The Jovell — first new launch on Flora Drive in five years
By Timothy Tay
/ EdgeProp |
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Over the Sept 15 weekend, The Jovell, a 428-unit condominium on Flora Drive in District 17, opened for public preview. One-bedroom units at the development start from $585,000 ($1,325 psf), while four-bedroom units start from $1.5 million ($1,222 psf).
The launch of the 99-year leasehold development, to be held on Sept 29, will be the first in the Flora Drive area in five years. The last condo launch was that of The Inflora, a 396-unit, 99-year leasehold development. Launched in 2013, The Inflora was fully sold in three weeks. Likewise, Hedges Park, which was launched in 2011, was fully sold and completed in 2015.
The Jovell, The Inflora and Hedges Park are projects by Tripartite Developments, a consortium comprising Hong Leong Holdings, City Developments Ltd and TID Pte Ltd (a joint venture between Hong Leong Holdings and Japanese developer Mitsui Fudosan). Other condo projects by Tripartite Developments in the Flora Drive neighbourhood off Upper Changi were launched in alphabetical order and named after flowers: Azalea Park, Ballota Park, Carissa Park, Dahlia Park, Edelweiss Park, Ferraria Park and The Gale.
One-bedroom units at The Jovell start from $585,000 ($1,325 psf), while four-bedroom units start from $1.5 million ($1,222 psf) (Picture: Charlene Chin/EdgeProp SG)
In the same area are condo projects by other developers, such as the 482-unit Parc Olympia by Koh Brothers, which was launched in 2012 and fully sold and completed in 2015; and the 430-unit Palm Isles, which was also launched in 2012, and fully sold and completed in 2015. These projects were developed on sites purchased in government land sales (GLS).
Units at The Jovell are attractively priced compared with other new launches in the Outside Central Region, says Jeremy See, senior marketing director at PropNex Realty. He is marketing a penthouse unit at Hedges Park for $1.64 million ($913 psf).
After the launch of The Jovell, Tripartite Developments has only one remaining site in its landbank on Flora Drive. The landbank of more than three million sq ft was acquired in 1968. There is no other GLS site in the Flora Drive neighbourhood. Therefore, property agents reckon interest in The Jovell should be strong, owing to pentup demand. The area is popular, as it is near Changi Business Park, Singapore Expo and Singapore University of Technology and Design.
Recent resales in the Flora Drive neighbourhood include those of two units at Avila Gardens, according to caveats lodged on Sept 10. One was a 1,324 sq ft, three-bedroom unit on the fifth floor that was sold for $1.15 million ($869 psf); the other was a 1,304 sq ft, three-bedroom unit that fetched $1.08 million ($829 psf). The 347-unit freehold project was completed in 1995.
At Carissa Park, a 1,647 sq ft, three-bedroom unit was sold for $1.4 million ($850 psf). The freehold, 528-unit condo was completed 17 years ago. Meanwhile, at Hedges Park, a 99-year leasehold condo, a 1,076 sq ft, three-bedroom unit was sold for $910,000 ($845 psf).
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