After a weak month last year, EC sales volume in Tampines were down 39 per cent for April. Despite the slump, the EC pre-sale at Stars of Kovan saw a decent response. The VIP pre-sale was well-attended, with a number of buyers registering their interest. Bankers and Property Agents are ready to get into the fray with a favourable response.
Stars of Kovan is the first residential-cum commercial development to be launched in Singapore
The project is located near Kovan MRT station and features a number of amenities, including 390 residential units and five strata terrace units. There are also 46 British-inspired commercial shops in the project. The majority of the units are two-bedroom units, while just over a fifth are three-bedroom units. Residents can enjoy a variety of lifestyle amenities such as an indoor swimming pool and a tennis court.
The developer of Stars of Kovan, Cheung Kong Property Holdings, has a proven track record of property development. The pre-sale was well-received, with over 60% of units snapped up in the two-day VIP pre-sale. The price range for one and three-bedroom units starts at S$1,227 per square foot and has different configurations within the same size bracket.
According to the CEO of Century 21 Singapore, increased transactions are an indication of distressed sellers. However, rising buyer activity based on reduced prices does not necessarily signal a healthy market, said DTZ’s Southeast Asia Regional Research Head, Andrew Leung. This is particularly true for low-priced one and two-bedroom units. Most investors in Singapore rely on rental income to supplement their home purchases.
Another advantage of such a project is the proximity to a public transport station. The Kovan estate is a food paradise, and there are several restaurants and eateries in the development. The developers also promise to offer a concierge service. The concierge service is part of the development, but the residents can pay it. Aside from concierge services, residents can also rent bicycles, and car rental.
The development’s popularity has been boosted by the mixed-use nature of the project. Despite a slow property market and rising land prices, developers have been able to attract investors with its mixed-use appeal. It is also the first residential-cum commercial development in Singapore to be sold under the GLS programme, which triggered a bidding war in February 2016.
The developers of Stars of Kovan have been able to secure financing for the project, and have sold the most affordable units for S$2,560 per square foot after discounts. In addition, the units will be within easy reach of amenities in the surrounding area. With its prime location, the development will also benefit residents of Bidadari housing estate. It is also conveniently located, and is close to many amenities.
DUO is the tallest building in the area and will offer panoramic views of the city and Kampong Glam conservation district. The development will have underground pedestrian networks connecting it to the nearby Bugis MRT station, which is serviced by the East West Line and Downtown Line. The development has been awarded with international recognition, including Best Futura Project by the MIPIM Asia Awards.
Stars of Kovan received good response during its two-day VIP pre-sale
Cheung Kong Property Holdings, a leading Hong Kong developer, has successfully sold 60 units of Stars of Kovan in the two-day VIP pre-sale. Prices ranged from S$1,227 to S$1,554 per square foot and were priced from S$666,400 to S$1,412,600. The overall response to the project was positive and the developers hope to launch more units at a later stage.
The development is a mixed-use development containing three hundred and sixty residential units, five strata terrace units and 46 ground-level commercial units. It is located near Kovan MRT station, which gives commuters quick access to the city centre. It features classy facilities and will have a good mix of units.
The project is part of the Government’s Master Plan, and Cheung Kong Holdings Limited is the developer. The development is a good investment, with 46 retail outlets within the development. Its high-rise apartments feature modern, sleek designs and tall ceilings for mezzanine storage. The development offers one, two, three, and four bedroom units with standard or compact sizes. The project is located near Kovan Shopping Complex, a vibrant eating hub that is close by.
Located along the North East Line, the development offers easy access by bus and train. It is located adjacent to the Hougang Integrated Hub and Kovan MRT stations. The development also has a fitness centre, indoor swimming pool, tennis court, and purpose-built BBQ Dining Area. A quarter-hour drive from downtown Toronto, the development is a good choice for commuters.