Florence Residences is an exciting new development situated along Hougang Avenue 2 in the North-East Region of Singapore. Located in District 19, the former HUDC Florence Regency (Housing and Urban Development Company) is one of the many en bloc property sales to have been completed in the 4th quarter of 2017.
Completed in 1998 and consisting of 336 units with 12 floors, the old site was sold in 2017 to Logan Property for $629 million, matching the exact valuation of the property by independent valuer – Colliers International. Previous owners were able to each receive gross sales of between $1.84 million and $1.89 million.
With a 99-year leasehold and a site area of over 389,236 sq ft., the development is expected to house potentially 1,400 residential units. With a plot-ratio of 2.8, developers can choose to build the condo up to a maximum of 36 storeys, 24 storeys higher than the existing site.
The best quality about the Florence Residences is in its serene location and architecture of the building which will allow residents to enjoy a 270-degree unblocked views of the landscape in Singapore. Being relatively close to a large assembly of facilities and amenities also promises residents their own privacy without being entirely isolated. With many new developments happening around the estate, such as the construction of modern and improved sports facilities and transport systems, residents and investors alike can have confidence in the potential of the Florence Residences for many years to come.
The condo will be situated next to Hougang Town Centre, where Hougang MRT Station and the Hougang bus interchange is located for easy transport to anywhere on the Singapore map. For residents with cars, the Kallang Paya Lebar Expressway (KPE) and Tampines Expressway (TPE) is also a stone’s throw away for working professionals to get into the Central Business District (CBD) effortlessly. Florence Regency Condo is also right across the Hougang Stadium and Sports and Swimming Complex, which is perfect for any resident looking to take up a new sport or to simply keep fit.
Florence Regency’s sale is the 12th HUDC estate to have been sold en bloc since 2005. This is after the sale of two other former HUDC estates in the same area, Rio Casa in Hougang Avenue 7 and Serangoon Ville in Serangoon North Avenue 1. Other nearby projects around the neighbourhood include Midtown Residences, Parc Vera, Kovan Grandeur and Trilive. Seeing that the property market uptrend is continuing, investors and buyers will find no better time than to purchase this desirable condo now.