Project Spotlight: Kovan Regency

Hoi Hup's Kovan Regency, consisting of 393 mixed condominium and strata-landed housing units, were among the top five best-selling projects in September.

The 99-year leasehold Kovan Regency has a wide range of unit types: one-bedroom (506 to 700sqft), two-bedroom  (624 to 775sqft), three-bedroom (893 to 1,389sqft), four-bedroom (1,281 to 1,507sqft) units, penthouses (689 to 2,260sqft) and strata terraces (3,692sqft to 3,864sqft). During its launch last month, it sold 369 units at a median price of $1,275sqft. In fact, over 90% of the units sold were done in the first weekend of private previews.

2-bedroom (624sqft)

3-bedroom (893sqft)

4-bedroom (1,281sqft)

 

According to Lisa Goh, property development manager of Hoi Hup, Kovan Regency's smaller units sold the fastest. Most of the buyers are locals who already own a landed property in the Simon Road area, observes Goh. She notes that there have been families who purchased several units on the same floor in order to live close to one another. While there have been a few investors, Goh says most of the buyers are getting the units for their own use.

The main attraction among buyers is Kovan Regency's proximity to the Kovan MRT Station. It's also located within walking distance to Heartland Mall and Kovan Hougang Market and Food Centre. Schools such as Paya Lebar Methodist Girls, XinminPrimary School, and Yuying Secondary Schoolare also nearby. The development will be completed in 2016.

 

The units still available at Kovan Regencyare five 4-bedroom penthouses (1,744 to 2,142sqft), one corner strata-titled terraced house (3,875sqft) and 11 other intermediate strata-titled terraced units (3,703sqft). There are a total of 15 strata terraced houses in the development, and they are all provided with a home lift. Goh believes that the terraces will appeal to foreign buyers. This is because URA has announced in April that it will no longer grant condominium status to developments containing a mix of strata-landed homes and apartments within the same development. This move was designed to close the loophole that has enabled foreigners to buy strata landed homes in such projects without gaining approval from the Land Dealings Approval Unit. Kovan Regency is one of the last few condos with strata-landed homes that foreigners are eligible to buy as it was one of the last few to secure planning permission before the new measure was introduced.

Kovan Regency is Hoi Hup's second launch this year. It launched the 99-year leasehold, 376-unit Sea Esta in Pasir Ris earlier this year. The development consists of one- to four-bedroom units and penthouses and is located close to White Sands shopping centre, Loyang Point and E!Hub Downtown East. According to Goh, there are 16 units left for sale at Sea Esta.

Source: THEEDGE SINGAPORE