Kovan Treasure Condominium

Kovan Treasure Condominium + Shops . 3 Minute walk to Kovan MRT Station

Kovan Treasure is a new mixed development in the popular and established private residential neighbourhood of Kovan. It is the latest launch after Tembusu (which is pretty much sold out), and Trilive, which is a fair bit further walk from the MRT station.

Kovan Treasures is pending approval for sale, likely to launch in Q4 2015 / Q1 2016. As a mixed development, it comprises a residential condominium integrated with a commercial podium.

 
Kovan Treasure Condo Mixed Development

 
Mixed developments offer residents the convenience of eateries & shops on their doorstep, which is a real boon to chronically time-short working lifestyles.

Best of all, this Kovan mixed development is a bare 200m, or 3 minutes walk, from Kovan MRT station.

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The Kovan Treasure Condo . About Kovan

Kovan is essentially a long-time residential estate. It comprises a mix of older landed houses interspersed with newer private condominiums.

There is a certain nostalgic charm around the Kovan vicinity, as some old shophouses still line the road, much like Katong. In fact like Katong, Kovan, has built up a reputation as a foodie haven too. Long time favourites include its nasi lemak and hokkien mee, with recipes that have passed down generations and still draw fans daily.

Come arrange to view the showflat if you might like to live or invest here.

Kovan Treasure Condominium LocationThe Kovan Treasures Condo . 200m from Kovan MRT Station
 
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The Kovan Treasure Mixed Development . Highlights

Summary of what you get if you buy a unit at the Kovan Treasure condo:

    • A home in a mature residential neighbourhood that is mainly low rise, offering unblocked views and good wind flow.
    • Just a short walk to shops, supermarket, wet market, a mouth-watering variety of great foods in a long-time food haven, and a shopping centre.
    • Within 200m or 3 minutes walk to Kovan MRT station, that is just 15 minutes train ride to Orchard Road.
    • Good for families with young kids: Holy Innocents Primary School, one of the top primary schools, is within 1km, and just one train stop up.
    • One train stop the other way, is the NEX megamall, the biggest shopping centre in the north-east, with a huge selection of eateries & restaurants, shops, supermarket, life style outlets, banks, etc.
    • Quick access to the highway network: the KPE (Kallang Paya Lebar Expressway) is 2km down Tampines Road, and is still one of the least congested highways. Affords a back-door entry to the Marina Bay and Raffles Place CBD with a 20 to 25 minute drive off-peak.
    • Kovan Treasure offers a rare chance to get a new condominium within a very short walk of Kovan MRT station, as the area around the station is already almost completely built up. The other 2 condos that surround the station, Kovan Melody & Kovan Residences, are extremely popular among tenants, including many expatriate tenants, who like the convenience, the amenities, and the ambience.

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Kovan Treasure Launch

Kovan Treasure Launch . Land Sale & Pricing Analysis

ASSET Legend Limited clinched the Urban Redevelopment Authority (URA) land sale for the Kovan Treasure site at a tender price of S$276.8 million, or S$848.84 per square foot per plot ratio (psf ppr).

The tender results were announced by URA on 28 November 2014.

This is a 99-year leasehold mixed-use site at the corner of Upper Serangoon Road and Tampines Road, within 3 minutes walk of Kovan MRT station.

The residential with 1st storey commercial site was launched for tender on 25 September 2014. The tender closed on 27 November 2014.

In early November 2014, the Building and Construction Authority (BCA) announced that projects built on government land sales sites would have to meet higher building design and constructability standards, as well as a certain level of prefabrication.

This Kovan Treasure launch is the first government land sale to come with these new buildability and productivity regulations. The project’s tender closing date was extended from Nov 13 to Nov 27 to give tenderers more time to factor in the new requirements into their bids.

ASSET Legend is a subsidiary of of Li Ka-shing’s Cheung Kong Holdings. Cheung Kong Holdings has a wide portfolio of developments internationally, including luxury projects in Singapore such as Costa del Sol, Marina Bay Suites, and Thomson Grand.

Thomson Grand by Cheung Kong . Developer for the Kovan Treasure LaunchThomson Grand by Cheung Kong Holdings . Developer for the Kovan Treasure Launch

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Kovan Treasure Launch . Pricing Analysis

Asset Legend’s winning bid of S$848.84 psf ppr was higher than market expectations of S$670-750 psf ppr. It is considered “aggressive” by analysts, who had expected more conservative bids due to the new prefabrication requirements, which is likely to lead to marginally higher construction costs.

The next highest bid of S$240 million (S$736.06 psf ppr) was put in by Sustained Land’s SL Capital Ventures Pte Ltd.

A JV comprising City Developments unit Verwood Holdings, Hong Leong Group’s Intrepid Investments, and TID Residential put in the 3rd highest bid of S$234.6 million (S$719.50 psf ppr).

The tender attracted a total of 11 bids, within analysts’ expectations. The lowest bid of S$172.7 million (S$529.66 psf ppr) was by Koh Brothers unit KBD Ventures.

According to analysts’ computations, the top bid translates to a breakeven cost of at least S$1,300 for the residential units. The site is primarily residential, with its 1st storey zoned for commercial activity. Conveniently situated near Kovan MRT station, it is expected to yield about 340 residential units.

“As (the new requirements are) a new move, the economies of scale have yet to be tested and the breakeven price for this project could be higher as it is the first adopter,” said Eugene Lim, the key executive officer (KEO) at ERA Realty Network.

“Asset Legend could be bullish about the site’s prospects due to its proximity to the Kovan MRT station and its main road frontage, which works well for the first-floor commercial units.”

R’ST Research director Ong Kah Seng said that optimistic bids are usually common with foreign developers, who may be willing to accept a lower profit margin as they see the benefits of developing a choice site that might yield an end-product with greater investment potential.

See this link for the news report for the tender results (opens in new window).

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Kovan Treasure Launch · Showflat Viewing · Preview

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