THE FLORENCE RESIDENCES
UrbanLens Analysis
At $1,779 PSF, THE FLORENCE RESIDENCES prices 21% above the District 19 median. Compare that to CHUAN PARK at $2,596 PSF -- a 31% premium that buyers need to justify. The 10-minute walk to Hougang MRT (769m) is workable, though not the kind of proximity that commands a premium on its own.
Prices have essentially flatlined over two years (+0.8%), suggesting a market in equilibrium. 223 transactions over two years gives deep liquidity and reliable pricing signals. For context, THE GARDEN RESIDENCES has gained 2.7% over the same period.
With ~91 years on a 99-year lease, financing and CPF remain fully unconstrained. Lease decay is a non-issue at this stage. Gross yield of 3.4% tracks the OCR average of 3.4%. At $3,550/month median rent, income is market-rate -- neither a standout nor a weakness.
At 1410 units, this is a mega-development. Maintenance economies and extensive amenities are the upside; oversupply during downturns is the risk.
Nearby Comparables
| Development | Median PSF | Yield | 2Y Change |
|---|---|---|---|
| CHUAN PARK | $2,596 | 1.3% | 0.0% |
| AFFINITY AT SERANGOON | $1,794 | 3.5% | +2.6% |
| RIVERFRONT RESIDENCES | $1,706 | 3.7% | +6.8% |
| THE GARDEN RESIDENCES | $1,829 | 3.9% | +2.7% |
| KINGSFORD WATERBAY | $1,453 | 4.1% | +7.3% |
PSF Trend
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