Located along Hougang avenue 2 in between the Kovan and Hougang Estate, the Florence regency was sold to Logan Property at a price of six-hundred and twenty nine million dollars towards the end of 2017. After topping up lease of the development to a 99 year tenure, the selling price of the entire land translates to $842 psf ppr (per square foot per plot ratio).
The reserved price of the development was set at six-hundred million dollars initially. Logan Property agreed to purchase the land at a much higher price. And each owner of the former Florence Regency will get to receive slightly above $1.8 million from the sales.
Florence Regency is a former HUDC and its plot area is approximately 386,000 square feet. Due to its huge land size, developer is able to build more than 1000 residential apartments within it.
Florence Regency will be launched in February 2019, and this project will be named as The Florence Residences. There will be 9 tower of 18 storeys and a total of 1410 residential apartments within The Florence Residences. One to Five bedroom choices will be available.
To find about more about the collective sales of Florence Regency, visit our link below,
https://www.straitstimes.com/business/property/florence-regency-closes-collective-sale-for-629m
