Kovan Residences (D19, 99 years Leasehold, Duchess Development)

[richardsng_era]

Description: 8 Blocks of 17/18-storey condominium development with basement carpark & full condo facilities

Location: 1, 1A, 3, 3A, 5, 5A, 7, 7A Kovan Road

Tenure: 99 years (wef 31 Decemebr 2007)

Total Units: 521

Unit Types:
2 bdrm
3 bdrm
3 bdrm+study
4 bdrm
4 bdrm+study
Penthouses

Price: Avg. S$900psf

Expected Date of TOP: 2 October 2013

Facilities:
5Om Lap Pool

Spa Pool
Fun Pool
Main Pool
Dining Pavilion & Alfresco Dining Area

Fitness Area

Spa Pavilion
Multi-purpose Hard Court
Recreational Tennis Court

Play Ground

BBQ area
Outdoor Cabana
In-pool Refreshment Area
Jogging Track
Clubhouse
Steam Room and Changing Room
Sunken Gym

Spa Pavilion


Contact:
Richard Sng
ERA Singapore
HP: +65-92993342
Email: [email protected]
Skype: richardsng
Home Page: http://www.homes88.net , http://92993342.myweb.sg
My Space: http://richardsng-era.spaces.live.com

[iridrium]

Kovan Residences loh....

Any pictures or layout to share?

[KovanResidences]

http://www.ura.gov.sg/sales/simonrd31Aug06/intro-1.html

[KovanResidences]

http://www.ura.gov.sg/sales/simonrd31Aug06/intro-2.html

[mr funny]

http://www.businesstimes.com.sg/sub/...86362,00.html?

Published July 4, 2008

CDL opens Livia condo at Pasir Ris for preview

Initial units are priced at $650 psf on average; Kovan Residences launched

By KALPANA RASHIWALA


CITY Developments Ltd (CDL) has begun to preview its much-awaited Livia condo at Pasir Ris at an average price of about $650 psf for the initial batch of units, BT understands.

And next to Kovan MRT Station, the 512-unit Kovan Residences is being soft launched today and the average price is said to be $870 psf. Both projects are 99-year leasehold.

Market watchers reckon that the $650 psf average pricing for the initial phase of Livia's marketing effort is about 10 per cent lower than what the developer could have fetched 12 months ago. 'It might have been priced at $730-750 psf last year,' an industry observer suggested. The 724-unit condo is being developed at Pasir Ris Drive 1 on a plot that is part of the group's historical Pasir Ris landbank acquired decades ago.

CDL is developing Livia jointly with Hong Leong Holdings and Hong Realty. All three companies are part of Singapore's Hong Leong Group. Livia will have a total of 10 blocks, either 15 or 16 storeys high with units ranging from two-bedroom apartments to four bedders. There are also 12 penthouses.

Next to Kovan MRT Station, Centurion Kovan, controlled by UOB-Kay Hian stockbroker pair Han Seng Juan and David Loh Kim Kang, has been testing the waters for its 512-unit Kovan Residences. The average price is believed to be around $870 psf and industry talk is that some 20 cheques were offered to the developer after a well-attended dinner preview for Messrs Han's and Loh's stockbroking community contacts last Saturday. It is not known if options have been issued.

'Perhaps some of the potential buyers may have found the developer's proposed price a little challenging and made their counter offers with cheques,' a market watcher suggested.

Kovan Residences' soft launch begins today, BT understands. Officials from Centurion Kovan, part of the Duchess Development group, have not been returning BT's calls over the past few days.

Meanwhile, the project that started the current home buying wave, Ho Bee's 99-year leasehold Dakota Residences, is said to have sold 150 units since sales began a fortnight ago.

[iridrium]

http://www.ura.gov.sg/sales/simonrd31Aug06/intro-1.html

mmnn. thanks!Although I am referring to the layout of the development and the architect's rendering..

[mr funny]

http://www.businesstimes.com.sg/sub/...86501,00.html?

Published July 5, 2008

Kovan Residences preview sells 50

Average price is $870-900 psf; buyers mostly Singaporeans


MORE than 50 units have been sold at Kovan Residences since a private preview party last Saturday.


Poolside ambience: Kovan Residences will have 512 apartments in eight blocks, all 18 storeys high

The average price at the 99-year leasehold condominium next to Kovan MRT Station is between $870 per square foot (psf) and $900 psf. And the units sold so far include three penthouses that fetched about $2 million to $3 million each.

Buyers up to now are mainly Singaporeans, most of whom have private home addresses, although a few HDB upgraders have also bought.

'We have attracted buyers who are purchasing for their own occupation as well as for investment because of the convenient location next to an MRT station,' said Centurion Properties CEO Tony Bin, whose company is the majority shareholder of the project's developer Centurion Kovan. Lian Beng is another shareholder, with a 19 per cent stake.

Centurion Properties is ultimately controlled by UOB-Kay Hian stockbrokers Han Seng Juan and David Loh Kim Kang.

Last Saturday, they invited 150 business associates, friends and relatives to a private preview at the showflat, which eventually resulted in the 50-plus units being sold. Kovan Residences is also being marketed to Messrs Han and Loh's business associates in China and Hong Kong.

The lowest-priced unit in the development is a two-bedroom apartment for just over $700,000. The most expensive is a penthouse below $4 million. Three-bedroom apartments start from $1 million.

Kovan Residences will have 512 apartments in eight blocks, all 18 storeys high. The 16 penthouses in the development range from around 2,400-4,600 square feet and come with a private pool or a Jacuzzi. The project is being developed on a 190,000 sq ft site bought in a state tender in October last year for $436 psf per plot ratio.

Another new project being offered this weekend is Livia at Pasir Ris Drive 1. The average price is said to be $650 psf.

[Curious]

How did this project do over the weekend?

[easy]

sorry can only email cos dunno where's the attach icon.. leave behind yr email and i'll forward ... if you're living in the neighbourhood, do pop over for a visit, it's worth your trip to see the quality work put in developers' team..

[Curious]

How did this project do over the weekend?

Anyone knows?

[mr funny]

http://www.businesstimes.com.sg/sub/...86831,00.html?

Published July 8, 2008

Varying pace of sales at recently released projects

Most private homes register slower sales at the weekend

By KALPANA RASHIWALA


DEVELOPERS selling private homes had a mixed bag of results at the weekend.


Strong sales: The 99-year-leasehold Livia in Pasir Ris, where previews started last Friday, has chalked up relatively strong sales of 160 units

The 99-year-leasehold Livia in Pasir Ris, where previews started last Friday, has chalked up relatively strong sales of 160 units at an average of $650 per square foot (psf).

But sales were slower for most other recently released projects.

At Kovan Residences, another 20-plus units were sold at the weekend, taking total sales to more than 80 since the 99-year-leasehold project next to Kovan MRT Station was previewed at a private party on June 28.

The average price is between $870 and $900 psf.

Riding on the buying interest in Kovan Residences, MCL Land accelerated the preview of its 50-unit D-Pavilion, a freehold condo on Upper Serangoon Road slightly further away from Kovan MRT. It sold 10 units on Saturday and Sunday at an average price of $900 psf.

In Bishan, Sim Lian found buyers for another 59 units last week at its Clover By The Park condo, taking total sales to 254 since it previewed the 616-unit project on June 25.

The average price for the 99-year-leasehold project is $750 psf. Sim Lian also sold four units at The Amery in Telok Kurau last week, taking the total to 31 of the 78 units in the freehold development. The average price is $860 psf.

NTUC Choice Homes and Ho Bee Investment sold another 10 units at the weekend at Dakota Residences. The sales tally is 161 for the 348-unit, 99-year condo that is currently selling at an average price of $980 psf.

Commenting on the varying pace of sales, a developer said it is not unusual for transactions to taper off after the first weekend or two weekends of a launch, after initial demand has expressed itself and choice units are taken up.

Another developer said: 'I think potential buyers are nibbling. If they see a project they like and it's priced attractively, they'll go in. But buyers are very price-sensitive.'

Giving his take, a property consultant suggested: 'I've got the feeling these developers may be slowly pushing up prices; so demand has been tapering off.

'Once a developer has sold at least 30-40 per cent of units in a project, it may be slightly more comfortable with cash flow.

'It may then be prepared to sell the rest of the project at a slower pace if it can achieve higher prices.'

A more worrying reason could simply be that demand has dropped.

'People ask themselves: 'With all the global economic uncertainty, do I really need to buy a new home now?' said a market watcher.

City Developments Ltd said yesterday that most of the buyers at Livia are Singaporeans, while foreign buyers come from China, Indonesia, India, Malaysia and the Philippines.

Most people bought for owner occupation. The 160 units sold so far achieved prices of between $570 psf and $740 psf.

Prices start from $597,000 for a two-bedroom unit, $793,000 for a three-bedder and $991,000 for a four-bedder.

Hayden Properties starts to preview The Hamilton Scotts this week.

Prices are expected to start below $3,000 psf, though the average price is expected to be around $3,500 psf.

The freehold project comprises 54 apartments and two penthouses.

[737]

go take a look at the quality/design of this project... u'll be unduly delighted and probably think this project is in orchard/city... it's worth seeing developers putting more into mass market projects than delivering template designs and charging similar unit price of $870psf ...

[AmerySupporter]

go take a look at the quality/design of this project... u'll be unduly delighted and probably think this project is in orchard/city... it's worth seeing developers putting more into mass market projects than delivering template designs and charging similar unit price of $870psf ...

Hey.... the quality of the bathroom and the kitchen stuff sucks!!!! Not branded.... charging 900 psf... my goodness.... Kovan Melody going around 750 psf only.

Amery is solid!!! While small ...77 units... but finishing good.

[Unregistered888]

Hey.... the quality of the bathroom and the kitchen stuff sucks!!!! Not branded.... charging 900 psf... my goodness.... Kovan Melody going around 750 psf only.

Amery is solid!!! While small ...77 units... but finishing good.

amery is by sim lian i think. I can attest to their quality.....

[abyss]

Hey.... the quality of the bathroom and the kitchen stuff sucks!!!! Not branded.... charging 900 psf... my goodness.... Kovan Melody going around 750 psf only.

Amery is solid!!! While small ...77 units... but finishing good.

i like Amery too but not sure if Amery use branded , when I ask the agent, they like dont want to commit to say what brand will be used, including the aircon.

[inferno]

Any views on Kovan Residences? Was there at its showflat over the weekend and flooded by local home seekers. Seems like pricing for the remaining unlaunched units will go higher.

[Unregisteredzzz]

Any views on Kovan Residences? Was there at its showflat over the weekend and flooded by local home seekers. Seems like pricing for the remaining unlaunched units will go higher.

This testifies to the fact that closeness to MRT is very important.

[yulishu]

in future, with so many mrt stations and if surrounding large land plots are assigned to private residential, those without will have reduced appeal.. esp amidst rising transport costs...

frankly kovan melody given 700psf i also dont want.. it doesnt even fall into my shortlisted projects cos boring designs... some hdb designs can even rival that..telok kurau cosy place for family and those who prefer quietness.. but projects quite template .. if u like sim lian's designs, u can see "uniformity" throughout their projects.. layout a bit "unusual" ..

inferno, do share yr feedback on kr showflat units .. good or bad doesnt matter ..

[Kiasu]

This testifies to the fact that closeness to MRT is very important.

Not only important. In fact, it's the key to command higher prices. With skyhigh petrol price, ERP, and higher car maintenance costs, taking MRT is the only logical solution.

[schools]

I think it depends as well... some parents wants to be near good schools hence u see Amber area within 1km of tao nan is so popular....
same for Clover that although its 2.5 bus stops away to bishan MRT, some parents would like the close proximity to Catholic High and Raffles Instituition.

KR is not bad but a bit overpriced.... The balcony is huge and the planter seems longer or more compared to others....
rooms are small.... and the landscape seems crowded with a narrow pool and blocks appear facing each other too closely just like HDBs....

[inferno]

in future, with so many mrt stations and if surrounding large land plots are assigned to private residential, those without will have reduced appeal.. esp amidst rising transport costs...

frankly kovan melody given 700psf i also dont want.. it doesnt even fall into my shortlisted projects cos boring designs... some hdb designs can even rival that..telok kurau cosy place for family and those who prefer quietness.. but projects quite template .. if u like sim lian's designs, u can see "uniformity" throughout their projects.. layout a bit "unusual" ..

inferno, do share yr feedback on kr showflat units .. good or bad doesnt matter ..

Hi Yulishu,

Looking at the layout of the blocks, i think KR seems to give more breathing space as the blocks are not as closely pack together as KM. But then for a price difference of up to S$150 psf, im not sure is the price justifiable for KR, given that the 2 projects are just side by side.

Just to update, heard from an agent that a 2 rm 4th floor unit launch launched last wkend was gone for 750k, about 50k higher than an earlier launched 2 rm unit that is just a floor below...2 rooms units are really gg fast!

[mr funny]

http://www.businesstimes.com.sg/sub/...87712,00.html?

Published July 15, 2008

Condo sales at showflats tapering off

One developer blames Livia's pricing for 'spoiling' other projects' sales

By KALPANA RASHIWALA


WHILE City Developments managed to sell 96 units last week at its Livia condo at Pasir Ris, developers of most other projects suffered rapidly declining sales at their showflats.


Woodsville 28: When Frasers Centrepoint previews its project this weekend, the stakes for nearby Kovan Residences are expected to go up

At least one developer blamed Livia's attractive pricing - $650 psf on average - for 'spoiling' sales of other projects, while others said a tapering off was to be expected given negative news flows from overseas on the state of the financial and stock markets.

Developers and property agents generally reported still strong turnouts at showflats last weekend, although take-up slowed.

Sim Lian sold 19 units last week at its Clover By The Park condo in Bishan, less than the 59-unit sales it achieved in the preceding week. To date, Sim Lian has sold 273 of the total 616 units in the project. 'That's almost 45 per cent of a large project in just three weeks; that's quite an achievement given current market sentiment,' Sim Lian Group executive director Diana Kuik said when approached by BT.

The 99-year leasehold project's average price remains at $750 psf.

Sim Lian also sold a unit at The Amery, a freehold project in the Telok Kurau area, last week - again a less sparkling performance than the four units it sold a week earlier.

Next to Geylang River, NTUC Choice Homes and Ho Bee found buyers for another nine units at Dakota Residences last weekend. This brings total sales to 170 units in the 99-year project, which has an average price of about $980 psf.

Over in the Kovan MRT Station vicinity, the developer of Kovan Residences sold about 20 units last week, bringing total sales to over 100 units since the 99-year project was previewed at a private party on June 28. The average price is somewhere in the $870-900 psf range. Nearby, MCL Land sold another three units at its D-Pavilion, a freehold project priced at $900 psf on average last week. This was a slower sales rate than initial sales of 10 units the preceding weekend.

The stakes will go up for these two developers when Frasers Centrepoint previews this weekend its Woodsville 28 near Potong Pasir MRT Station - which is three MRT stops closer to town than Kovan MRT Station.

The 110-unit condo will have an average price of $880 psf. The 99-year leasehold development comprises two 17-storey blocks.

'The two- and three-bedder units, with respective average sizes of 883 sq ft and 1,195 sq ft, are about 5 to 6 per cent smaller than conventional units as we've adjusted our sizes to fit the profile of the market we're targeting - those just starting their families or young couples who want to stay near the city and even retirees.

'Two-bedroom apartments start at $700,000 and three-bedders from just over $1 million,' says Frasers Centrepoint Homes chief operating officer Cheang Kok Kheong.

CDL's spokeswoman said Livia saw strong take-up of various unit types last week, especially two- and three-bedders. 'The four-bedroom apartments were purchased either for owner occupation or rental potential in view of United World College's East Campus coming up in the vicinity.

'The project's average price remains $650 psf, with prices for certain unit types and facing being upped by 1-3 per cent for the latest release of 120 units last weekend,' she added.

The 96 units sold at Livia last week contrasted with sales of 160 units in the preceding week when CDL previewed the 99-year leasehold project, resulting in total sales of 256 units. So far, 320 of the condo's total 724 units have been released.

A veteran property consultant said: 'Crowds were generally still very good at showflats last weekend, though take-up has slowed. In any development, demand for 30-40 per cent of units comes from the surrounding population catchment. Usually that's the case, good or bad times.

'Once sales in a project launch hits a certain percentage from this catchment demand, developers have to attract people from other parts of Singapore. That's a tougher job, with a lot more convincing to be done compared with selling to people who already know the area.'

Another problem is that buyers are unsure of the property market's direction. 'Even when there are attractively priced projects, potential buyers worry if property prices will go down further. They also ask themselves whether they really need to upgrade; they worry about the economy and their jobs. The bad news coming out from financial institutions in the US is a big concern,' a property agent said.

On a more positive note, Sim Lian's Ms Kuik said: 'If you have a good product in a location where there's a pool of buyers and if your pricing is reasonable, there will be take-up.'

[URA]

Private Residential Units Sold in the Month of June 2008

Project Name ..... Locality . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
Kovan Residences . OCR ....... 29 ............................. 947 ................ 887 ............... 817

[bad bad]

this forum is quiet... i think the most overpriced launched among the rest!

[iridrium]

this forum is quiet... i think the most overpriced launched among the rest!

Yeah, I have to agree. But the showflat is pretty impressive, three different types for viewing.Finishes and ID quite good too. As usual, for this category of development, no matter how upmarket the developer tried to make it, you still find a lot of aunties carry their shopping bags from Heartland mall at the showflat.

All the units have huge balcony + planter, they even have planter box in the bedroom! Huge swimming pool like Kovan Melody, but they are providing only one tennis court for 500+ units. Ridiculous!

One good thing is that the developer is pretty flexible and provided a lot of option to configure the house.

I think if located next to an MRT is not essential, one might have better options elsewhere.

[boobuu]

i think the design allocation is flawed.
all the 3+study faces out, no pool view...

means there were popular units but they dont face inside...
pool looks big on paper but i think its rather narrow....
hence they created one 50m lap and one main pool....

the planter is really a waste.. its almost half the balcony....
it should cover only 30% of the balcony....

[Buyer88]

By Foo Sze Ming
Wed, 16 Jul 2008, 10:12:22 SGT

URA released its June transaction data for private residential properties yesterday. Launches of non-landed properties jumped 149.3% MoM to 1,057 units in June, buoyed by the surge in mass market property launches in Rest of Central Region. Transaction volume for non-landed properties also surged and reached a high since September 2007. Demand for mass market projects remained healthy, with some of the newly-launched projects achieving over 60% take-up rate. Little activities were seen in the mid- and high-end market properties but pricing remained resilient in June. Approximately 72.8% of the transactions came from 8 new launches and older launches are seeing fewer transactions and we do not dismiss the possibility of developers lowering their selling prices if unsold inventories continue to build up. We reiterate our BUY recommendations for UOL with fair value of S$4.94 and Soilbuild with fair value of S$1.20.

Surge in launches and transaction volumes in June. URA released its June transaction data for private residential properties yesterday. Launches of non-landed properties (NLP) jumped 149.3% MoM to 1,057 units in June, buoyed by the surge in mass-market property projects in Rest of Central Region (RCR). NLP transaction volume also surged 90.4% MoM in June and reached a new high since September 2007. Although the take-up rate for units in Outside Central Region (OCR) fell to 65.4% in June, the take-up rate in RCR soared to 74.3%.

Take-up rate healthy for mass market projects. Significant mass-market projects launched in June include Clover by the Park (308 units in RCR), Dakota Residences (210 units in RCR) and Kovan Residences (100 units in OCR); they achieved take-up rates of 64.0%, 68.4% and 29.0%, respectively. We believe that such take-up rates are commendable under the current challenging market condition. This shows underlying strength in the mass-market segment.

Resilient pricing in mid market properties amidst thin volume. Other than Parc Sophia, there were no significant new launches in the mid- and high-end segments; take-up rate for Parc Sophia was also comparatively lower at 40.1%, possibly due to greater caution exercised by buyers for pricier projects. Other mid-market projects like Mount Sophia Suites and Parc Centennial are still seeing resilient pricing albeit amidst thin volume. In the luxury segment, Nassim Park Residence sold another 15 units in June and achieved a take-up rate of 77.1% for the 70 units launched so far.

Look out for building up of unsold inventories. We note that 72.8% of the June transactions came from eight new launches while older launches saw fewer transactions. We estimate that there is still some 2,720 of launched but unsold units from older projects and do not dismiss the possibility of developers lowering their selling prices if unsold inventories continue to build up. Also, developers may launch more projects ahead of the Chinese Lunar Seventh Month and also to take advantage of the improving sentiment and this may dampen pricing going forward.

Revisiting our recommendations. While the data points towards an improvement in the property market, underlying strength still largely lies in the mass-market segment. We reiterate our BUY recommendations for UOL with fair value of S$4.94 and Soilbuild with fair value of S$1.20 as the remaining of their residential development projects fall into the mid- to mass-market segment, which is still seeing resilient pricing and healthy take-ups so far.

[abyss]

went to view the showflat today. Alot of the living room space is taken by the big balcony and planter , feel very wasted.

The other big balcony and planter development that I've seen is Breeze by the East but it is freehold compared to KR 99 years and more exclusive , just 88 units.

Oh ya, the brochure shrink water liao, the agent told me the very nice one no more stock after last weekend big turn out.

[Passerby]

went to view the showflat today. Alot of the living room space is taken by the big balcony and planter , feel very wasted.

The other big balcony and planter development that I've seen is Breeze by the East but it is freehold compared to KR 99 years and more exclusive , just 88 units.

Oh ya, the brochure shrink water liao, the agent told me the very nice one no more stock after last weekend big turn out.

Agree... too much wastage.... felt the same way at Clover. Look at the super big planter box.... and getting charge for them.

Btw:... think at 900 psf.... over priced for a serangoon area.

[cl0ver]

Clover's planter is not as HUGE as KR. I think KR's planter takes up half of the balcony....

Just look at Clover's. I think its acceptable and i would love to put some greenery there.