Florence Regency, a 336-unit development at Hougang Avenue 2, has been sold via a collective sale to Logan Property (Singapore) Company Pte. Limited by sole marketing agent, JLL. The sale price of $629 million matched the valuation of the site by an independent valuer, as required by the law, at the close of tender on 27 September 2017.

This is the second collective sale site sold in less than three weeks by JLL, the other one being Amber Park, the largest freehold residential collective sale earlier in October.

After factoring in the current estimated differential premiums of $288.6 million payable to the State to top up the lease to a fresh 99 years, and to develop the site to a gross plot ratio (GPR) of 2.8, it translates to a land price of approximately $842 psf per plot ratio.

The site is in close proximity to the Hougang MRT station and the bus interchange with Hougang Mall. It is also within walking distance to the Kovan MRT Station along Upper Serangoon Road, a popular dining destination with a wide range of food and beverage options. Holy Innocents’ Primary School, a Special Assistance Plan school, is near the site as is the French School of Singapore.

Mr. Tan Hong Boon, Regional Director at JLL, says: “Florence Regency is one of the last few privatized HUDC in the North East region. The future development will enjoy 270 degrees of unblocked views of the surroundings, being located next to landed housing estates and across the Hougang Stadium and the Sports and Swimming Complex.”  
“At this sale price, the owners would expect to receive gross sale proceeds between $1.84 - $1.89 million per unit”, says Mr. Tan.

Over 80% of the owners have consented to the sale, which is subject to several conditions being met, including an order of sale by the Strata Titles Board and the court, where applicable.

For more detailed information or any queries, phone or email Tan Hong Boon, JLL Regional Director, Investments via the contact details below.

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