There are many reasons why The Florence Residences sales have been robust. Strategically located where amenities, recreational places, schools and future developments where there’ll be more jobs for people, it’s no wonder why more Singaporeans and Singapore Permanent Residents are investing in this property.
4 Reasons to Choose The Florence Residences for Your Next Property Investment:
1. Rental Price Increase
Singapore’s overall rents for condos in the North-East Region increased by 2.9% and the country’s rental prices increased on a year-on-year basis as of Q3 2019.
To gauge the monthly rental of The Florence Residences (TOP is 2023), let’s look at the nearby condominiums. The Florentine and Fiorenza’s 3-bedroom apartment monthly rental price is $2,600 and $2,500 respectively. Both properties are within a 700m radius from Kovan MRT Station while The Florence Residences is 1.3km from Kovan MRT Station.
2. Higher Tenant Demand
In 2019, there are two percent more foreigners which contributed to the private property rental market. The Florence Residences is located in between the Northern part of Singapore and the Central Business District, it’s only natural that wherever there’s an influx of job opportunities, there’s a higher demand for housing.
With the development of Punggol Digital District which is 7.3km from The Florence, and Sengkang West which is 3.2km from the new launch property, professionals working in the North-East will now have more options of condos to rent.
What’s more? A new employment node is also being developed at Lorong Halus, it will be progressively developed as a Food, Lifestyle and Logistics cluster.
3. Increase in Property Prices
Prices of private residential properties in Singapore continued to climb in the third quarter of 2019, after hitting their highest levels in at least five years in the previous quarter. The private residential property index increased 1.3 per cent to 152.8 points in the third quarter according to the latest property prices data from the Urban Redevelopment Authority (URA).
What factors may contribute to this increase in home prices in The Florence Residences?
Transportation and Accessibility
The Florence Residences is an 8-minute walk to Kovan MRT and a 6-minute walk to the Cross Island Line (estimated date of completion is 2030). For those with personal transport, it’s also close to various highways (all within 15 minutes drive away) KPE, CTE and TPE. You can reach CBD in 18 minutes with a vehicle.
Future Developments in North-East Region
Besides the Digital District, there will be more housing options at Lentor Hills, Lorong Chuan and Hougang Avenue 3. A number of new community amenities will be developed at Buangkok (Buangkok Integrated Development), Punggol and Fernvale (Punggol Town Hub & Linear Green). Public transportation is improving too; The Thomson-East Coast Line (TEL) and Cross Island Line (CRL) will provide more convenient commutes and Hougang will be one of the new integrated transport hubs.
Park connectors and cycling networks within towns will progressively expand over the next 10-15 years. You can look forward to water activities which will take place at waterways and connected to recreational places such as Punggol Regional Sport Centre, SAFRA Punggol and Anchorvale Community Club. This was unveiled in the draft master plan 2019 by the URA.
Healthcare
Bright Vision Hospital, Sengkang General and Community Hospital and Tan Tock Seng Hospital will cater to the needs of North-East residents conveniently as they are 3-minute, 11-minute and 20-minute drive away from The Florence Residences.
Education
There are over 20 childcare, primary and secondary schools within the vicinity such as My First Skool, Junior Champs Preschool, Holy Innocents’ Primary School, Rosyth School, Bowen Secondary School, Xinmin Secondary School and more. International schools are present too, such as Hillside World Academy and Dimensions Internal College. You’ll never have to worry about finding an educational institution for your child.
4. Perks for Own Stay
There’s an array of amenities close to The Florence Residences, from shopping malls (Hougang Mall, Heartland Mall, Hougang 1, MyVillage Mall and NEX Shopping Mall) to food establishments (Kovan 209 Food Centre, Teck Chye Food Street, Hougang Hainanese Village Centre, Chomp Chomp Food Centre), there are so many options for you to choose from!
Feeling outdoorsy? The closest park connector is Serangoon Park Connector (2.1km away) where you can access Punggol Park via a footbridge across Sg Pinang. Spot the White-throated Kingfisher if you can!
Buying your dream home in North-Eastern Region? Invest in The Florence Residences today!
Best Mortgage Rate Across All Banks for The Florence Residences
Talk to our mortgage brokers with over 30 years of experience and get the lowest mortgage rate at 1.95%. Our home loan specialists will assist you with everything you need to know from Total Debt Servicing Ratio (TDSR), Loan to Value (LTV) Limits and Legal Conveyancing.
Buyer’s Stamp Duty for The Florence Residences
Buyer’s Stamp Duty (BSD) is tax paid on documents signed when you buy or acquire property located in Singapore.
If you opt to buy a three-bedroom unit at The Florence Residences to comfortably fit your growing family or planning to rent it out to families in the future and the price is at $1,248,000 which is reflective of the market value, your Buyer’s Stamp Duty (BSD) is $34,520.
| Market Value of the Property | BSD Rate | Calculation |
|---|---|---|
| On the first $180k | 1% | $1,800 |
| On the second $180k | 2% | $3,600 |
| Next $640,000 | 3% | $19,200 |
| Remaining $248,000 | 4% | $9,920 |
| BSD Payable | $34,520 | |
Source: IRAS
Looking at another unit size? Use Ohmyhome’s In-app BSD calculator for faster calculation! Download Ohmyhome from the Play Store or App Store now!
Additional Buyer’s Stamp Duty for The Florence Residences
Liable Property buyers in Singapore are required to pay Additional Buyer’s Stamp Duty (ABSD) on top of the existing BSD. ABSD and BSD are computed on the purchase price as stated in the dutiable document or the market value of the property (whichever is the higher amount).
Who is liable to pay ABSD:
- Singapore Citizen (SC) buying second, third and subsequent residential property
- Singapore Permanent Resident (SPR) buying first, second and subsequent residential property
- Foreigners or entities buying any residential property
ABSD for Singapore Citizens when Buying The Florence Residences
Here’s the ABSD amount you are required to pay if you are an SC:
| Property Ownership | ABSD Rate | ABSD Amount from Price $1,248,000 |
|---|---|---|
| If The Florence Residences is your second residential property | 12% | $149,760 |
| If The Florence Residences is your third or subsequent residential property | 15% | $187,200 |
ABSD for Singapore Permanent Resident when Buying The Florence Residences
Here’s the ABSD amount you are required to pay if you are an SPR:
| Property Ownership | ABSD Rate | ABSD Amount from Price $1,248,000 |
|---|---|---|
| If The Florence Residences is your first property | 5% | $62,400 |
| If The Florence Residences is your second or subsequent residential property | 15% | $187,200 |
ABSD for Foreigners when Buying The Florence Residences
Here’s the ABSD amount you are required to pay if you are a foreigner:
| Property Ownership | ABSD Rate | ABSD Amount from Price $1,248,000 |
|---|---|---|
| Foreigners buying any property | 20% | $249,600 |
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