The year-end holiday season is traditionally a slow time for private residential sales, as many people take advantage of the holidays to travel abroad.
However, some developers have opted to launch pre-sale campaigns in the hope of catching the last train as they feel there is little competition at this time. This includes Soon Lian realty's upcoming Kovan Jewel.
Located on Kovan Road, this freehold project, formerly known as Kovan Lodge, was put on the market for sale in 2017 as a block sale for $43 million, equivalent to $1,134 per square foot.
It was eventually won by Shun Luen Real Estate and redeveloped into a small private residential development of 34 units.
Kovan Jewel has one to four bedroom units and the URA's website shows that it has sold four units so far at $2,063 to $2,200 per square foot, including a 1,173 square foot three-bedroom unit that sold for $2,248,000.
According to the propertyguru website, the project is expected to sell for between $1,602 and $2,588 per square foot.
The Govan area can be said to be full of private homes, with nearly 10 projects on Govan Road itself. Most of them are small projects of less than 100 units, generally no higher than five storeys.
Park Residences Kovan near Kovan Jewel, for example, is a five-storey building with only 41 units.
Park Residences Kovan was built in 2014 and is considered a relatively new development in the Kovan area.
It has a number of smaller one-bedroom units, with the three recently traded units all measuring 355 square feet, which is smaller than a two-bedroom HDB flat.
They are basically aimed at single persons and investment buyers. They were sold for around $620,000, but at a high sf price of $1,808.
The Grand Regalia, completed in 2004, is a much smaller project with only 15 units.
It has a larger unit size and therefore a higher total price, with transactions in the past year at least $1.38 million.
In terms of sq ft price, it has a median sq ft price of $1,145, which is about 50% lower than Park Residences Kovan.
Opposite Grand Regalia is Charlton Villas, a 43-unit cluster house.
This project combines the features of a landed house and a condominium with shared facilities such as a swimming pool and security services, although ownership is generally restricted to Singapore citizens.
In the past year, two units have changed hands at Gaten Hills, selling for $918 to $1065 per square foot.
If you head towards Govan MRT station, there are a couple of larger projects. The first is Kovan Melody, a 17-storey building with 778 units completed in 2006.
It has seen 34 units change hands in the past year, with the most recent one selling for $1.8 million at $1,394 per square foot.
The 521-unit Kovan Residences next to Kovan Melody, built in 2011, is a little younger and a little more expensive, with the most recent unit selling for $1,509 per square foot.
Stars Of Kovan, which was completed just two years ago, is a little more expensive, with a price tag of $1,803 per square foot.
It is also worth noting that the development comprises 395 residential units and 46 shop units, making it one of the few commercial and residential developments in the Govan area.
The developer of the project is also notable for being Hong Kong-based Li Ka-shing's Cheung Kong Holdings.
On the whole, the Govan area is a mature residential area with a wide range of amenities, including Heartland Mall and the NEX shopping centre, which is just one MTR station away.
The area is also surrounded by schools such as BayernLB Melody School and Holy Child Primary School.
In addition, the government launched the Kovan Wellspring pre-buy HDB project last year, with the new Paya Lebar Kovan People's Club built alongside.
Our eighth MRT line, the Cross Island Line, will also link up the Hougang and Telford areas. These developments are expected to boost demand for housing in the area.
