The Florence Residences previously called Florence Regency situated at Hougang Avenue 2, has been acquired by a Chinese developer, Logan Property Developers. This comes after the developer submitted a winning bid of S$692 million for the property in an en bloc sale.
The sale comes after an earlier attempt failed. Each owner of the units at The Florence Residences is expected to receive between $S1.84 million and S$1.89 million from the proceeds. The initial collective sale stalled after the bidder accepted the reserve price but could not meet the valuation price of S$629. The bids from the other two developers could not match the reserve price.
According to the terms of the en bloc sale agreement, the sale price could not fall below the valuation, and the tender had to close without a matching valuation. The Marketing agent, JLL managed to get Longan Property Developers who were willing to match the valuation price. The collective sale was closed through a private treaty with the developer in a direct price negotiation.
The Florence Residences site is situated close to a bus interchange of Hougang Mall and next to Hougang MRT station. The Kovan MRT station located along Upper Serangoon Road can be accessed easily from The Florence Residence.
Benefits That Residents of The Florence Residences Will Enjoy Living in Hougang District 10 of Singapore
When looking for your next home, there are many reasons why you should consider properties in District 10 of Singapore. You don’t just get an opportunity to live in a great residential setting, nearly anything you will need is right next to your home. Connectivity in this area is at its best which means future residents can look forward to shorter and quick commutes. You get to enjoy the convenience of staying in a region with a plethora of facilities and amenities from schools, shopping centres, restaurants, to hospitals.
In this guide, we are going to look at what makes this area a great choice in more details. The future residents of The Florence Residences will get an opportunity to benefit from the several amenities around the neighbourhood.