Kovan Residences preview sells 50

Kovan Residences preview sells 50

Average price is $870-900 psf; buyers mostly Singaporeans

 

MORE than 50 units have been sold at Kovan Residences since a private preview party last Saturday.

 

The average price at the 99-year leasehold condominium next to Kovan MRT Station is between $870 per square foot (psf) and $900 psf. And the units sold so far include three penthouses that fetched about $2 million to $3 million each.

 

Buyers up to now are mainly Singaporeans, most of whom have private home addresses, although a few HDB upgraders have also bought.

 

‘We have attracted buyers who are purchasing for their own occupation as well as for investment because of the convenient location next to an MRT station,’ said Centurion Properties CEO Tony Bin, whose company is the majority shareholder of the project’s developer Centurion Kovan. Lian Beng is another shareholder, with a 19 per cent stake.

 

Centurion Properties is ultimately controlled by UOB-Kay Hian stockbrokers Han Seng Juan and David Loh Kim Kang.

 

Last Saturday, they invited 150 business associates, friends and relatives to a private preview at the showflat, which eventually resulted in the 50-plus units being sold. Kovan Residences is also being marketed to Messrs Han and Loh’s business associates in China and Hong Kong.

 

The lowest-priced unit in the development is a two-bedroom apartment for just over $700,000. The most expensive is a penthouse below $4 million. Three-bedroom apartments start from $1 million.

 

Kovan Residences will have 512 apartments in eight blocks, all 18 storeys high. The 16 penthouses in the development range from around 2,400-4,600 square feet and come with a private pool or a Jacuzzi. The project is being developed on a 190,000 sq ft site bought in a state tender in October last year for $436 psf per plot ratio.

 

Another new project being offered this weekend is Livia at Pasir Ris Drive 1. The average price is said to be $650 psf.

 

Source: Straits Times

Homebuyers, get ready for more property launches

Homebuyers, get ready for more property launches 

Developers will release projects to capitalise on recent healthy home sales

 

A STRING of new private residential projects is hitting the market as developers move quickly to capitalise on encouraging recent home sales.

In the Kovan area alone, two new projects – Kovan Residences and D’Pavilion – are holding previews this weekend.

 

The 99-year leasehold Kovan Residences, which has 521 apartments ranging in size from 883 sq ft to about 1,700 sq ft, is next to Kovan MRT station. Prices range from just below $800 per sq ft (psf) to more than $900 psf.

 

More than 50 units have already been sold, said Mr Tony Bin, the chief executive of Centurion Properties, known until recently as Duchess Development.

 

Centurion is largely owned by well-known UOB-Kay Hian stockbroker pair Han Seng Juan and David Loh. The rest is held by private investors and Lian Beng Group.

 

Not far from Kovan Residences is another new project, D’Pavilion, priced at an average of $895 psf for the preview. This freehold 50-unit project in Upper Serangoon Road is within walking distance of Kovan MRT station. It has two- to four-bedroom apartments and six penthouses.

 

Over in Pasir Ris, the preview for 724-unit Livia has already started. It is priced at $650 psf on average, or from $597,000 to $636,000 for the two-bedroom units and $793,000 to $835,000 for the three-bedroom units. Some have been sold, sources said.

 

These launches come in the wake of healthy sales at the 348-unit Dakota Residences in Dakota Road. The developers, Ho Bee and ChoiceHomes, have sold about 150 units of the 99-year leasehold property for between $940,000 and about $3.38 million since they went on sale a fortnight ago.

 

The Sim Lian Group has also sold more than 200 units of the 308 launched units of Clover by the Park since its preview late last month. Transacted prices ranged from $582 psf to $877 psf. It has just launched for sale the remaining units at the 616-unit 99-year leasehold project in Bishan.

 

United Engineers is also ready to launch its condo-like Housing Board project in Ang Mo Kio Street 52, but it has yet to commit to a date.

 

Called Park Central, the project will have more than 550 units and comes under the HDB’s Design, Build and Sell Scheme (DBSS).

 

A market watcher said the firm will have to launch it below the prices of the previous DBSS project in Boon Keng.

 

‘They will have to learn from the Boon Keng project, which still has leftover units. When it was launched, many people came but not all later bought,’ he said.

 

The 714-unit City View@Boon Keng, which was launched in January, had 474 five-room flats priced from $536,000 to $727,000, a range that some considered too high.

 

Launches will not be confined to mass- and mid-tier properties for long.

 

Next Tuesday, Hayden Properties will launch The Hamilton Scotts, its luxurious Scotts Road project with 54 apartments and two penthouses, which all come with private car porches.

 

Still, this new project and a few others such as the freehold 100-unit Newton Road project L’VIV, were already expected.

On the market

 

Kovan Residences

Units: 521 apartments

Prices: From below $800 psf to more than $900 psf

 

 

Livia

Units: 724

Prices: $650 psf on average

 

 

Clover by the Park

Units: 616 units, of which 308 were launched earlier

Prices: Transacted prices for launched units ranged from $582 psf to $877 psf

 

 

 

Source: Straits Times