pavilion, Garden BBQ, Italian Pavilion, Japanese Pavilion, Ikebana Pavilion, Outdoor Jacuzzi, Water Bed, Himalayan Salt Room, Laundrette, Ice Therapy Corner, Steam Room, Concierge, Hillside Spa, Waterfall Spa, Floating Cabana, Reading Cabana, Chillout Cabana, Sky Terrace, Childcare Centre, etc.
Developer LicenceC1299
Expected Date of TOP31 March 2023
Expected Date of Legal Completion31 March 2026
Security24 Hours Security Guard

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:

Unit TypeSize (Sqm)Size (Sqft)Total No. of Units
1 Bedroom44 – 56474 – 603216
1 Bedroom + Study49 – 62527 – 66772
2 Bedroom Classic58 – 75624 – 807264
2 Bedroom Deluxe60 – 85646 – 915292
2 Bedroom + Study65 – 86700 – 92652
3 Bedroom Classic83 – 112893 – 1,206232
3 Bedroom Deluxe92 – 119990 – 1,281154
4 Bedroom Classic118 – 1471,270 – 1,58264
4 Bedroom Deluxe129 – 1581,389 – 1,70116
5 Bedroom155 – 1781,668 – 1,91648
Total1,410

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.

The Florence Residences Florence Residences Site Plan Unit Types

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.
The Florence Residences

Urban Living with Impeccable Design

In urban environments, the fusion of functionality and aesthetics is crucial for creating living spaces that are both practical and visually appealing. Impeccable design principles play a key role in optimizing the layout and utilization of space in urban dwellings.

The Florence Residences Condo Unit Floor Plans

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 Florence Residence Pool Table with Dart 2

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)

CondominiumAddressPrice RangePSF Range
New Futura14 Leonie Hill RoadS$8,238,000 (3-bedroom)S$3,500 – S$4,000
Martin Place Residences2 Martin PlaceS$1.55M – S$5.2MS$2,507 – S$3,019
Bishopsgate Residences1 BishopsgateNot specifiedS$3,000 – S$4,000
Sky Everton50 Everton RdNot specifiedS$2,664 – S$3,425
Belle Vue Residences27 Oxley WalkS$4,980,000 (3-bedroom)S$2,000 – S$2,500
Onze @ Tanjong Pagar11 Kee Seng StNot specifiedS$2,500 – S$3,000

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?

The Florence Residences Florence Residences Outback Grill

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.

upcoming Condos

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.

Subscribe
Notify of
guest
2 Comments
Inline Feedbacks
View all comments
bike sg
bike sg
10 days ago

How does the pricing per square foot at The Florence Residences stack up against similar projects in District 19? Despite slight price increases since its launch, The Florence Residences remains competitively priced compared to neighboring high-end developments like New Futura and Bishopsgate Residences. Its affordability coupled with a wealth of amenities makes it an enticing prospect for potential buyers seeking value for their investment.