One of the largest property developers in Hong Kong is set to launch a prime mixed-use project in Kovan later this month.
The 99-year leasehold Stars of Kovan by Cheung Kong Property Holdings (CKPH) will include four high-rise towers with 390 apartments and five strata terrace units. It is expected to be completed in November 2020.
“Stars of Kovan is our eighth residential project, and the first residential-cum-commercial development, to be launched in Singapore,” said Justin Chiu, Executive Director of CKPH.
Around 23 percent of the units are one-bedrooms, 61 percent are two-bedders and 15 percent are three-bedders. Sizes range from 506 sq ft to 1,023 sq ft for the apartments. Meanwhile, each of the strata terrace homes are three storeys high, with an area of about 1,830 sq ft.
According to Francis Wong, Director of CKPH, this is “one of the few attractive and sexy projects in the market”. He said that prices will be benchmarked against The Tembusu and Trilive, two nearby condominiums that average around $1,550 to $1,600 psf.
Prices are likely to be in the range of $800,000 for a one-bedder, $1.2 million for a two-bedder and $1.5 million for a three-bedder. The first few buyers will receive early-bird discounts, noted Wong.
In addition, 46 British-inspired commercial shops on the ground floor will go on sale for around $5,500 to $7,000 psf.
“Our marketing campaign will roll out primarily in Singapore and simultaneously in Hong Kong and Britain. We are confident that with our reputation and track record, the project will appeal to both local home buyers and foreign investors,” said Wong.
Located at the junction of Upper Serangoon Road and Tampines Road, Stars of Kovan is close to Kovan MRT station, Heartland Mall and several schools.
Meanwhile, the group believes the long-term prospects of Singapore’s property market remains promising. “Our commitment to maintaining a balanced portfolio in this country has been, and will continue to be, unrelenting. Our confidence in Singapore’s financial stability and market outlook is also strong and unwavering,” said Chiu.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email email@example.com