The Florence Residences condo strategically located at Hougang Avenue 2, it was crafted on a successful enbloc land of Florence Regency, a HUDC estate in the region of northeast Singapore. It was resolved under a private treaty within 10 weeks of the public tender.
The Florence Residences is a 99 years leasehold land site make up of 1410 residential units sitting on an area of 386,236 square foot site is zoned residential with a gross plot ratio of 2.8.
This new condo launch at Hougang land price works out to $842 psf per plot ratio after factoring in the estimated differential premiums of $288.6 million to top up the lease to a fresh 99 years and to develop the site to the gross plot ratio of 2.8.
This is the second site snapped up by Hong Kong-listed Logan Property, the first land sales was the current launch of Stirling Residences which was bought in May 2017, that made history after it and fellow Chinese developer Nanshan Group put in the top bid of $1.003 billion for the 21,109 sq m site in Stirling Road.