PDA

View Full Version : Kovan Residences (D19, 99 years Leasehold, Duchess Development)



Pages : [1] 2

richardsng_era
03-07-08, 18:29
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] ([email protected])
Skype: richardsng
Home Page: http://www.homes88.net (http://www.homes88.net/) , http://92993342.myweb.sg (http://92993342.myweb.sg)
My Space: http://richardsng-era.spaces.live.com (http://richardsng-era.spaces.live.com/)

iridrium
04-07-08, 11:03
Kovan Residences loh....

Any pictures or layout to share?

KovanResidences
04-07-08, 12:30
http://www.ura.gov.sg/sales/simonrd31Aug06/intro-1.html

KovanResidences
04-07-08, 12:31
http://www.ura.gov.sg/sales/simonrd31Aug06/intro-2.html

mr funny
04-07-08, 14:11
http://www.businesstimes.com.sg/sub/news/story/0,4574,286362,00.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
04-07-08, 15:23
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
05-07-08, 21:56
http://www.businesstimes.com.sg/sub/news/story/0,4574,286501,00.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.

http://www.businesstimes.com.sg/mnt/media/image/launched/2008-07-05/BT_IMAGES_KRKOVAN5.jpg
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
06-07-08, 23:34
How did this project do over the weekend?

easy
07-07-08, 07:44
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
07-07-08, 22:27
How did this project do over the weekend?
Anyone knows?

mr funny
08-07-08, 10:37
http://www.businesstimes.com.sg/sub/suite/story/0,4574,286831,00.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.

http://www.businesstimes.com.sg/mnt/media/image/launched/2008-07-08/BT_IMAGES_KRTAKEUP8-E27.jpg
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
10-07-08, 08:37
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
13-07-08, 20:50
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
13-07-08, 21:28
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
13-07-08, 21:28
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
14-07-08, 08:32
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
14-07-08, 08:49
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
14-07-08, 10:50
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
14-07-08, 10:55
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
14-07-08, 11:03
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
14-07-08, 21:07
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
15-07-08, 09:58
http://www.businesstimes.com.sg/sub/suite/story/0,4574,287712,00.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.

http://www.businesstimes.com.sg/mnt/media/image/launched/2008-07-15/BT_IMAGES_KRTAKE15.jpg
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
15-07-08, 12:57
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
17-07-08, 09:18
this forum is quiet... i think the most overpriced launched among the rest!

iridrium
17-07-08, 10:00
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
17-07-08, 11:44
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
18-07-08, 06:03
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
19-07-08, 21:15
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
19-07-08, 21:26
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
20-07-08, 14:43
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.

http://img.photobucket.com/albums/v130/cikgoo/CloverPlanter.jpg

Heard
23-07-08, 09:55
Heard that most of the units bought were by the remisiers!

Rumours
23-07-08, 14:01
Heard that most of the units bought were by the remisiers!

any reason why they buy?

Look at the road there... jam every morning and every evening... with KR residences moving in 3 years from now... it is going to be worse.....

Heard
23-07-08, 14:55
any reason why they buy?

Look at the road there... jam every morning and every evening... with KR residences moving in 3 years from now... it is going to be worse.....

In support of the "star" remisiers who are building this project lorh...public interest for this project is really low...

frontosa
23-07-08, 16:46
I think the overall look is nice.

Unregister
23-07-08, 18:06
In support of the "star" remisiers who are building this project lorh...public interest for this project is really low...

Bought blindly..... will regret.......

Unregistered0001
24-07-08, 04:53
This development really sucks...When I asked the agent why planter area so huge, she reply its to bring the garden into your home...alamak, try to smoke also fail...They charging you more for less space given!

Way overpriced...location not as lucrative as some other closer to city...think the sales result is truly reflected...not doing so well haha...

UnregĄstered
24-07-08, 10:39
Bought blindly..... will regret.......
Another wild assumption from you again?

Nanana
24-07-08, 13:25
This development really sucks...When I asked the agent why planter area so huge, she reply its to bring the garden into your home...alamak, try to smoke also fail...They charging you more for less space given!

Way overpriced...location not as lucrative as some other closer to city...think the sales result is truly reflected...not doing so well haha...

Agree...I think it is not moving coz it is overpriced...people tend to compare this with Kovan Melody next door...although it is older and not as pretty...but it shares similar pros/cons of the location.

The planter boxes are the biggest I've seen amongst recently launched projects!...and for 3/4 bdrm...there are at least 3 planter boxes in different corners of the house!

Unregister
24-07-08, 16:16
Another wild assumption from you again?

The only thing wild is to jump is to buy ..... reckless even.....

Disappointed
26-07-08, 21:57
Went to have a look at Kovan Residences. Very disappointed. Feel that the developer did not put in much heart into the interior design of the unit...a lot of wasted space and finishing not up to expectation. Master bedroom small compared to other projects. The Quartz designed better. Some of the facilities such as In Pool Refreshment sounds very unique and luxurious but lack practicality, including bringing in of a chef to cook at the Dining Pavilion. Pattern more than badminton. The only plus point which the agent kept hammering on is the close proximity to Kovan MRT. For investors who put in $800K plus for a 2 bedroom unit, I think it is way overpriced for the finishing. However, agent mentioned that the stacks at Blk 7A nearest the exit to the MRT station all snapped up.

For 3 bedrooms, one need to cough up around 1.1Mil to 1.2Mil for a 1281sq ft unit. Think getting a freehold property even more worth it. But agent said that there is no difference between freehold property and leasehold property these days as government can acquire your property anytime.

Summarising, think that there are more beautiful and refined projects in the North East area. In addition, the numerous stack plus Kovan Melody units nearby lessen the exclusive feel. But for people who like the benefit of MRT station, then it maybe worthwhile to invest in it. As to whether the price will shoot up during TOP....well it remains to be seen. I just can't picture secondary market buying a 2 bedroom unit at over $1 Mil at TOP for Kovan area. Prospective buyers may want to drive further up to see The Florentine showflat at nearby Florence Road.

yulishu
27-07-08, 00:15
inferno - projects of the same scale, locations, newly launched (kv) and latest oldest (km), the price gap is about 100-150psf... mid..

to the rest forumers - i'm a balcony lover as i enjoy open air, esp during certain months when the weather is rather breezy.. balcony and planters (once levelled up) may serve the same purpose.. it creates the feel of space as it opens up with only a half height barrier. for those observant ones, if u look at KR's 3 & 4th bd showflats, u'll notice the enclosed (shutters) effect vs the open effect at balconies. for the planters in the rooms, u sld see it as a balcony area for u to sun your pillows and mattresses easily as well as serving other useful functions. it's really up to your creativity how u utilise them.

for balcony lovers, i think this is one of the few projects that deliver balconies similar to those in luxurious condos... not fake small sized balconies. plus in future, with balconies and planters being accoutned for in the gfa, the costs of balconies and planters will be higher and hence developers will be less inclined to include them in project designs. presently, i'd see the balconies offered as being "subsidised", reason being, developers mark up based on purchased costs, which at the moment minus the government's cost component for balconies & planters components.

KR's strengths lie not only in the mrt and that pro is currently being shared by KM too. if compared to other locations, yes, kovan's network is better as it's 1-stop away from the serangoon mrt interchange that connects to the north/west and east/west mrt lines.

if compared to KM, there's no need to elaborate. as for the prices, it is consistent with the market prices at mass market locations, with the same scale, floor, orientation, location. however, it is better in terms of exterior designs as the developers put in more efforts to differentiate itself from other template condo designs. KR's exterior design scores well A2-A1 quality. on the other hand, its interior design simply adheres to basic design concept which maximises available space. it's basically simple yet elegant B3. in terms of interior layout design, more focus has been put into the living area, a place for bonding and the rest rooms, a place to unwind and refresh for the day.

for those choosing to enter the mass market at this moment, you're advised to at least pick one midway of whichever lines, not at the far ends of them. those in the further ends are cheaper but will have less market resale appeal and transport time/cost benefits.

the 3 new concept features - the dining pavillion, cabanas, the spa pavillion are meant to value add to your lifestyle instead of just bbq bbq bbq. just like the balconies and planters. if u're not ready to adapt yourself to inject new living habits, even if given a bigger box, u'll continue to let yourself live the same old ways. allow yourself new stimuli so as to enrich your lifestyles.

Unregistered0001
27-07-08, 19:00
Haha...spoken like a true agent...maybe when i have time can point out your flawed arguments...


inferno - projects of the same scale, locations, newly launched (kv) and latest oldest (km), the price gap is about 100-150psf... mid..

to the rest forumers - i'm a balcony lover as i enjoy open air, esp during certain months when the weather is rather breezy.. balcony and planters (once levelled up) may serve the same purpose.. it creates the feel of space as it opens up with only a half height barrier. for those observant ones, if u look at KR's 3 & 4th bd showflats, u'll notice the enclosed (shutters) effect vs the open effect at balconies. for the planters in the rooms, u sld see it as a balcony area for u to sun your pillows and mattresses easily as well as serving other useful functions. it's really up to your creativity how u utilise them.

for balcony lovers, i think this is one of the few projects that deliver balconies similar to those in luxurious condos... not fake small sized balconies. plus in future, with balconies and planters being accoutned for in the gfa, the costs of balconies and planters will be higher and hence developers will be less inclined to include them in project designs. presently, i'd see the balconies offered as being "subsidised", reason being, developers mark up based on purchased costs, which at the moment minus the government's cost component for balconies & planters components.

KR's strengths lie not only in the mrt and that pro is currently being shared by KM too. if compared to other locations, yes, kovan's network is better as it's 1-stop away from the serangoon mrt interchange that connects to the north/west and east/west mrt lines.

if compared to KM, there's no need to elaborate. as for the prices, it is consistent with the market prices at mass market locations, with the same scale, floor, orientation, location. however, it is better in terms of exterior designs as the developers put in more efforts to differentiate itself from other template condo designs. KR's exterior design scores well A2-A1 quality. on the other hand, its interior design simply adheres to basic design concept which maximises available space. it's basically simple yet elegant B3. in terms of interior layout design, more focus has been put into the living area, a place for bonding and the rest rooms, a place to unwind and refresh for the day.

for those choosing to enter the mass market at this moment, you're advised to at least pick one midway of whichever lines, not at the far ends of them. those in the further ends are cheaper but will have less market resale appeal and transport time/cost benefits.

the 3 new concept features - the dining pavillion, cabanas, the spa pavillion are meant to value add to your lifestyle instead of just bbq bbq bbq. just like the balconies and planters. if u're not ready to adapt yourself to inject new living habits, even if given a bigger box, u'll continue to let yourself live the same old ways. allow yourself new stimuli so as to enrich your lifestyles.

Disappointed
27-07-08, 20:41
Haha, hi unregistered001, care to share some of your views for the sake of other prospective buyers in order for all of us to make a more informed choice?

11
27-07-08, 20:51
Went to have a look at Kovan Residences. Very disappointed. Feel that the developer did not put in much heart into the interior design of the unit...a lot of wasted space and finishing not up to expectation. Master bedroom small compared to other projects. The Quartz designed better. Some of the facilities such as In Pool Refreshment sounds very unique and luxurious but lack practicality, including bringing in of a chef to cook at the Dining Pavilion. Pattern more than badminton. The only plus point which the agent kept hammering on is the close proximity to Kovan MRT. For investors who put in $800K plus for a 2 bedroom unit, I think it is way overpriced for the finishing. However, agent mentioned that the stacks at Blk 7A nearest the exit to the MRT station all snapped up.

For 3 bedrooms, one need to cough up around 1.1Mil to 1.2Mil for a 1281sq ft unit. Think getting a freehold property even more worth it. But agent said that there is no difference between freehold property and leasehold property these days as government can acquire your property anytime.

Summarising, think that there are more beautiful and refined projects in the North East area. In addition, the numerous stack plus Kovan Melody units nearby lessen the exclusive feel. But for people who like the benefit of MRT station, then it maybe worthwhile to invest in it. As to whether the price will shoot up during TOP....well it remains to be seen. I just can't picture secondary market buying a 2 bedroom unit at over $1 Mil at TOP for Kovan area. Prospective buyers may want to drive further up to see The Florentine showflat at nearby Florence Road.

Private housing market colleapsing very soon, by end year prices will go down by at least 30%, why buy anything now?

yulishu
28-07-08, 06:54
Unregistered0001 - yes, pls do give us some time and share with us yr views and point out the flaws. everyone sees things from different perspectives, so it'll be good to learn from each other.

frankly in condo selection, with the exception to statutory related matters, there's no right or wrong answers, more important is what matters most to the buyers after considering all factors. though like it or not, lots of time, we make decision based on prices.

would sincerely like to hear a different perspective. personally, hardly accord a good pass to 3-5 projects per yr, so the eagerness to learn why the kr shouldnt make it so as to tighten selection criteria.

UnregĄstered
28-07-08, 13:08
Private housing market colleapsing very soon, by end year prices will go down by at least 30%, why buy anything now?
You say going by 30%.
They say going up by 30%.
All are talking cock cos' talk is free.
That's why people are ignoring these cocks from you and buying based on their own analysis.

iridrium
30-07-08, 13:45
the post by yulishu is pretty :doh: .

'u'll notice the enclosed (shutters) effect vs the open effect at balconies'
The showflat removed the door panels leading to the balconies, in actual situation, it will be impractical to remove the panels. The 'open effect' is not there anymore.

'for balcony lovers, i think this is one of the few projects that deliver balconies similar to those in luxurious condos... not fake small sized balconies. plus in future, with balconies and planters being accoutned for in the gfa, the costs of balconies and planters will be higher and hence developers will be less inclined to include them in project designs. presently, i'd see the balconies offered as being "subsidised", reason being, developers mark up based on purchased costs, which at the moment minus the government's cost component for balconies & planters components.'

Currently you are paying the full price for balconies and planter boxes. These are the spaces which the developer got them for free hence a lot of buyers don't like the idea of paying so much $ for big balcony space for the purpose of "airing pillow and mattresses'. There is no subsidy in selling you balconies and planter boxes full price.

In the future, the developer will be more wary of providing big balconies for the reason that they will have to pay full price for it and cannot profit from it. This is the reason for the government to pass the ruling to prevent developers for further exploit the system.

'if compared to other locations, yes, kovan's network is better as it's 1-stop away from the serangoon mrt interchange that connects to the north/west and east/west mrt lines. '

Why not stay near Serangoon MRT interchange then?

'however, it is better in terms of exterior designs as the developers put in more efforts to differentiate itself from other template condo designs. KR's exterior design scores well A2-A1 quality. on the other hand, its interior design simply adheres to basic design concept which maximises available space. it's basically simple yet elegant B3. in terms of interior layout design, more focus has been put into the living area, a place for bonding and the rest rooms, a place to unwind and refresh for the day. '

I agree the exterior is pretty attractive. The interior design is done by the famous Suiying design, all the three showflats are heavily treated by the ID. So effectively, what you see is NOT what you get. Noticed the sofa and carpet placement actually pushed beyond the living room boundary to the balcony? It is not realistic given that the actual house will have door sliding tread across the floor. In any case, any serious buyer should differentiate between what will be provided by the developer and what is ID treatment.

'the 3 new concept features - the dining pavillion, cabanas, the spa pavillion are meant to value add to your lifestyle instead of just bbq bbq bbq. just like the balconies and planters. if u're not ready to adapt yourself to inject new living habits, even if given a bigger box, u'll continue to let yourself live the same old ways. allow yourself new stimuli so as to enrich your lifestyles'

These concepts are a waste of time, and nothing new. It will probably works in the high class district where the ang mo like to wine and dine. End of the day, it will probably be filled with children and aunties overrunning the whole facilities. Why not build another tennis court instead of these? At least the 500++ household will have two tennis court instead of one.

yulishu
31-07-08, 00:11
irridium - assuming 6 sliding glass doors, they'll be pulled to each side... so left 4 panels of empty open effect.. and when we talk about open effect, it is versus full enclosed concrete... balconies/planters offers u wider options in terms of use, totally dependent on yr creativity... eg. if u shut the mind, nothing can happen... if u open yr mind, everything is a possibility...

not sure if u're in the sales biz... in sales, it's usually a case of mark-up above costs.. case 1 - so if govt charges u $100 for 100 apples and give u 5 bonus free apple, when u resell yr apples, yr costs is effectively 100/105 and yr selling price is marked up from that unit costs...compared this to case 2 - so if govt charges u $105 for 105 apples, when u resell yr apples, yr costs is effectively 105/105 and yr selling price is marked up from that unit costs...hope u understand this simple concept.. basically, all businesses exist to make profits, not loss... so the entire supply chain is accordingly marked up for each layer.....so for whatever govt charges, the developers will mark up from there... if govt doesnt charge, that's the amount u're saving, count yr blessings, which will not be the case in future...

why not serangoon? simply cos there's nothing there at the moment... if there were 2 kovan residences - one at kovan and the other at serangoon, ignoring other factors such as the facilities in each location, the kr at serangoon is a better choice.

with regard to the balconies and the furniture, i think u've not been properly explained their significance. actually, unlike you, i'm not exactly bowled over by the interiors... doesnt matter designer famous or not... the purpose of the sofa beyond the balcony doors is to demonstrate to visitors the flexibility of a balcony as opposed to an enlosed room, in a situation where u've a higher than usual guest group. u can still shift your furniture around to the immediate edge of the balcony... accommodate it and expand yr area for crowd movement...

think u'd not been cued in properly before yr showflat tour... like i always tell my visitors - when u visit a showflat to buy a new condo, imagine u're buying an empty concrete box, so the bigger the better, with kitchen and toilet stuff provided (except washing machine & fridge) plus a wardrobe in all bedrooms & aircon.. ignore the all id works completely. ... with that, we'll hear less of "what you see is NOT what you get" at showflats...fair to all parties involved...also condo living is unlike hdb or landed living... u need to be mentally prepared to welcome change and uplift yr lifestyle in the new environment..

pls go around the various condos and check the usage levels of the tennis courts... it's ok u dont appreciate the 3 new features the developers put in... but it's only fair to give due recognition for efforts put in by the developers to differentiate from the other projects by other industry veterans.... just remember, a tennis court can only benefit 2 or 4 players at one go... while each pavillions can benefit a larger crowd...

i'm hoping to hear from Unregistered0001... maybe we'll have new insights... just remember i'm not here to argue for the sake of arguments but to share a line of objective thoughts..

Yulishu is dumb
31-07-08, 06:48
Kovan residences isn't exactly flying off the shelves...Basic fact is, consumers aren't sold on the development cos its overpriced...

I guess only buyers who bought it will defend it (dun worry, its natural and we understand u need to feel reassured)...

In another 6 months, there will still be empty units, unless the price drops...those who bought it early can only sucj thumbs and rail against their decision...

iridrium
31-07-08, 18:52
To quote yulishu, since i have a bit of time, let me walk you through why you are wrong,

'assuming 6 sliding glass doors, they'll be pulled to each side... so left 4 panels of empty open effect.. and when we talk about open effect, it is versus full enclosed concrete... balconies/planters offers u wider options in terms of use, totally dependent on yr creativity'

having six panel of glass means there will be a need to have at least 3 sliding tread, do you have any idea how big the tread is? Moreover, how practical is it to slide 2 panel of glass doors each side open everyday? And expose your house and furniture to the dusty and sun? Kovan residence is not excactly located in the midde of a nature reserve. When the facing is bad, the more the glass, the more likely there will be greenhouse effect, making your house extremely hot and unbearable. So what you do? Make huge length of curtain to block out the sun? Which then defeat the purpose of your "open mind".


'not sure if u're in the sales biz... in sales, it's usually a case of mark-up above costs.. case 1 - so if govt charges u $100 for 100 apples and give u 5 bonus free apple, when u resell yr apples, yr costs is effectively 100/105 and yr selling price is marked up from that unit costs...compared this to case 2 - so if govt charges u $105 for 105 apples, when u resell yr apples, yr costs is effectively 105/105 and yr selling price is marked up from that unit costs...hope u understand this simple concept.. basically, all businesses exist to make profits, not loss... so the entire supply chain is accordingly marked up for each layer.....so for whatever govt charges, the developers will mark up from there... if govt doesnt charge, that's the amount u're saving, count yr blessings, which will not be the case in future...'

I dont know what are you talking about, it is fair that the developer can charge for the land + construction + profit margin. But to give huge balcony (which is given free by the government) and charge full price to the consumer is not. IT IS unethical. Why, because not everyone can open his mind like you and make full use of the balcony.


'with regard to the balconies and the furniture, i think u've not been properly explained their significance. actually, unlike you, i'm not exactly bowled over by the interiors... doesnt matter designer famous or not... the purpose of the sofa beyond the balcony doors is to demonstrate to visitors the flexibility of a balcony as opposed to an enlosed room, in a situation where u've a higher than usual guest group. u can still shift your furniture around to the immediate edge of the balcony... accommodate it and expand yr area for crowd movement... '

If you have a huge kick ass sofa, you think you can easily move it around to your balcony? You think that will be light , or practical? If you have a party on a hot day, how many of your guest want to have a suntan sitting in your kick ass sofa in the balcony? and for your infor, the balcony and living room boundary will not be smooth, unlike what you see in the showflat! There will be level difference for water drainage! add in the sliding door tread, do you think it is easy to move your furniture around much? In any event. how often will you have party? Everyday?

'think u'd not been cued in properly before yr showflat tour... like i always tell my visitors - when u visit a showflat to buy a new condo, imagine u're buying an empty concrete box, so the bigger the better, with kitchen and toilet stuff provided (except washing machine & fridge) plus a wardrobe in all bedrooms & aircon.. ignore the all id works completely. ... with that, we'll hear less of "what you see is NOT what you get" at showflats...fair to all parties involved...also condo living is unlike hdb or landed living... u need to be mentally prepared to welcome change and uplift yr lifestyle in the new environment..'

If that is the case, see the showflat for what? just sell off the plans then.

'pls go around the various condos and check the usage levels of the tennis courts... it's ok u dont appreciate the 3 new features the developers put in... but it's only fair to give due recognition for efforts put in by the developers to differentiate from the other projects by other industry veterans.... just remember, a tennis court can only benefit 2 or 4 players at one go... while each pavillions can benefit a larger crowd... '

Why dont you go to various condo and tell us what is the usage level? you are the agent after all. I will give due recognition, if only it is not a lame half hearted attempt to do so. Some projects are due to greatness, some just try too hard,

Crazy
06-08-08, 16:38
Wow..I went down to showflat expecting to be impressed..and I was..by the showflats...the other things..not so much...

I think this development is sadly overpriced...set against the available ones in the area like Kovan Melody for 1, its going to be a hard battle convincing the general public it is special...

With the economic uncertainty hanging in the near horizon, i doubt the project will be a hugely successful..it tries to offer unique "gems" like the alfresco dining and massage sanctuary, but is simply positioning these as "good-to-have" ...

URA
17-09-08, 12:51
Private Residential Units Sold in the Month of August 2008

Project Name ..... Locality . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
Kovan Residences . OCR ....... 9 ............................... 954 ................ 895 ............... 797

Un
18-09-08, 19:09
Wow..I went down to showflat expecting to be impressed..and I was..by the showflats...the other things..not so much...

I think this development is sadly overpriced...set against the available ones in the area like Kovan Melody for 1, its going to be a hard battle convincing the general public it is special...

With the economic uncertainty hanging in the near horizon, i doubt the project will be a hugely successful..it tries to offer unique "gems" like the alfresco dining and massage sanctuary, but is simply positioning these as "good-to-have" ...No use of telling theory here. Die hard buyers still buying. So what even the whole Singapore economy collapse. We have to admit that market flooded with money in Singapore. Economy theory does not applied here.

KK1
22-09-08, 05:11
No use of telling theory here. Die hard buyers still buying. So what even the whole Singapore economy collapse. We have to admit that market flooded with money in Singapore. Economy theory does not applied here.

Economy theory applies definitely. IF whole of Singapore economy collapse as you said, then businesses will fail and people will lose jobs. In that case, the demand for private properties will be hard hit and thus economy theory applies. Developers for Prime districts are now more willing to give additional discount to get rid of their inventory.

Prices of Kovan Residences will drop once those rich players get hit badly in their personal finances. IF the economy does not recover soon, the current prices will be unsustainable. Common sense.

recession
22-09-08, 08:36
Economy theory applies definitely. IF whole of Singapore economy collapse as you said, then businesses will fail and people will lose jobs. In that case, the demand for private properties will be hard hit and thus economy theory applies. Developers for Prime districts are now more willing to give additional discount to get rid of their inventory.

Prices of Kovan Residences will drop once those rich players get hit badly in their personal finances. IF the economy does not recover soon, the current prices will be unsustainable. Common sense.

Whoo hoo!!!!!!!!!!! Thaman says that SG will go into technical recession soon!!!!!!!!!!!

T. Shanmugaratnam
22-09-08, 09:47
Whoo hoo!!!!!!!!!!! Thaman says that SG will go into technical recession soon!!!!!!!!!!!
It is wrong of you to misquote me. Please be a responsible netizen.

I said "it is possible". I did not say "it will" or "it will soon".

I did say "it is too early to make a prediction and much depends on developments in the U.S.".

UnregĄstered
22-09-08, 10:03
Private Residential Units Sold in the Month of August 2008

Project Name ..... Locality . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
Kovan Residences . OCR ....... 9 ............................... 954 ................ 895 ............... 797
Wow! $954 psf? No bad what!

Crazy2
29-09-08, 12:39
This is dumb lah...really lousy location...can tell by the sales, still so many (80%) unbooked...




Wow! $954 psf? No bad what!

think
29-09-08, 14:45
This is dumb lah...really lousy location...can tell by the sales, still so many (80%) unbooked...
the market is down, so the slow sales. i don't think it is in a lousy location.

but for the price?
29-09-08, 15:48
it is not a bad place to buy if priced reasonably, but if you attach that kind of exorbitant price to it, the price and location doesnt seem to match.
the market is down, so the slow sales. i don't think it is in a lousy location.

might as well buy central
29-09-08, 15:49
if 954psf, might as well buy central...


This is dumb lah...really lousy location...can tell by the sales, still so many (80%) unbooked...

better deal
29-09-08, 15:49
some more in central either freehold or triple 9 for less than 1k psf


if 954psf, might as well buy central...

Palin
30-09-08, 08:15
some more in central either freehold or triple 9 for less than 1k psf

Allo Brother, if 954psf for a Central property, then confirm is those cannot make it 2nd class "central" property. Are you dreaming? The good ones cost over $1,000psf. And enough crap about freehold or 999......you dun seemed to know much about property in general....location location location is all that matters. Look at The Sails, Reflection, Sentosa Coves development etc......99year leaseholds. If Kovan Residences reach around 30-40 years old, should be able to rally itself for en-bloc. The close proximity to Kovan MRT and Heartland Mall is attractive to many in the suburban area.

Kovan Residences 800-900psf for now still have sales albeit slow turnover. No doubt I agree is slightly on the high side. If developer lower by 5%-10%, should be able to move more units. But Developer quite stubborn.....it must still have a strong balance sheet for now.....but comes 2009, developer maybe more willing to slash prices to clear its inventory......but dun expect a major percentage cut. Those who see a major property correction in 2010 can wait till then to get a unit....that is if luck is on your side.

Crazy
02-10-08, 14:28
Haha! Prices drop as reported in Business Times....Buyers of this crappy development, time to cry...

Question
02-10-08, 15:16
Haha! Prices drop as reported in Business Times....Buyers of this crappy development, time to cry...
Got meh? Business Times never says KR price is dropping leh.

URA
16-10-08, 18:08
Private Residential Units Sold in the Month of September 2008

Project Name ..... Locality . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
Kovan Residences . OCR ....... 4 ............................... 964 ................ 940 ............... 860

UnregĄstered
16-10-08, 18:10
Private Residential Units Sold in the Month of September 2008

Project Name ..... Locality . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
Kovan Residences . OCR ....... 4 ............................... 964 ................ 940 ............... 860
Wow!
KR has just broken August record high of $954psf with this new record high of $964psf.
Bravo!

Unregistered3
19-10-08, 16:08
Got meh? Business Times never says KR price is dropping leh.They are many HEROs around. Property price wont drop even Singapore is in RECESSION now. Trying very hard to figure out, why people still buying even they know price will drop next year?????

RegĄstered
20-10-08, 11:42
They are many HEROs around. Property price wont drop even Singapore is in RECESSION now. Trying very hard to figure out, why people still buying even they know price will drop next year?????
Technical recession is different from recession.
Recession means no growth. Technical recession can have growth. We still have growth.

Still haven't figured it out?
Cos' OCR price will not drop. In fact, it is going up.

Buyers
27-10-08, 23:03
How's the take up rate during the weekend? Heard virtually no business...




Technical recession is different from recession.
Recession means no growth. Technical recession can have growth. We still have growth.

Still haven't figured it out?
Cos' OCR price will not drop. In fact, it is going up.

iridrium
30-10-08, 16:07
Kovan Residences 800-900psf for now still have sales albeit slow turnover. No doubt I agree is slightly on the high side. If developer lower by 5%-10%, should be able to move more units. But Developer quite stubborn.....it must still have a strong balance sheet for now.....but comes 2009, developer maybe more willing to slash prices to clear its inventory......but dun expect a major percentage cut. Those who see a major property correction in 2010 can wait till then to get a unit....that is if luck is on your side.

I think it is not a matter of willing or not, the developer brought this land at high cost and at high construction cost, EVEN if they want to , they hardly have any room to cut further.

My opinion is that people waiting for fire sale for this development should not wait. Those properties that are likely to be available for fire sale are those properties that are purchased under deferred payment and will be TOP soon. Then, the owners who are unable to service the full loan will be forced to sell LOW.

KR will see very slow sale but will probably ride out the down cycle.

UnregisteredK
31-10-08, 15:48
I think it is not a matter of willing or not, the developer brought this land at high cost and at high construction cost, EVEN if they want to , they hardly have any room to cut further.

My opinion is that people waiting for fire sale for this development should not wait. Those properties that are likely to be available for fire sale are those properties that are purchased under deferred payment and will be TOP soon. Then, the owners who are unable to service the full loan will be forced to sell LOW.

KR will see very slow sale but will probably ride out the down cycle.

Iridrium, are you vested in KR also?

iridrium
31-10-08, 16:48
Iridrium, are you vested in KR also?


:) Nope. I wish I have the $$$ to be vested though.

Just want to share my point of view with the forum so that they get a balance view. Yes, everyone wants to hear the news that the developer dropped price, but we have to measure the posibility of that happening with rational thoughts.

Land cost at $437psf/PR and add construction cost of $300psf/PR for this type of finishes is not uncommon and that will give you the breakeven cost for the developer. That is how low the developer will be able to sell you. They can, but they probably won't.

So it is easy to go around shouting CUT PRICE ! CUT PRICE! but we must also examine the dynamic of the market. I reiterate that those looking for distress sale SHOULD look at properties TOP next year with deferred payment scheme. That is when the full loan is committed and the burden is on.

Unregisteredk
02-11-08, 19:51
:) Nope. I wish I have the $$$ to be vested though.

Just want to share my point of view with the forum so that they get a balance view. Yes, everyone wants to hear the news that the developer dropped price, but we have to measure the posibility of that happening with rational thoughts.

Land cost at $437psf/PR and add construction cost of $300psf/PR for this type of finishes is not uncommon and that will give you the breakeven cost for the developer. That is how low the developer will be able to sell you. They can, but they probably won't.

So it is easy to go around shouting CUT PRICE ! CUT PRICE! but we must also examine the dynamic of the market. I reiterate that those looking for distress sale SHOULD look at properties TOP next year with deferred payment scheme. That is when the full loan is committed and the burden is on.

Hi Iridrium,

Thanks a lot for bringing quality discussion onto this forum. You did give a good point based on totally different perspective.

It is actually not impossible for the price to fall below 800psf. Maybe even till 750psf or lower. Breakeven cost does not matter in exceptional situation. Look at Lehman. Look at AIG. Ultimately it will depend on how long this economy crisis will last and whether demand picks up. There is not fixed rule that business must sell above breakeven price in such circumstances. Why? Because if you are unable to service your interest to banks or payments to contractors, the illiquid assets on hand will be useless..... it will signal the end of business continuity. So the developer will be forced to sell a number of units in order to raise working capital. This is not uncommon. It has happened already across many companies. Banks forced to sell below the original prices for some securities they bought earlier on to raise working capital.

Do you know this this is the worst crisis the world has seen over the past 50 years? Of course I hope such a situation does not occur as it will plunge the values of many homes in Singapore. Year 2009 will provide us the answer.

iridrium
03-11-08, 08:41
Hi Iridrium,

Thanks a lot for bringing quality discussion onto this forum. You did give a good point based on totally different perspective.

It is actually not impossible for the price to fall below 800psf. Maybe even till 750psf or lower. Breakeven cost does not matter in exceptional situation. Look at Lehman. Look at AIG. Ultimately it will depend on how long this economy crisis will last and whether demand picks up. There is not fixed rule that business must sell above breakeven price in such circumstances. Why? Because if you are unable to service your interest to banks or payments to contractors, the illiquid assets on hand will be useless..... it will signal the end of business continuity. So the developer will be forced to sell a number of units in order to raise working capital. This is not uncommon. It has happened already across many companies. Banks forced to sell below the original prices for some securities they bought earlier on to raise working capital.

Do you know this this is the worst crisis the world has seen over the past 50 years? Of course I hope such a situation does not occur as it will plunge the values of many homes in Singapore. Year 2009 will provide us the answer.

Yes, I know this is the worst crisis the world has seen, because I am in the middle of it. This is a JV project between Kay Hian stockbrokers and Lian Beng. Lian Beng themself is a main contractor for this project.

In Singapore, you will have to secure the necessary financing in the project account before you can even start work. So any sales before the construction completes reduce the loan drawdown required and hence interest rate. So technically speaking, any sales before TOP is bonus, no sales before TOP is still not the matter of life and death.

But I do agree with you and in today's world of Lehman and Bear Stern, I hardly dare to say words like "never" or "impossible".

Hu La La
06-11-08, 07:21
Yes, I know this is the worst crisis the world has seen, because I am in the middle of it. This is a JV project between Kay Hian stockbrokers and Lian Beng. Lian Beng themself is a main contractor for this project.

In Singapore, you will have to secure the necessary financing in the project account before you can even start work. So any sales before the construction completes reduce the loan drawdown required and hence interest rate. So technically speaking, any sales before TOP is bonus, no sales before TOP is still not the matter of life and death.

But I do agree with you and in today's world of Lehman and Bear Stern, I hardly dare to say words like "never" or "impossible".

Everyone is in the middle of the crisis. Not just you. If still no sales at TOP then it will die. If businessman badly affected and working professionals take pay cut then no one will have the money to buy your Kovan Residences. Prices will therefore drop. The bloody employees and directors of this development driving big cars and living in big houses. There is still a BIG profit margin to be squeezed out because it is currently priced way too high.

iridrium
06-11-08, 08:29
Everyone is in the middle of the crisis. Not just you. If still no sales at TOP then it will die. If businessman badly affected and working professionals take pay cut then no one will have the money to buy your Kovan Residences. Prices will therefore drop. The bloody employees and directors of this development driving big cars and living in big houses. There is still a BIG profit margin to be squeezed out because it is currently priced way too high.

Of course I know everyone is in the middle of the crisis. You might like to read the rest of the thread before commenting.

If businessman are badly affected and working professionals take a pay cut... who then can afford to buy even if they cut price? Maybe you can, since you have been waiting for it.

Good luck to your squeezing of the profit margin.

Btw, it is not MY Kovan Residences, I don't own it.

Frequenter
13-11-08, 10:37
Sir,

You've not accounted for re-sale units. There will be people who are forced to sell below developer break-even because of financial obstacles after they have over-committed. And, this being the internet age, once word gets out of the caveat transacted, it will become a reference base price.

But, thanks for your input. in any case, I think the odds are in the buyer's favour. In difficult times, buyers (if there are gutsy ones) will have significant leverage

iridrium
13-11-08, 11:00
Sir,

You've not accounted for re-sale units. There will be people who are forced to sell below developer break-even because of financial obstacles after they have over-committed. And, this being the internet age, once word gets out of the caveat transacted, it will become a reference base price.

But, thanks for your input. in any case, I think the odds are in the buyer's favour. In difficult times, buyers (if there are gutsy ones) will have significant leverage

BINGO! Isn't this the exactly advice I have been saying? I don't just go around saying "cut price cut price", and I backed my opinion up with proper evidences.

I kept on repeating, the likelyhood of buying cut price property from buyers of TOP projects are better than from KR developer.

Why so?
Because those who brought TOP projects under deferred payment scheme will see the full loan payment after TOP. So they will be desperate to get rid of the units. The KR developer have stronger financials and more unlikely to do so.

So look at the overall property market instead of KR and you will really find properties that you can really shout " cheap! cheap!"

Reporter
17-11-08, 13:35
Private Residential Units Sold in the Month of October 2008

Project Name ..... Locality . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
Kovan Residences . OCR ....... 2 ............................... 902 ................ 876 ............... 849
About the same.

moonk123
26-11-08, 10:51
http://www.virtualhomes.sg/FileUpload/Project/2743/Images/a1.jpg

http://www.virtualhomes.sg/FileUpload/Project/2743/Images/a3.jpg

http://www.virtualhomes.sg/FileUpload/Project/2743/Images/a5.jpg

http://www.virtualhomes.sg/FileUpload/Project/2743/Images/floor_typeB1.jpg

more floor plans from:
http://www.virtualhomes.sg/kovanresidences

:)

SP specialist
27-01-09, 22:51
Wonder if there are any 4brm sellers @ Kovan residences willing to sell at loss?


Have a serious buyer keen to buy the 4brm unit there at 700psf..

Rapister
21-02-09, 07:10
700 psf quite good price for kovan

isaaclim
21-02-09, 12:27
Wonder if there are any 4brm sellers @ Kovan residences willing to sell at loss?


Have a serious buyer keen to buy the 4brm unit there at 700psf..

The developer is still asking 750++. Pool view 3 bedroom is around 1mil. I think the developer is still dreaming.

Rapister
21-02-09, 18:30
The developer is still asking 750++. Pool view 3 bedroom is around 1mil. I think the developer is still dreaming.

thats because its good area lah

u want 500psf go and buy old en bloc

mightyleftfoot
22-02-09, 09:18
the land cost i heard is pretty steep, that's why the developers are squeezed.
:)

isaaclim
22-02-09, 09:54
anyone know how much the developer got that piece of land?

isaaclim
22-02-09, 10:40
Found it!

S$436.55 psf ppr. Almost 300mils.

These two brokers only have 2 choices:
1. Delay the development and stop marketing it now or
2. Reduce the price to around 700psf or less.

Those who brought at 850-950.. Basically yours 200k is used to cushion the development.

AK47
22-02-09, 10:54
Kovan R is way much better than both Quartz or Caspian, location and amenities is concern.

750psf is good price, can buy.
700psf is very good price, buy.
under 700psf, chiong ah! :spliff: die die must buy

isaaclim
22-02-09, 12:12
Kovan R is way much better than both Quartz or Caspian, location and amenities is concern.

750psf is good price, can buy.
700psf is very good price, buy.
under 700psf, chiong ah! :spliff: die die must buy

Wah.. hero act man...

Kovan Melody next door was selling at 400-500+ during initial launch. And was peak at 700+ during 2007.

Buying at 750psf is considering buying at 2007 price.

If you seriously want to buy, please check up more information about this project. They are definitely not as sound as FCH or Guocoland.

AK47
22-02-09, 12:41
Sorry huh, me bad.

Should be.

Kovan R is way much better than both Quartz or Caspian, location and amenities is concern.

650psf is good price, can buy.
600psf is very good price, buy.
under 600psf, chiong ah! :spliff: die die must buy

Cool? but highly unlikely. Developer will certainly lose money at these prices. :banghead:

Think they will try sell some units at 700-800psf to recover some costs and hope the market recovers towards the later years before TOP.


Wah.. hero act man...

Kovan Melody next door was selling at 400-500+ during initial launch. And was peak at 700+ during 2007.

Buying at 750psf is considering buying at 2007 price.

If you seriously want to buy, please check up more information about this project. They are definitely not as sound as FCH or Guocoland.

Rapister
22-02-09, 13:52
i am proud owner of caspian

VIPCLUB2004
24-02-09, 10:08
Government now study whether the economy is U or L, so the developer need hold the property for 5 years, then only left 90 years lease already :D


Sorry huh, me bad.

Should be.

Kovan R is way much better than both Quartz or Caspian, location and amenities is concern.

650psf is good price, can buy.
600psf is very good price, buy.
under 600psf, chiong ah! :spliff: die die must buy

Cool? but highly unlikely. Developer will certainly lose money at these prices. :banghead:

Think they will try sell some units at 700-800psf to recover some costs and hope the market recovers towards the later years before TOP.

isaaclim
24-02-09, 10:19
Government now study whether the economy is U or L, so the developer need hold the property for 5 years, then only left 90 years lease already :D

If govt willing to help, govt can issue a policy to stop the counter for all project that are not yet started. Or give a discount for developer to top up the lease.

Easy lah.... Just a policy.

VIPCLUB2004
26-02-09, 14:02
https://www.ura.gov.sg/pr/graphics/2009/pr09-04a7.pdf

I wait for the condo index to hit 120 :sleep: :sleep:

hyip68034
01-04-09, 15:37
LATEST REDUCED PRICE !!
THE MOST LUXURIOUS, MODERN CONDO IN D19 !

All 2bdrms sold out last week already ! hurry !!

*Kovan MRT right at your door step & just 1 stop from future Serangoon Interchange MRT.
#13mins to Dhoby Ghaut
#17mins to Orchard
#19mins to Raffles Place

*Near many renowned schools, International Schools and institution
*Just opposite Heartland Mall, wet market, amenities,food centre, restaurants, fast food etc.
*Near future Mega shopping Mall at Serangoon Central & Hougang Mall
*Full facilities
* Unique features like Alfresco Dining, Spa Pavilions, Sunken Gym...etc.
* Beatiful layout with nice balcony

Units available for promotion :
3bdrms - 1259sq ft up
3+study - 1442sq ft up
4bdrms - 1765sq ft up

** ALL AT $640PSF UP ONLY **

Please call/email for more info.
Chris Yip - ERA
98738598
[email protected]

HP65
01-04-09, 16:55
Sorry huh, me bad.

Should be.

Kovan R is way much better than both Quartz or Caspian, location and amenities is concern.

650psf is good price, can buy.
600psf is very good price, buy.
under 600psf, chiong ah! :spliff: die die must buy

Cool? but highly unlikely. Developer will certainly lose money at these prices. :banghead:

Think they will try sell some units at 700-800psf to recover some costs and hope the market recovers towards the later years before TOP.

Guess you wish is coming true :D

kal
01-04-09, 19:56
heard poolview 3bedder also under $700psf, if compare to micasa/caspian..etc, indeed is a better buy as kovan take train to dhoby ghaut is less than 20mins only.. heartland mall area also lots of amenities..

isaaclim
02-04-09, 00:15
heard poolview 3bedder also under $700psf, if compare to micasa/caspian..etc, indeed is a better buy as kovan take train to dhoby ghaut is less than 20mins only.. heartland mall area also lots of amenities..

Did you go down and take a look? Those units below 680psf... are those with lousy facing

kal
02-04-09, 12:17
I DID went down yesterday. But the 2bedder sold out ! A buyer bought a poolview 3bdrm at only 660psf.. So full poolview unit u consider lousy facing?

cheerful
02-04-09, 14:20
Sorry huh, me bad.

Should be.

Kovan R is way much better than both Quartz or Caspian, location and amenities is concern.

650psf is good price, can buy.
600psf is very good price, buy.
under 600psf, chiong ah! :spliff: die die must buy

Cool? but highly unlikely. Developer will certainly lose money at these prices. :banghead:

Think they will try sell some units at 700-800psf to recover some costs and hope the market recovers towards the later years before TOP.

Who is the Developer anyway? .... Not as gd as Guo meh?? :scared-5: ... izit small time one?

kal
02-04-09, 15:04
developer is UOB-Kay Hian

isaaclim
02-04-09, 16:22
developer is UOB-Kay Hian

Lol... Who tell you this? Please check carefully. Kay Hian don't do construction.

Rapister
02-04-09, 16:32
Lol... Who tell you this? Please check carefully. Kay Hian don't do construction.


Please check carefully. Nobody ask you for your 2 cents comment leh. LOL. maybe not even half cent. :D

isaaclim
02-04-09, 17:04
Please check carefully. Nobody ask you for your 2 cents comment leh. LOL. maybe not even half cent. :D

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

The developer is just two stockbrokers from UOB-KayHian.

I totally give up on you...!

cheerful
02-04-09, 17:29
"Centurion Properties is ultimately controlled by UOB-Kay Hian stockbrokers Han Seng Juan and David Loh Kim Kang."

The developer is just two stockbrokers from UOB-KayHian.

I totally give up on you...!

Thanks! .... that's interesting indeed ;)

isaaclim
02-04-09, 17:38
Thanks! .... that's interesting indeed ;)

Well, maybe CapitaLand is targeting to use part of their 6Mils on them.

noblebaby
02-04-09, 17:38
https://www.ura.gov.sg/pr/graphics/2009/pr09-04a7.pdf

I wait for the condo index to hit 120 :sleep: :sleep:

may hit 120 by 3Q09 :D

gohsoonk
03-04-09, 09:35
Sorry huh, me bad.

Should be.

Kovan R is way much better than both Quartz or Caspian, location and amenities is concern.

650psf is good price, can buy.
600psf is very good price, buy.
under 600psf, chiong ah! :spliff: die die must buy

Cool? but highly unlikely. Developer will certainly lose money at these prices. :banghead:

Think they will try sell some units at 700-800psf to recover some costs and hope the market recovers towards the later years before TOP.

The price is now around S$600 - S$700 (depends on floor). The only con I have on this development is that this is the first maiden project and it is a big personal bet on the buyer's side.

Rapister
03-04-09, 18:03
"Centurion Properties is ultimately controlled by UOB-Kay Hian stockbrokers Han Seng Juan and David Loh Kim Kang."

The developer is just two stockbrokers from UOB-KayHian.

I totally give up on you...!

so UOB is correct lor. abuden.

VIPCLUB2004
06-04-09, 16:59
may hit 120 by 3Q09 :D

Very likely, hope the price to drop 20% further this year :D

noblebaby
06-04-09, 22:40
Very likely, hope the price to drop 20% further this year :D

those that already dropped 20-30% from their launch price will not drop another 20% la.

VIPCLUB2004
07-04-09, 15:43
those that already dropped 20-30% from their launch price will not drop another 20% la.

If cannot 20%, then 10% is also good ma :D

ipoh72
08-04-09, 16:08
at $700psf it is still a risky buy for this area. kovan melody was selling for $600+psf ....

chan_ww
09-04-09, 07:11
As compared to last year launch price(+700-900psf), it seems like the price has drop by quite abit (advertising from 640psf). I've not take a look at the showflat... but seems like there's still alot of units available. Is price the main factor? Or is the unit size too big, resulting the higher quantum to purchase a unit as compared to the newer "concept" condos which developer reduce the size to keep the quantum low?

What's a good price to buy for a condo in kovan area? (I guess the closest comparison will be kovan melody. What's it's launch price then?)

coburn
09-04-09, 09:44
As compared to last year launch price(+700-900psf), it seems like the price has drop by quite abit (advertising from 640psf). I've not take a look at the showflat... but seems like there's still alot of units available. Is price the main factor? Or is the unit size too big, resulting the higher quantum to purchase a unit as compared to the newer "concept" condos which developer reduce the size to keep the quantum low?

What's a good price to buy for a condo in kovan area? (I guess the closest comparison will be kovan melody. What's it's launch price then?)

the price has indeed dropped by a fair bit.
i went to the showrooms both before and after the price change
the units that i was seeing earlier dropped from high 9xxK to 7XX to 8XXK.
their 3 bedrooms are around 125x or 128x sf so it is bigger comparatively.

if you refer to www.listings.sg (http://www.listings.sg)..
you can see that earlist transactions for kovan melody is around 400+ to 500+ psf

chan_ww
09-04-09, 18:21
Wah +400-500??? That's extremely cheap!
And now kovan residence selling ard +600-700psf? hmm... not too sure is it a good price to buy. Can imagine those that brought it at $900psf... man!:banghead:

Tried going to the website but couldn't figure out where to view the past transcation price...:ashamed1:

Fishsee
10-04-09, 14:01
Was at the showroom 2 days ago. Was told tat all 3 rooms at the mid floors (4th - 9th) are sold.... Dunno real or not? Agent keep selling me the the high floors from 10th floors onwards. Was quoted $681/sqft for 10th floor unit. A 3rm at 1281 sqft still cost $872k which I think is still high for a 99 yrs at that area.

coburn
10-04-09, 14:24
Wah +400-500??? That's extremely cheap!
And now kovan residence selling ard +600-700psf? hmm... not too sure is it a good price to buy. Can imagine those that brought it at $900psf... man!:banghead:

Tried going to the website but couldn't figure out where to view the past transcation price...:ashamed1:

try this...
http://www.listings.sg/historical/13934.html

i am not sure of the validity of the data so I will not take it as 100% true or correct..

sometimes historic prices serve only as a guide...
ultimately, buy at the price that you are comfortable with..

TKT
10-04-09, 14:33
Was at the showroom 2 days ago. Was told tat all 3 rooms at the mid floors (4th - 9th) are sold.... Dunno real or not? Agent keep selling me the the high floors from 10th floors onwards. Was quoted $681/sqft for 10th floor unit. A 3rm at 1281 sqft still cost $872k which I think is still high for a 99 yrs at that area.


Was also there about one week ago.
IMHO, price is simply too high for 99yrs at Kovan.

I'm waiting for below 550psf for a mid-high floor 1281sft unit... which at seven hundred thousand singapore dollars... to me, that is still hell of a lot of money! :scared-2:

vincenthse88
10-04-09, 14:42
Was at the showroom 2 days ago. Was told tat all 3 rooms at the mid floors (4th - 9th) are sold.... Dunno real or not? Agent keep selling me the the high floors from 10th floors onwards. Was quoted $681/sqft for 10th floor unit. A 3rm at 1281 sqft still cost $872k which I think is still high for a 99 yrs at that area.

Maybe the developer bought the land at a higher price....

Rapister
10-04-09, 19:22
cannot afford go back to hdb lor

not big a difference wad :doh:

Fishsee
10-04-09, 23:47
Was also there about one week ago.
IMHO, price is simply too high for 99yrs at Kovan.

I'm waiting for below 550psf for a mid-high floor 1281sft unit... which at seven hundred thousand singapore dollars... to me, that is still hell of a lot of money! :scared-2:

I'm targeting that price too. Do let me know if the price drop to that range....

noblebaby
11-04-09, 00:13
Was also there about one week ago.
IMHO, price is simply too high for 99yrs at Kovan.

I'm waiting for below 550psf for a mid-high floor 1281sft unit... which at seven hundred thousand singapore dollars... to me, that is still hell of a lot of money! :scared-2:

i think you need to wait a very long time... if price fall below 580psf, i will grab!

ipoh72
11-04-09, 13:39
everything is possible now, look at citi, crashed from 55 to $2 ... ...

cheerful
11-04-09, 16:34
everything is possible now, look at citi, crashed from 55 to $2 ... ...

yes everything is possible, but if that happens, we all will be in trouble:scared-1:

TKT
11-04-09, 22:52
everything is possible now, look at citi, crashed from 55 to $2 ... ...


Amazing aint it??!!!
I keyed in 20lots of Citi at usd1.99 and amazed got it within hours...
Wish I had enough guts (and cash!) to key 200lots instead that night, hahaha...
Well, I'm keeping that 20lots for longterm.


About 550psf... its not impossible...
We bought a 3BR FREEHOLD D15 unit for less than 600psf only less than 3years ago.
So, for Kovan... why NOT?!

upgrader
11-04-09, 22:53
Hi this is my maiden posting
Have been looking at KR and learnt from this forum that the developers are the remisier kings UOB Kay Hian's David Loh, 45, and Han Seng Juan, 46.

Did some research on the internet and found out further that the developer is Centurion Properties (Centurion Properties is ultimately controlled by UOB-Kay Hian stockbrokers Han Seng Juan and David Loh Kim Kang, Lian Beng has 19% stakes)


The following is a story from business times on them

http://www.asiaone.com/Business/My+Money/Building+Your+Nest+Egg/Investments+And+Savings/Story/A1Story20080915-87760.html
Would like to check with the bros and sis in this forum.
1. If buyers have placed downpayment, what will be the exposure is developer go bust.
2. I know this kind of things seldom happen in Singapore, unlike other countries with half-built buildings dotting the skyline, but better check in this kind of troubled times.

kal
12-04-09, 00:02
Amazing aint it??!!!
I keyed in 20lots of Citi at usd1.99 and amazed got it within hours...
Wish I had enough guts (and cash!) to key 200lots instead that night, hahaha...
Well, I'm keeping that 20lots for longterm.


About 550psf... its not impossible...
We bought a 3BR FREEHOLD D15 unit for less than 600psf only less than 3years ago.
So, for Kovan... why NOT?!

very brave and enough gut of u to use 1.99 to buy a empty shell-worse than bankrupt bank !

chan_ww
14-04-09, 01:21
Visited the showflat during the weekend. Looks like their new pricing is attracting lots of interest. I think they sold quite a few unit last weekend. But i felt that the balcony + planter is taking up quite of lot of space, which is abit un-necessary. 3 bedrm layout so-so. for a non pool facing unit ard 12 floor cost ard $700 psf. If the units are starting the move with these new pricing, then it's abit hard for the price to drop further liao. :(

Fishsee
16-04-09, 17:51
Agent sms me ask me to quickly decide if I'm really interested as price wil be adjusted upwards this weekend...hmm.... let's see if it's real.

vincenthse88
16-04-09, 22:09
Agent sms me ask me to quickly decide if I'm really interested as price wil be adjusted upwards this weekend...hmm.... let's see if it's real.

I was informed too. But I think the remaining units with special prices are either facing the main road or facing the terraces behind with west sun.

vincenthse88
19-04-09, 14:31
any one know the price increase?

blueb
19-04-09, 23:45
any one know the price increase?
Understand it's 3-5% but sorry I don't have specifics.

0412
20-04-09, 07:29
Agent sms me ask me to quickly decide if I'm really interested as price wil be adjusted upwards this weekend...hmm.... let's see if it's real.

lets hope that its not another trick employed by those agents..

mr funny
27-04-09, 07:49
http://www.straitstimes.com/Money/Story/STIStory_367769.html

April 24, 2009 Friday

Koh Brothers targets Kovan condo at HDB upgraders

By Joyce Teo, Property Correspondent

http://www.straitstimes.com/STI/STIMEDIA/image/20090423/ST_IMAGES_JTKOH.jpg
The five-storey Fiorenza, which features an Italian theme, will have an imported glass jacuzzi on all the balconies. -- PHOTO: KOH BROTHERS

KOH Brothers Group hopes to tempt HDB upgraders with the release of a small Kovan project this weekend while it holds off launching high-end properties until the time is ripe.

The freehold Fiorenza in Florence Road has 28 units and will be priced at $790 per sq ft, or between $749,000 and $1.2 million per unit.

There are two- and three-bedroom units ranging from 840 to 1,442 sq ft in the five-storey block as well as penthouses of 1,378 to 1,851 sq ft each.

In the same area, the 521-unit Kovan Residences, which is nearer the Kovan MRT station than Fiorenza, still has unlaunched units. The 99-year leasehold project went for about $880 psf last year but those levels have since been cut. Last month, 56 units were sold at a median price of $705 psf.

Koh Brothers is offering the interest absorption scheme at a 2 per cent premium for Fiorenza.

Chief executive and managing director Francis Koh said the project would feature a glass jacuzzi imported from Italy on all the balconies. Each unit will also get a multi-room digital music system.

Koh Brothers had planned to release Fiorenza in the second quarter of last year. It was also hoping to launch the high-end Lincoln Suites off Newton Road by early this year, but the market has not been in its favour.

With high-end demand still muted, the launch is unlikely anytime soon.

Mr Koh said the consortium would continue to lease out Lincoln Lodge - which is the site for Lincoln Suites - right into next year. It had, together with Heeton Holdings, KSH Holdings and Lian Beng Group, bought Lincoln Lodge at the height of the property boom in 2007 for $1,449.30 psf per plot ratio.

Koh Brothers has other development projects in the pipeline which it is holding until an appropriate time.

'The market may change very quickly. It can go up quickly, it can also come down quickly,' said Mr Koh.

ras
27-04-09, 23:23
lets hope that its not another trick employed by those agents..

i also encounter agents who persuade me to commit immediately to secure the price because developer will increase price soon. if it is a trick, i think they are very unethical.

gohsoonk
27-04-09, 23:44
i also encounter agents who persuade me to commit immediately to secure the price because developer will increase price soon. if it is a trick, i think they are very unethical.

I thought it was a trick too. But I did some shopping at some developments. It is confirmed that KR has increased price. I heard that W28 will increase by 1%. OG cannot negotiate anymore (20% off list price -take it or leave it).

Overall experience, things moved up a little. It may be a dead cat's bounce though. It's anybody guess.

ras
27-04-09, 23:47
i see. thanks for the info.

0412
28-04-09, 18:00
i also encounter agents who persuade me to commit immediately to secure the price because developer will increase price soon. if it is a trick, i think they are very unethical.

i totally agree with u...i met one agent in DBR who even go to the extend to buying drinks for me.really pressure selling...:tsk-tsk:

its a common sight in the show room..

ipoh72
29-04-09, 10:15
why look at 99 when price of FH is also dropping ... ....

proud owner
29-04-09, 11:11
why look at 99 when price of FH is also dropping ... ....

herd instinct ...long queue means food is good ...

Regulators
29-04-09, 12:20
shud say why bother buying 99 when can buy FH or 999 at same or better price plus near amenities
herd instinct ...long queue means food is good ...

Kenshinto80
29-04-09, 13:11
why look at 99 when price of FH is also dropping ... ....

Each property is unique by itself. Can you find any Freehold Condo just next to Kovan MRT? Walk downstairs and there's the MRT and cross the underground pass and there's heartland mall. Many people assigned value to such convenience. And KR prices has dropped a lot since last year when it is selling from 800psf to 900psf.

Regulators
29-04-09, 13:24
then i think they have made a mistake dropping the price of KR. In fact they shud price it at more than 1k psf for being beside mrt n near heartland mall n and make it comparable to prime districts...LOL LOL LOL
Each property is unique by itself. Can you find any Freehold Condo just next to Kovan MRT? Walk downstairs and there's the MRT and cross the underground pass and there's heartland mall. Many people assigned value to such convenience. And KR prices has dropped a lot since last year when it is selling from 800psf to 900psf.

Kenshinto80
29-04-09, 14:30
then i think they have made a mistake dropping the price of KR. In fact they shud price it at more than 1k psf for being beside mrt n near heartland mall n and make it comparable to prime districts...LOL LOL LOL

haha...then you buy it at 1K psf lah. Dun tink the developer will mind. At 700psf plus, they are able to move and clear some KR units.

ipoh72
29-04-09, 15:49
haha...then you buy it at 1K psf lah. Dun tink the developer will mind. At 700psf plus, they are able to move and clear some KR units.


just do some homework and you will find that it's still exp for 700psf plus.

Kenshinto80
29-04-09, 16:29
just do some homework and you will find that it's still exp for 700psf plus.

I hear you. But then expensive or cheap is subjective. If everyone thinks 700psf is expensive, then KR will not be able to sell any unit at all. haha....I am just coming from market point of view. There are even properties going for 850psf at Kovan area-Florence road and sold almost 50% during recent official launch. How do you explain that? Is it because freehold so worth another 150psf more in this district? :p

proud owner
29-04-09, 16:56
I hear you. But then expensive or cheap is subjective. If everyone thinks 700psf is expensive, then KR will not be able to sell any unit at all. haha....I am just coming from market point of view. There are even properties going for 850psf at Kovan area-Florence road and sold almost 50% during recent official launch. How do you explain that? Is it because freehold so worth another 150psf more in this district? :p

in a normal mkt scenario .. FH willbe 15-20 pct more expensive then 99yr ...

i guess the florence rd one is using KR as a reference to set their selling price ..

note : i dont think even the FH at florence is worth that price

blackswan
29-04-09, 16:58
another way to view this is 700psf (for LH in suburban) is not cheap, that's way still got unsold units till this days.

of course, there's still people whom used to stay in that area want to remain in that area so dun mind paying for it at that price.

also, its really near the MRT and the upcoming mega mall.

fo course like what have been said numerous times in this forum, expansive or cheap is very subjective. :2cents:

Fishsee
01-05-09, 14:26
Advertisment today shows KR 3rm from $660/sqft..... up $20/sqft

jitkiat
01-05-09, 16:02
Advertisment today shows KR 3rm from $660/sqft..... up $20/sqft

KR only have 20 3-room units left, from 830k-900k+. Mass market condo is more closely associated with income of the middle class rather than sentiment/FH vs LH. IMO, the resistance level is about 800k. Once the absolute quantum is above 800k, there will be few takers. The fact that Caspian is selling like hot cakes is bcos even the 3-room flats are selling below 800k.

focus
01-05-09, 16:57
KR only have 20 3-room units left, from 830k-900k+. Mass market condo is more closely associated with income of the middle class rather than sentiment/FH vs LH. IMO, the resistance level is about 800k. Once the absolute quantum is above 800k, there will be few takers. The fact that Caspian is selling like hot cakes is bcos even the 3-room flats are selling below 800k.

you have any ideal what is the resistance level for luxury segment like sail and mbr?

how about mid-tier like those in D15 east coast...

:) Opinoin only...

jitkiat
01-05-09, 19:34
you have any ideal what is the resistance level for luxury segment like sail and mbr?

how about mid-tier like those in D15 east coast...

:) Opinoin only...

Well, high end market, 1 million = 1 peanut

gohsoonk
02-05-09, 09:25
in a normal mkt scenario .. FH willbe 15-20 pct more expensive then 99yr ...

i guess the florence rd one is using KR as a reference to set their selling price ..

note : i dont think even the FH at florence is worth that price

Correct. Normal uplift is about 15-20 pct more.

Even if FH prices drop, you would have to look at individual developments to determine if it is a good buy. The recent FH launch at Florence Road, I really hate it from a few points:

(1) Car owners can only travel one direction. Typical scenario for traffic jam.

(2) Showroom not available due to construction cost. A couple of developments seem to be going towards this model (e.g. Parc Aston).

gohsoonk
02-05-09, 09:29
lets hope that its not another trick employed by those agents..

This is true. The price is already adjusted due to the demand. The unit that I was looking at is taken up and the unit 3 levels below is going for a higher price!

Too bad, I have taken this development out of my list as there are not much choices left.

One lesson though. If you like the development and have a unit of your choice and it is within your budget, go for it. In some ways, buying a condo is like going to the wet market. The early birds pay higher and get to choose the fresh ones. The late birds will get a cheaper one but have less to choose from.

Only in stock trading, there is no differentiation between buying first or later. Only price is a factor.

ipoh72
02-05-09, 14:38
i was at the showroom when it was 640psf but agent said only left w 700psf. Yesterday they advertised 660psf. Is this new selling tactic.

blueb
02-05-09, 19:41
i was at the showroom when it was 640psf but agent said only left w 700psf. Yesterday they advertised 660psf. Is this new selling tactic.
I believe the lower price is for low floors (e.g. 2nd - 3rd floor). I remember also asking about the ground floor unit and it was then < $640 psf.

stanchan
17-06-09, 13:43
Visited the showroom a number of times. Really liked the 4 brms units. I have quoted around 1.174 mil for lower floor pool facing unit. a I have 2 kids, my parents and a maid staying in. 164 Sqm is generous.

Will I be able to get something close to the requirements, with proximity to MRT, ammenities etc for the same price?

Does anyone know when they are going to launch the remaining stacks?

qianfugui
17-06-09, 14:50
Visited the showroom a number of times. Really liked the 4 brms units. I have quoted around 1.174 mil for lower floor pool facing unit. a I have 2 kids, my parents and a maid staying in. 164 Sqm is generous.

Will I be able to get something close to the requirements, with proximity to MRT, ammenities etc for the same price?

Does anyone know when they are going to launch the remaining stacks?

Why die die must buy Kovan Residences ?? Why not consider city fringe at Potong Pasir at Woodsleidge close 99 LH property , just 4 mrt to Dhoby Ghaut by Freserscentrepoint , a more reputable developer. :doh:

Regulators
17-06-09, 15:04
some people swept by mass market OCR craze. U can dangle a bigger n fresher carrot in front of them n they wud still rather go for that small slice of celery.

Kenshinto80
17-06-09, 18:39
Why die die must buy Kovan Residences ?? Why not consider city fringe at Potong Pasir at Woodsleidge close 99 LH property , just 4 mrt to Dhoby Ghaut by Freserscentrepoint , a more reputable developer. :doh:

$1.17Mil for 165sqm development at Potong Pasir? I do not think possible. If for that price can get such a large unit at Kovan Residence, I think there are people who will buy.

2824
22-06-09, 15:43
It has been quite some time since I visited this show flat. Does anybody know whether stack 21 & 29 3 beders have been released? These are those without pool view and facing the main road. Previously I was told by the agent that they were not released.

vinc1281
29-06-09, 19:56
It has been quite some time since I visited this show flat. Does anybody know whether stack 21 & 29 3 beders have been released? These are those without pool view and facing the main road. Previously I was told by the agent that they were not released.

Just went down on Sat. not released. The stack at the corner.

stanchan
30-06-09, 00:38
Yup, the units closer to Lowland Road have not been released. Prices have increased.
:doh:

I was told that some units were even withdrawn, in anticipation of better selling prices. Given nearby project at Woodleigh experienced sellout success, it is strange that the KR developers are not cashing in on current buying wave to clear their stock. Are those UOB remiser developers so rich that they can hold off much longer??

They seem oblivious to competition... a little frustrating for interested buyers like me. I still want a 1765 sqft 4 bedder at 600++ psf!!! Hoping for another price drop soon.

Does anyone know how many % have been launched or sold?

vinc1281
30-06-09, 02:21
Yup, the units closer to Lowland Road have not been released. Prices have increased.
:doh:

I was told that some units were even withdrawn, in anticipation of better selling prices. Given nearby project at Woodleigh experienced sellout success, it is strange that the KR developers are not cashing in on current buying wave to clear their stock. Are those UOB remiser developers so rich that they can hold off much longer??

They seem oblivious to competition... a little frustrating for interested buyers like me. I still want a 1765 sqft 4 bedder at 600++ psf!!! Hoping for another price drop soon.

Does anyone know how many % have been launched or sold?

I'm not too sure the exact percantage.

But 2BR all sold out. released 3BR left a handful. Left than 10units. All above 1 MILLION DOLLARS. Coz i'm looking at a 3BR.

4BR should still have but prices are NOT dropping! :banghead:

stanchan
06-07-09, 13:11
Latest news is that the showrooms are closing to make way for construction of the final stacks. My agent told me that the remaining ~20% units are mostly 4-bedders and may be withheld till TOP. The developers have probably exceeded their break-even targets and in no hurry to sell cheap. Seems that most of the buyers are stayers so I don't think there will be much market action for this project till TOP.

Construction is fast and furious though... IMHO, may complete ahead of 2011.


I'm not too sure the exact percantage.

But 2BR all sold out. released 3BR left a handful. Left than 10units. All above 1 MILLION DOLLARS. Coz i'm looking at a 3BR.

4BR should still have but prices are NOT dropping! :banghead:

marshallwan
06-07-09, 21:59
KR is too congested from the main road. Always jammed during peak hours getting into the slip road. Otherwise, the place is great.




Why die die must buy Kovan Residences ?? Why not consider city fringe at Potong Pasir at Woodsleidge close 99 LH property , just 4 mrt to Dhoby Ghaut by Freserscentrepoint , a more reputable developer. :doh:

marshallwan
06-07-09, 23:14
KR is too congested from the main road. Always jammed during peak hours getting into the slip road. Otherwise, the place is great.




Why die die must buy Kovan Residences ?? Why not consider city fringe at Potong Pasir at Woodsleidge close 99 LH property , just 4 mrt to Dhoby Ghaut by Freserscentrepoint , a more reputable developer. :doh:

stanchan
09-07-09, 08:07
Anyone has bought this development here? Care to share which stacks are better and reasons why you chose this condo?

fclim
18-09-09, 19:40
This forum seems a bit quiet nowadays. The construction for KR is progressing well. TOP maybe in 4Q 2010?

Condorich
18-09-09, 21:09
Its quiet because there's not much interest in this project now. Left big units and perhaps people are more interested in Double Bay Residence.

Viewed this project much earlier before their price reduction and I must say it is still expansive as compared to others. This is mainly for self stay folks and not much activity is expected.

blueb
20-09-09, 13:14
Its quiet because there's not much interest in this project now. Left big units and perhaps people are more interested in Double Bay Residence.

Viewed this project much earlier before their price reduction and I must say it is still expansive as compared to others. This is mainly for self stay folks and not much activity is expected.

Agreed but after the price drop it was deemed much more affordable and there were many buyers. As a result, as you pointed out only left the big units. Now asking $880 psf from advertisements.

echotrain
20-09-09, 14:55
Its quiet because there's not much interest in this project now. Left big units and perhaps people are more interested in Double Bay Residence.

Viewed this project much earlier before their price reduction and I must say it is still expansive as compared to others. This is mainly for self stay folks and not much activity is expected.

frankly if you intend to stay, I think a development with lesser speculators will be more welcomed.

sealover
20-09-09, 19:00
Traffic already "inch-step-difficult-move" ( choon-bu-lan-Yi ) already, cannot imagine when TOP. Poor URA/LTA foresight....

Condorich
21-09-09, 04:34
frankly if you intend to stay, I think a development with lesser speculators will be more welcomed.

Yes, agreed...

Didn't like Low land road name and the land is actually quite low... lowest there if I am not wrong. Not sure if there are any risk of flooding in the future. They didn't build the elevated expressway for no reason... good up to the exit point... that's why jammed up... may need to extend the elevated expressway to clear the conjestion.

Wasn't looking for a place to stay. So gave it a miss and was right in doing so. They did reduce price afterall. However, prices are increased again so no point. Some unhappy owners made. 4 bedders for HDB upgraders in future. Sell away 2 HDBs and live in one 4 Bedders together (multi generation).

fclim
22-09-09, 10:00
Yes, I think flooding may have occurred in the past. That's why it's called Lowland Rd. But, I know of somebody who has lived in the area for the past 30 years. He has never seen a flood. It would be disastrous if there is a flood now because of the underground Kovan MRT. So, I am very sure the authorities would have planned carefully.
From URA's Masterplan 2008, there will be at least another 3 more condo development in the area, all next to the Kovan MRT or within 5 mins walking distance.

TOP
22-09-09, 16:21
Those who worry about flood has no local knowledge. There are much lower ground further down to Wing Tai Factory. The only comment I have on KR is best described by my friend: If you forgot to bring you key, you can climb up to your unit by doing Jacky Chan stunt using both hands and legs on the walls of two adjacent block

Condorich
22-09-09, 20:26
Yes, didnt have local knowledge, flooding should be in the past. Not likely to happen especially with mrt near to it. However.... Low land road name stays.

stanchan
23-09-09, 00:04
If I am not wrong, Kovan Residences site used to be Simon Road market. The Upp Serangoon Road area used to be prone to floods and there was a monsoon drain built alongside the road to ease the flood. That said, we are in 2009... have never seen a flood in that area lah.

The issue to me is not with the proximity of the adjacent blocks - this is quite typical in new condos these days - many others look like slab blocks. The problem I think is the adundant floor to ceiling windows that may compromise privacy - wonder if the developers provide frosted windows at the sides...



Yes, didnt have local knowledge, flooding should be in the past. Not likely to happen especially with mrt near to it. However.... Low land road name stays.

TOP
23-09-09, 08:49
It is nothing if you compare with almost 90% glass walls ( dinning, living, rooms, toilet etc ) in One North Residence. You can see who is bathing next door and opposite blocks. :ashamed1:

Reporter
19-11-09, 15:11
Yes, I think flooding may have occurred in the past. That's why it's called Lowland Rd. But, I know of somebody who has lived in the area for the past 30 years. He has never seen a flood. It would be disastrous if there is a flood now because of the underground Kovan MRT. So, I am very sure the authorities would have planned carefully.
From URA's Masterplan 2008, there will be at least another 3 more condo development in the area, all next to the Kovan MRT or within 5 mins walking distance.
The weatherman didn't mentioned anything about flood in the Lowland/Kovan area this time.



http://www.straitstimes.com/STI/STIMEDIA/common/mast_home.gif
Flash floods in Bukit Timah
The Straits Times
Thursday, 19 November 2009, 3.46 pm

http://static.stomp.com.sg/site/servlet/linkableblob/stomp/280754/thumbnail/flood_season_is_here_again_this_time_its_dunearn_rd-thumbnail.jpg ... http://static.stomp.com.sg/site/servlet/linkableblob/stomp/280768/thumbnail/dramatic_birds_eye_view_of_bukit_timah_flood-thumbnail.jpg

Heavy downpours caused flash floods in the Upper Bukit Timah areas, with waters reaching knee-high in some places.

Traffic snarled along Upper Bukit Timah and Dunean Roads as cars slowed to a crawl to get through the flood waters.

Motorists said the Bukit Timah canal was overflowing, causing waters to rise to knee-high level in some areas.

Students who had sat for their A Level exams were stuck at bus-stops and in schools.

According to Stomper Martin, the flooding caused a major traffic jam on Bukit Timah and Dunearn Road sometime between 1 pm and 2.30pm.

He said he was stuck in his office at Sime Darby Centre during the heavy downpour and was late for a meeting because of it.

Singapore's weatherman has forecast that the wet spell will continue till January and flash floods are expected in low-lying and flood-prone areas including Chinatown, the Central Business District, Geylang, Lorong Buangkok and Tanjong Katong.

PUB, the national water agency, has said that heavy rain brought on by the north-east monsoon could coincide with 3m- to 3.2m-high tides, triggering flash floods over the next few months.

To quell the effects of the stormy spell, PUB has invested $59 million over the last 12 months to widen and deepen drainage networks, as well as raise the roads in 10 low-lying areas such as Cuscaden Road, Mountbatten Road and Commonwealth Avenue.

Since last month, the agency has advised 204 residents and businesses to store belongings on elevated ground and place sandbags at entrances to block flooding.

teddybear
19-11-09, 22:29
ONR probably designed for Ang Mos mah, they will enjoy the design and effort specially put in by the developer (the one who is exhibiting will enjoy, the one who is watching lagi enjoy). :p


It is nothing if you compare with almost 90% glass walls ( dinning, living, rooms, toilet etc ) in One North Residence. You can see who is bathing next door and opposite blocks. :ashamed1:

Reporter
17-12-09, 11:14
Private Residential Units Sold in the Month of November 2009

Project Name ..... Locality . Units Sold To Date . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
Kovan Residences . RCR ......... 334 ......................... 4 ................................ 866 ............... 851 ................ 817
Goodness! Will KR ever break its high of $964 psf set in September 2008.

stanchan
20-12-09, 22:35
I think 850+ psf is probably fair value. But worth noting that majority of the unlaunched units are larger ones, it may not hit 950+ psf. Else, a 4 brm will cost >1.6 mil. But who knows?

does anyone know when the relaunch will be? I'd like pretty much to visit the new show suite in the actual units.


Goodness! Will KR ever break its high of $964 psf set in September 2008.

Paul-tc
22-12-09, 21:34
I think 850+ psf is probably fair value. But worth noting that majority of the unlaunched units are larger ones, it may not hit 950+ psf. Else, a 4 brm will cost >1.6 mil. But who knows?

does anyone know when the relaunch will be? I'd like pretty much to visit the new show suite in the actual units.you don't need to wait for re launch..the re launch could be the TOP, my advice give the marketing agency a call (ERA or DTZ) or the developer itself...

fclim
13-01-10, 14:03
Goodness! Will KR ever break its high of $964 psf set in September 2008.

From URA's website, in the latest caveat lodged in Dec 2009, a 1,442 sq ft (3 + Study) unit was sold for $940 psf. So, yup, it might well hit $964 psf soon especially for the 2BR units.

Sea
14-01-10, 12:51
Kovan Residences



(Right next to Kovan MRT)








Come Experience The True Spaciousness & Elegance


Actual Showflats Opening For Viewing From 16 Jan 2010 Onwards!






Unit Types Available:

3-bedroom, 3+Study, 4-bedroom, 4+Study, 5-bedroom (maybe upon request only) & Penthouses


Sms at 90686016 for Appt!!

fclim
21-01-10, 10:09
The show suites are open. You enter from the MRT exit/bus stop side. Prices start from $1.3M. The show suites look good, are spacious and luxurious.

2824
22-01-10, 05:23
at $1.3m for a 3 bedder, isn't that $1000 psf. How prices have increased !!!

The show suites are open. You enter from the MRT exit/bus stop side. Prices start from $1.3M. The show suites look good, are spacious and luxurious.

mantrix
23-01-10, 09:31
i heard there is a huge number of PRC buyers (at least 20%) so you can have your very own 'Chinatown' staying there :cheers6:

fclim
23-01-10, 13:26
Aren't they everywhere? Not just in condos, but schools, foodcourts, HDB flats and even at the IRs too.

mantrix
23-01-10, 20:09
Aren't they everywhere? Not just in condos, but schools, foodcourts, HDB flats and even at the IRs too.

That's right but they seem to congregate more in the RCR areas...
Some condos have more Indians, some have more Caucasians (like Icon) and some Indonesian - this one likely to be a PRC community...no good or bad, just adapting to their cultures (and habits)

stanchan
23-01-10, 23:24
That's right but they seem to congregate more in the RCR areas...
Some condos have more Indians, some have more Caucasians (like Icon) and some Indonesian - this one likely to be a PRC community...no good or bad, just adapting to their cultures (and habits)

Regardless, to be paying 1.3 Mil for 3-bedrm units, these must be quite well paid professionals.

Did anyone visit the new showsuites? How are the actual units?

mantrix
24-01-10, 11:33
Regardless, to be paying 1.3 Mil for 3-bedrm units, these must be quite well paid professionals.

Did anyone visit the new showsuites? How are the actual units?

i wouldn't say they are professionals...many of them own businesses with supplies coming from China and they thrash the competition with their cheap prices, hence making money along that line. Paying 1.3M does not guarantee a well-mannered executive - one i know of moving to KR is a Chinese woman in her 40's who behaves just like a villager - she spits on the carpet in airport terminals when no security is around and walks / talks loudly. Good luck to her neighbours. :2cents:

fclim
24-01-10, 11:42
The show suites are quite nicely done and are big. The $1.3M price is for the 3+Study (1442sqft) units. 4 bedders are at least $1.5M. Close to 50% of the units in the development are greater than 1400sqft in size compared to less than 20% at DBR. KR is more a luxurious type of condo with little extras like main door card access and video intercom system in each unit. At such prices, it is not a mass market condo for upgraders.

proud owner
24-01-10, 11:48
i wouldn't say they are professionals...many of them own businesses with supplies coming from China and they thrash the competition with their cheap prices, hence making money along that line. Paying 1.3M does not guarantee a well-mannered executive - one i know of moving to KR is a Chinese woman in her 40's who behaves just like a villager - she spits on the carpet in airport terminals when no security is around and walks / talks loudly. Good luck to her neighbours. :2cents:


ahhahha

once i saw with my own eyes ..

from her accent,, i could tell shes from mainland china ..
her body was submerged up to her arm pit level in the swimming pool ..
her hand was hold a satay stick of fried fish balls ...and she happily eating ..while shes in the pool ..

solid hor ?

seeker
24-01-10, 11:54
I saw one spit in the public pool before! Super disgusting.

A friend who bought Botannia in West Coast (completed last year) for investment was complaining that the damn project is filled with PRCs and their inconsiderate behaviours.

proud owner
24-01-10, 12:12
[quote=seeker]I saw one spit in the public pool before! Super disgusting.





" If not for us buying up your properties, you think your market will chiong ? "

Phui ... into the pool

stanchan
24-01-10, 18:53
i wouldn't say they are professionals...many of them own businesses with supplies coming from China and they thrash the competition with their cheap prices, hence making money along that line. Paying 1.3M does not guarantee a well-mannered executive - one i know of moving to KR is a Chinese woman in her 40's who behaves just like a villager - she spits on the carpet in airport terminals when no security is around and walks / talks loudly. Good luck to her neighbours. :2cents:

Wah so scary! Thanks so much for informing me. I should so listen to your advice and drop by idea of buying the development!

what's more, I heard that 80% of the buyers are intolerant and narrow-minded Singaporeans who like spreading senseless and baseless
rumours.

In fact, I'd better stay put in HDBs then and not even consider buying anything cos PRCs will be anywhere and everywhere. They are even taking up
citizenship and buying up our GCBs. Really scary...

Reporter
18-02-10, 00:55
Goodness! Will KR ever break its high of $964 psf set in September 2008.
KR's all-time high of $964 psf, set in September 2008, has been broken finally.
The nëw hïgh is now $1,009 psf!


Private Residential Units Sold in the Month of January 2010
Project Name ..... Locality . Units Sold To Date . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
Kovan Residences . OCR ....... 353 ....................... 13 .......................... 1,009 ........... 954 ............. 861

fclim
19-02-10, 11:21
[quote=Reporter]KR's all-time high of $964 psf, set in September 2008, has been broken finally.
The nëw hïgh is now $1,009 psf!


I am not surprised, given its excellent location next to MRT.

2824
19-02-10, 11:56
but on that website, still saw one contract for high floor unit transacted at $754 psf. Is this subsale?

stanchan
25-02-10, 19:20
Hmmm, only 369 units out of 521 units launched... Any idea when they are going to launch the remaining 152 units? developer hoping for higher prices maybe.

fclim
01-03-10, 09:00
Most probably. The marketing strategy of this development is quite unusual. Most developers will release 50% to 70% of the units at first launch and sell the rest (usually prime units) later. They would have collected 20% of the selling price by the time the foundation is laid thereby easing their cashflow and lowering the loan gearing ratio. Quite a few developments launched in 2009 were completely sold out within days. Apparently, this developer has started building and releasing units a few at a time. So far, the cycle is like this: Sell high (about 10% of the total units) during the soft launch in July/Aug 2008, Sell at breakeven price from Mar to Jun 2009, Sell high again when relaunched in Jan 2010. The strategy may have worked to the developer's advantage. 46% of the units in this development are above 1,400 sq ft compared to other developments (about 10% to 20%). This means that most buyers would have to fork out a higher quantum of at least $1 million per unit which could explain why the developer has no choice but to release units in tandem with the market conditions. The situation would have been different if most of the units are studio apartments. Anyway, the two bedders have already been sold out long ago.

2824
01-03-10, 09:39
they should wait until NEX is up before they should their final selling. Anyway, pple who buy this project is all for the convenience.

Pity developer sold out the 2 bedders so fast bcos that shd be able to command a high psf is so near TOP.

fclim
02-03-10, 15:21
Agree. Probably the developer did not expect the two bedders to move so quickly.

I believe the prices for KR will increase further nearer to TOP and when NEX is open (ard Nov 2010). NEX is bigger than Junction 8.

Condorich
02-03-10, 15:46
Agree. Probably the developer did not expect the two bedders to move so quickly.

I believe the prices for KR will increase further nearer to TOP and when NEX is open (ard Nov 2010). NEX is bigger than Junction 8.

I think they were sold under preview to business associates and friends / relatives... first to go prior to launch... Was there early but was already sold out. Give 3 bedders a miss then. Prices were revised down thereafter but has since recovered till a level that could even be above the initial launch price. That's the art of following the cycle or "sine".

stanchan
02-03-10, 23:42
Yes, with the Nex Mall coming up and pending upgrading of the Kovan City market/hawker center this year, that area does seem quite interesting.

People keen in that neighborhood may also take note that the Kovan vicinity will be booming with new developments. Frankly, I used to find that the landed house area behind Kovan is old and very messy (narrow roads and very old houses). However, it seems like the facades and streetscape will change quite rapidly, soon:
- nearby D'Pavillion, Fiorenza, Parry Fontaine, Charlton Park terraces will TOP this year.
- couple of boutique/landed developments launched: Suites @ Kovan, The Kovan, Water Villas
- nearby Minton Estate en-bloc at Hougang St 11 will yield 1000+ units.
- recent land sales at Hougang Ave 2 will add another 500+ units.
- further down, Botanique, Glasgow Residences launched
- Simon Road will be widened and turned into bidirectional
- Kovan Road in front of Kovan Plaza will be widened
- stretch of Upp Serangoon Rd from Simon Rd to Yio Chu Kang Road is being enhanced as a Heritage Walk

Under the Master Plan, the entire Florists/Nurseries opp Kovan Residences, and the empty plot along Simon Road are all zoned for private residential use.

Will these be good for KR prices and value in future? I am not sure if surrounding developments are a bane or a boon but Kovan Residences does share the pristine advantage with Kovan Melody of being just above the MRT station.

fclim
03-03-10, 08:21
IMHO, yes. These developments will benefit KR and have a knock-on effect. Yesterday's news in Wan Bao has some experts commenting that the new condo development in Minton, Lorong Ah Soo and the one in Lorong Chuan next to the MRT will be launched at >$1,000psf this year. This will set a new benchmark for District 19.

2824
03-03-10, 13:14
It looks like with so many developments going to TOP in the next few years, the "feel" at Kovan will change. to me KR and KM will definitely benefit most as they are nearest (literally on top of the MRT).

I think there will also be more niche developments as more of the landed owners move out of the area as the area loses its "feel"

fclim
03-03-10, 16:49
It looks like with so many developments going to TOP in the next few years, the "feel" at Kovan will change. to me KR and KM will definitely benefit most as they are nearest (literally on top of the MRT).

I think there will also be more niche developments as more of the landed owners move out of the area as the area loses its "feel"

Perhaps. Take a look at these latest transactions:

1414

A 4-bedder in 99 year LH KR was sold in Feb 10 for $1.41M (1,765 sqft). A few FreeHold Landed properties about the same size in terms of land (but bigger in terms of built up) were sold for less or at about the same price.

Can anyone explain this illogical situation? Landed owners desperate to get out of the area? How can a 99 year LH condo cost more than a FH Landed property?

Condorich
03-03-10, 16:59
Easy, consider these

1. No MRT (Secret)
2. Newer versus older
3. Condo with facilities versus without
4. Landed is in poor condition
5. High maintence and cannot rent out versus the other
6. Desperate sellers
7. Bad neighbours
8. Lack of amenites and public transport
9. Next to power stations, rubbish center, graveyards or mortuaries.
10. Related sale from father to son etc.
11. Auction or fire sales
12. Lay long lay long sales.
13. Haunted hee hee

LH99 Sail, MBR etc cost more than most FH landed of the same size in different location... go figure why.

moneyspinner
03-03-10, 17:02
Easy, consider these

1. No MRT (Secret)
2. Newer versus older
3. Condo with facilities versus without
4. Landed is in poor condition
5. High maintence and cannot rent out versus the other
6. Desperate sellers
7. Bad neighbours
8. Lack of amenites and public transport
9. Next to power stations, rubbish center, graveyards or mortuaries.
10. Related sale from father to son etc.
11. Auction or fire sales
12. Lay long lay long sales.
13. Haunted hee hee

LH99 Sail, MBR etc cost more than most FH landed of the same size in different location... go figure why.

Direct and simple. A matter of demand and supply!!!!!!!!!;)

fclim
03-03-10, 18:50
Direct and simple. A matter of demand and supply!!!!!!!!!;)

So the perception that Freehold is better than Leasehold is not always true? Even for landed Freehold...

It is all about Location, Location and Location. And Good Location is the one that creates the demand and is always in short supply.

moneyspinner
03-03-10, 19:05
So the perception that Freehold is better than Leasehold is not always true? Even for landed Freehold...

It is all about Location, Location and Location. And Good Location is the one that creates the demand and is always in short supply.

And the question is what is GOOD LOCATION? Good location for one property may not be good location for another depending on the perception and need of the buyer!

Squall8888
03-03-10, 19:27
No need same size. A studio in MBR or Sail can easily buy one Semi-D. If same size, can buy the whole stretch of terrace house ;)





Easy, consider these

1. No MRT (Secret)
2. Newer versus older
3. Condo with facilities versus without
4. Landed is in poor condition
5. High maintence and cannot rent out versus the other
6. Desperate sellers
7. Bad neighbours
8. Lack of amenites and public transport
9. Next to power stations, rubbish center, graveyards or mortuaries.
10. Related sale from father to son etc.
11. Auction or fire sales
12. Lay long lay long sales.
13. Haunted hee hee

LH99 Sail, MBR etc cost more than most FH landed of the same size in different location... go figure why.

Squall8888
03-03-10, 19:29
But of course. Location is always king. Despite many years of debate, FH has never show that it is the main determinant factor. Rather, location is what differentiate the pricing.

Ask yourself this - FH condo in Yishun or LH99 in Orchard, which one costs more?






So the perception that Freehold is better than Leasehold is not always true? Even for landed Freehold...

It is all about Location, Location and Location. And Good Location is the one that creates the demand and is always in short supply.

Squall8888
03-03-10, 19:31
As long as more people think that location is good, it is enough to drive up the prices. There are some factors, eg: IR, CBD, shopping centre, rental, accessibility, sea or even bay view. These are the usual factors.





And the question is what is GOOD LOCATION? Good location for one property may not be good location for another depending on the perception and need of the buyer!

stanchan
03-03-10, 21:46
Well, not surprising. Property buying can be such an emotionally driven task - some people think that you should just trust the first instinct that you walk into a house.

I tend to think that the terrace houses in Paya Lebar/MacPherson/Bartley has potential longer term. Once the MacPherson tunnel interchange is completed, the traffic jams should ease up. But seriously, if you drive around that area now, it does not appeal to me as a desirable residential area - heavy traffic, close to industries, very old and small inter-terrace houses... 1 or 2 along the main road are even used as temples.

One has to buy into its future value and potential - for one day, the area should rejuvenate. Those buyers will be glad that they get to own a piece of Singapore for 1.5 mil. But if you have a young family with kids, you would certainly want the convenience, assessibility, proximity to schools, condo facilities and a comfortable surrounding.


Perhaps. Take a look at these latest transactions:

1414

A 4-bedder in 99 year LH KR was sold in Feb 10 for $1.41M (1,765 sqft). A few FreeHold Landed properties about the same size in terms of land (but bigger in terms of built up) were sold for less or at about the same price.

Can anyone explain this illogical situation? Landed owners desperate to get out of the area? How can a 99 year LH condo cost more than a FH Landed property?

Condorich
04-03-10, 07:41
No need same size. A studio in MBR or Sail can easily buy one Semi-D. If same size, can buy the whole stretch of terrace house ;)

spot on... just trying to be correct and therefore the general statement. In case I kanna attacked :)

Find the heart of the city and stay close to it, best to have bulls eye... you will not go wrong unless there's a heart attack. In a big country... there can be many hearts... Find the Ace of hearts.

The pricing of everything is about demand and supply. 1 joker super man comic book sold in US at obsene price, why? Lots of demand and no supply. We just need to master the art of finding those limited in supply and unlimited in demand EARLY. That's the success formula...Studios are limited in supply in Yishun... but will it be rewarding as an investment? We will all find out later.

fclim
04-03-10, 08:48
And the question is what is GOOD LOCATION? Good location for one property may not be good location for another depending on the perception and need of the buyer!

True. Beauty is in the eyes of the beholder. However, Good Locations are generally understood to be one or a combination of the following:

1.In CCR or RCR.
2.Within 5 mins walking distance to MRT. Better still if next to or on top of MRT. Much better still if MRT is underground.
3.Near amenities such as markets, food stalls, shopping malls.
4.Excellent sea view or reservoir view.
5.Near good schools.
6.Near international schools.

etc, etc...

Someone buying Meadows@Pierce will say it is a good location because he/she puts mother nature as first priority. However, if you will remember, when the condo was first launched, the developer's adverts showed a "yet to be confirmed" MRT station; only to have it removed when the authorities stepped in. Why? Because they were trying to show that it is also a convenient place to live. Noticed how many condo brochures will show the MRT as much nearer than it actually is?

Ultimately, the best test is the amount of rental that the unit can fetch. The higher the rental, the better the location. Same here, same everywhere else.

Sea
04-03-10, 09:41
developer will be adjusting price upwards upon the relaunch for Kovan Residences on 6 March 10 (coming Saturday)



Ultra Spacious 4, 4+study & 5-bedroom apartments (1765 to 1862 sq ft) & Penthouses available

*

LIMITED units of 3-bedroom, 3+study & compact 4-bedroom apartments (1259 to 1442 sq ft) also available!




Sms at 90686016 for more details

Reporter
04-03-10, 10:11
My goodness!
UOB-Kay Hian stockbroker pair (Han Seng-Juan and David Loh) has decided to increase Kovan Residences' price from 6 March onwards?

I thought FEO is the only one to increase the prices of their properties from 1 March onwards due to the recent DC hike by the government.
Why are they following FEO's footsteps?

I heard FEO is upping the price of The Shore ... Is this true ?
Any agents here to shed some light ?

Heard that price is going to increase on 1st March, anyone to confirm? :scared-4:

fclim
04-03-10, 11:27
My goodness!
UOB-Kay Hian stockbroker pair (Han Seng-Juan and David Loh) has decided to increase Kovan Residences' price from 6 March onwards?

I thought FEO is the only one to increase the prices of their properties from 1 March onwards due to the recent DC hike by the government.
Why are they following FEO's footsteps?

With even The Estuary going for >$750psf and selling like hot cakes, why shouldn't the developer increase prices for Kovan Residences?

stanchan
04-03-10, 12:34
Thank goodness I stopped waiting and hoping that the price will drop. I have gven up on KR even though it is a nice development but it is just beyond my affordability. We got a resale unit next door so I am more than happy if KRs price goes up so KM may benefit from it.

I thougt they are not sold out so if they increase prices, will units move?!

Think the guy runnng the development must be trying to learn from FEO but without the vast land banks to leverage though.

With even The Estuary going for >$750psf and selling like hot cakes, why shouldn't the developer increase prices for Kovan Residences?

fclim
04-03-10, 13:49
Thank goodness I stopped waiting and hoping that the price will drop. I have gven up on KR even though it is a nice development but it is just beyond my affordability. We got a resale unit next door so I am more than happy if KRs price goes up so KM may benefit from it.

I thougt they are not sold out so if they increase prices, will units move?!

Think the guy runnng the development must be trying to learn from FEO but without the vast land banks to leverage though.

That's why I find their marketing strategy unusual. It's the same tactic they used last year. When the units were relaunched in Jan/Feb 09, the prices went up by 5% after 3 months.

If you read today's Straits Times, a number of developments will be launched in the next few weeks, namely, Waterscape At Cavenagh, Aalto, The Vision, Coralis, The Laurels etc.., all easily $1,200psf and above. The developer is hoping to ride on the current buying wave.

Certainly, KM will benefit from this knock-on effect.

2824
04-03-10, 14:36
When your development has been on the market for sometime and u introduce a new lower pricing and then you get hordes of pple in your showroom, it is a sign of underpricing and pple sensing a bargain.

Guess that is what happen for them last year.

stanchan
05-03-10, 00:16
An advert on PropertyGuru by Centurion mentioned that KR is more than 80% sold. Is this 80% of the total 521 units? Which seems unlikely cos the URA caveats showed 151 units not launched yet + 16 launched units not sold at beginning of Jan '10 unless Jan-Feb sales moved more than 50 units - which is pretty good. If that is true, no wonder the developer is raising prices for the remaining stacks.

Does anyone know if the reserved stacks will be thrown into the market?

Condorich
05-03-10, 08:01
When your development has been on the market for sometime and u introduce a new lower pricing and then you get hordes of pple in your showroom, it is a sign of underpricing and pple sensing a bargain.

Guess that is what happen for them last year.

I will stay clear from these kind of developer with such tactics if I am buying for investment. I would not mind if it is for self stay. Just have to get it lower from the previous owners or at a mid point... good enough.

Bargain Hunters or Bargain_Hunter should be interested in looking at this project. They will buy only if a bargain appears again..

:)

fclim
05-03-10, 13:28
Understand that the increase in price is 1% for those who opt for the Interest Absorption Scheme.

stanchan
08-03-10, 04:33
Hi fclim, any idea how the sales went over the weekend?

Drove past and the showsuite entrance had quite a number of agents and ppl.

Btw, stack 1 was partially revealed as some parts of the construction netti g were removed, giving the impression that it is to be completed soon. The facde is pretty nice.


Understand that the increase in price is 1% for those who opt for the Interest Absorption Scheme.

fclim
08-03-10, 13:00
Hi Stanchan,

I do not have the sales figures. But, it looks like the developer is going all out to woo buyers, with the full page advertisement in the Straits Times on Saturday and new large posters being put up at the site. Yes, it appears that the showsuites were more crowded than usual although huge crowd does not equal huge sales.

My agent did not call me. She must have been busy entertaining crowds over the weekend....

KovanResident
11-07-10, 01:18
As the construction progresses fast and furious, I've created a forum for us to share the updates leading to T.O.P.

Feel free to browse or post!

http://kovanresidences.freeforums.org/index.php

2824
27-08-10, 10:13
passed by this development, and noticed that some of the balconies have railing while others are glass for the stacks which are painted.

Just wondering and curious whether owners chose their railing choice and paid for the additional cost or provided by the developer?

greenhorn
27-08-10, 10:38
The different types of railings for different stacks/floors are part the architectural design of the development. Can't choose.

Hey, any forumer here has any opinions or views on Kovan Residences? Heard now left with about 60 units out of 521 total units. TOP in Sep 11. Heard from friends that the prices were raised a few times this year. Now about $1000psf for higher floors? Main selling point is its very convenient location with all amenities around it. Is KR a good buy?.....OR good bye?



passed by this development, and noticed that some of the balconies have railing while others are glass for the stacks which are painted.

Just wondering and curious whether owners chose their railing choice and paid for the additional cost or provided by the developer?

fclim
27-08-10, 10:42
Owners were told whether the balconies came with railings or glass at the point of booking. There is no option to choose between the two. Maybe it is due to cost or archi design though I prefer all to be glass like One Amber.

devilplate
27-08-10, 10:43
The different types of railings for different stacks/floors are part the architectural design of the development. Can't choose.

Hey, any forumer here has any opinions or views on Kovan Residences? Heard now left with about 60 units out of 521 total units. TOP in Sep 11. Heard from friends that the prices were raised a few times this year. Now about $1000psf for higher floors? Main selling point is its very convenient location with all amenities around it. Is KR a good buy?.....OR good bye?

left with very big units rite...i heard all 3bedders r oredi gone
i like the facade though...:D

it is still a better buy compared to scala...haha:D

DC33_2008
27-08-10, 10:45
Another development with plenty of investors for rental and sales upon TOP.

2824
27-08-10, 10:51
I half-guessed it so, because it was so evenly distributed, 1 floor with railing followed by 2 with railings. Overally i think either all railing or all glass would provide a better consistency.


Owners were told whether the balconies came with railings or glass at the point of booking. There is no option to choose between the two. Maybe it is due to cost or archi design though I prefer all to be glass like One Amber.

devilplate
27-08-10, 10:52
Another development with plenty of investors for rental and sales upon TOP.

it appears to be the same for other suburban projects

fclim
27-08-10, 10:55
The different types of railings for different stacks/floors are part the architectural design of the development. Can't choose.

Hey, any forumer here has any opinions or views on Kovan Residences? Heard now left with about 60 units out of 521 total units. TOP in Sep 11. Heard from friends that the prices were raised a few times this year. Now about $1000psf for higher floors? Main selling point is its very convenient location with all amenities around it. Is KR a good buy?.....OR good bye?

Any condo with MRT at doorstep should be a good buy. My own estimation is that there are only about 40 (about 1% to 2% of all condos) of such developments in Singapore for the current MRT lines (excluding the latest Downtown 2 line). With a very limited supply of such units in the market, it should be quite safe.

DC33_2008
27-08-10, 10:59
it appears to be the same for other suburban projects

Looking for tenants for rental will be very competitive with so many new developments TOP in the next 1-2 years unless there is continuous flow of expatriates into Singapore. It really boils down to location.

fclim
27-08-10, 16:49
Latest caveats show that prices for Kovan Residences are above $1,000 psf for recently launched stacks (stack 32).

greenhorn
27-08-10, 17:25
Those who bought in Mar 09 at around 680-720 psf must be damn lucky to hit jackpot liao.

Those who are buying at current price levels - how? Any further upside to KR you reckon? Maybe price peak at TOP next yr? Nice development with spacious layouts, but adjourning blocks too close each other. But price now just playing catch up with recent new condo launches at >1k psf.




Latest caveats show that prices for Kovan Residences are above $1,000 psf for recently launched stacks (stack 32).

azeoprop
27-08-10, 19:38
Then might as well buy subsale in woodleigh area, still below 1k psf... :2cents:

KovanResident
27-08-10, 23:24
Yes railings or glass depends on the floor, not an option. The units with railings have sun fins at the side of the balcony. Personally, I prefer glass but guess railings are a trend now - better air circulation but more exposed to rain.

Was told subsale is picking up. Prices trending up towards TOP. Have been getting calls from agents asking to sell. Was told less than 50 large units + pent houses left.

Prices trending up nearing TOP

KC76
06-11-10, 15:22
Yes railings or glass depends on the floor, not an option. The units with railings have sun fins at the side of the balcony. Personally, I prefer glass but guess railings are a trend now - better air circulation but more exposed to rain.

Was told subsale is picking up. Prices trending up towards TOP. Have been getting calls from agents asking to sell. Was told less than 50 large units + pent houses left.

Prices trending up nearing TOP

Anyone went down to the showflat? Any update on the selling price for this one?

KC76
07-11-10, 12:01
Anyone went down to the showflat? Any update on the selling price for this one?

Guess interest faded for this dev.:p

devilplate
07-11-10, 12:08
Guess interest faded for this dev.:p

it will revive upon TOP:D