2500 units up for sale at Flora residential site

More units will be offered in the next few years with freehold units available for as low as $600-900psf.

In a research by Kim Eng, it stated that with Hong Leong’s and City Developments’ familiarity of the area, they topped the bid for a 99-year leasehold residential site south of Edelweiss (see map) and has now launched the project for sale. Continuing the tradition of naming its projects in alphabetical order, the new project –well, you guessed it–starts with H and is called Hedges Park Condominium.

The site also offers the south of Ferraria, which is in the Confirmed List of the Government Land Sales (GLS) programme and will be released for sale this month. In terms of demand, The Gale is fully sold with the last transaction done at just under $1m, or $847 psf, for a 1,150-sq-ft unit. The launch of Hedges Park Condominium will be a test of the demand in the area, and a gauge of how tender prices may turn out for the GLS site. To recap, the site where Hedges Park now stands was sold last May for $148.3m, or $321 psf ppr.

The Flora Road area is located in Pasir Ris in eastern Singapore, and is near to the Changi Prison. To the east of the prison is Singapore Changi Airport. The Flora Road area appeals to workers at nearby institutions such as the airport, and companies located at the Changi Business Park.

According to Kim Eng, there is an abundant supply of completed units in the area. The A-F collection alone has 2,500 units ready for occupation. And to the north of it are two other sizeable projects. In the pipeline, the Gale will add another 329 units in 2013 and Hedges Park Condominium will add 501 units in 2014. The future GLS site is expected to yield 380 units. In terms of price, there is something for everyone with freehold units available for as low as $600-900 psf.

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