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The Florence Residences in Hougang Review: Living in an Exclusive Club Resort

Published 27 August 2024

There are many reasons why The Florence Residences sales have been robust. Strategically located where amenities, recreational places, schools, and future developments will bring more jobs for people, it’s no wonder that more Singaporeans and Singapore Permanent Residents are investing in this property.

The Florence Residences Review: 4 Reasons to Choose It for Your Next Property Investment

1. Rental Price Increase
2. Higher Tenant Demand
3. Increase in Property Prices
4. Perks for Own Stay

1. Rental Price Increase

Singapore’s overall rents for condos in the Outside Central Region (OCR), which includes the North-East, increased by 3.6%. while the country’s overall rental prices increased by 3% year-on-year.

To gauge the monthly rental of The Florence Residences (TOP is 2023), let’s look at the nearby condominiums. The Florentine and Fiorenza’s 3-bedroom apartment monthly rental prices are $2,600 and $2,500, respectively. Both properties are within a 700m radius from Kovan MRT Station, while The Florence Residences is 1.3km from Kovan MRT Station.

2. Higher Tenant Demand

In 2024, there were approximately 1.71 million non-residents or foreign non-citizens in Singapore, contributing to the rental market.

The Florence Residences is located between the Northern part of Singapore and the Central Business District; it’s only natural that wherever there’s an influx of job opportunities, there’s a higher demand for housing.

With the development of Punggol Digital District, which is 7.3km from The Florence, and Sengkang West, which is 3.2km from the new launch property, professionals working in the North-East will now have more options for condos to rent.

What’s more, a new employment node is also being developed at Lorong Halus, which will be progressively developed as a Food, Lifestyle, and Logistics cluster.

3. Increase in Property Prices

Prices of private residential properties in Singapore continued to climb in the third quarter of 2025, marking the fourth consecutive quarter of growth. The private residential property index increased 0.9%, according to data from the Urban Redevelopment Authority (URA).

What factors may contribute to this increase in home prices in The Florence Residences?

Transportation and Accessibility

The Florence Residences is an 8-minute walk to Kovan MRT and a 6-minute walk to the Cross Island Line (estimated date of completion is 2030). For those with personal transport, it’s also close to various highways (all 15-minute drives away): KPE, CTE, and TPE. You can reach CBD in 18 minutes by vehicle.

Future Developments in the North-East Region

Besides the Digital District, there will be more housing options at Lentor Hills, Lorong Chuan, and Hougang Avenue 3. Several new community amenities will be developed at Buangkok (Buangkok Integrated Development), Punggol, and Fernvale (Punggol Town Hub & Linear Green). Public transportation is improving, too; The Thomson-East Coast Line (TEL) and Cross Island Line (CRL) will provide more convenient commutes, and Hougang will be one of the new integrated transport hubs.

Park connectors and cycling networks within towns will progressively expand over the next 10-15 years. You can look forward to water activities that will take place at waterways and be connected to recreational places such as Punggol Regional Sport Centre, SAFRA Punggol, and Anchorvale Community Club. This was unveiled in the draft master plan 2019 by the URA.

Healthcare

Bright Vision Hospital, Sengkang General and Community Hospital, and Tan Tock Seng Hospital will cater to the needs of North-East residents conveniently, as they are 3-minute, 11-minute, and 20-minute drives away from The Florence Residences.

Education

There are over 20 childcare, primary, and secondary schools within the vicinity, such as My First Skool, Junior Champs Preschool, Holy Innocents’ Primary School, Rosyth School, Bowen Secondary School, Xinmin Secondary School, and more. International schools are present, too, such as Hillside World Academy and Dimensions International College. You’ll never have to worry about finding an educational institution for your child.

4. Perks for Own Stay

There’s an array of amenities close to The Florence Residences, from shopping malls (Hougang Mall, Heartland Mall, Hougang 1, MyVillage Mall, and NEX Shopping Mall) to food establishments (Kovan 209 Food Centre, Teck Chye Food Street, Hougang Hainanese Village Centre, Chomp Chomp Food Centre).

Feeling outdoorsy? The closest park connector is Serangoon Park Connector (2.1km away), where you can access Punggol Park via a footbridge across Sg Pinang. Spot the White-throated Kingfisher if you can!

Buyer’s Stamp Duty for The Florence Residences

Buyer’s Stamp Duty (BSD) is a tax paid on documents signed when you buy or acquire property located in Singapore.

If you’re buying a 3-bedroom unit at The Florence Residences to comfortably fit your growing family, or planning to rent it out to families in the future, the price is $1,248,000, which is reflective of the market value. Your Buyer’s Stamp Duty (BSD) is $34,520.

Market Value of the Property

BSD Rate

Calculation

On the first $180K

$1,800

On the second $180K

$3,600

Next $640K

$19,200

Next $500K

$20,000

Next $1.5M

$75,000

Remaining amount

Source: IRAS

Looking at another unit size? Use Ohmyhome’s In-app BSD calculator for faster calculation! Download Ohmyhome from the Play Store or App Store now!

Additional Buyer’s Stamp Duty for The Florence Residences

Liable property buyers in Singapore are required to pay Additional Buyer’s Stamp Duty (ABSD) on top of the existing BSD. ABSD and BSD are computed on the purchase price as stated in the dutiable document or the market value of the property (whichever is the higher amount).

Who is liable to pay ABSD:

Singapore Citizens (SC) buying second, third, and subsequent residential properties
Singapore Permanent Residents (SPR) buying first, second, and subsequent residential properties
Foreigners or entities buying any residential property

ABSD for Singapore Citizens When Buying The Florence Residences

Here’s the ABSD amount you are required to pay if you are an SC.

Property Ownership

ABSD Rate

ABSD Amount from Price $1,248,000

If The Florence Residences is your second residential property

20%

$249,600

If The Florence Residences is your third or subsequent residential property

30%

$374,400

ABSD for Singapore Permanent Resident When Buying The Florence Residences

Here’s the ABSD amount you are required to pay if you are an SPR.

Property Ownership

ABSD Rate

ABSD Amount from Price $1,248,000

If The Florence Residences is your first property

$62400

If The Florence Residences is your second property

30%

$374,400

ABSD for Foreigners When Buying The Florence Residences

Here’s the ABSD amount you are required to pay if you are a foreigner.

Property Ownership

ABSD Rate

ABSD Amount from Price $1,248,000

Foreigners buying any property

60%

$748,800

Buying Your Dream Home in the North-Eastern Region?

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