Park Residences at Kovan more than 60% sold in less than a month

Only 14 out of 41 units are left since it was launched mid July even if a smallest one-bedder of just 323 sft in size now sells at $1,600 psf or up from preview price of $1,450.

Park Residences is a freehold boutique development by Kovan Central which is 88% comprised by one bedroom units of either 323 sft or 355 sft in size.

According to marketing agents from Savills, what makes this ‘mickey mouse’ development “hot” is the mere fact that it is rare to find a freehold property that is of walking distance to the MRT station.

“The estimated distance of Park Residences to the MRT is 450 meters which means that it will only take you 5- to 10- minute walk,” says a property agent at Savills.

Even so, a market watcher commented that the selling price of Park Residences is quite “unreasonable” for a freehold ‘mickey mouse’ property at Kovan.

“Compared with the 64-unit Primo Residences which is also near the MRT and was fully sold in its first week of launch [mid-March 2010], psf of Park Residences is too high. A one-bedroom unit at Primo Residences was just $1,100 psf, not to mention, it’s relatively bigger at 441 sft.,” he said.

“At current market condition, $1,600 psf for a 323 sft-condo unit is not worth buying. Better wait for other upcoming options,” he added.

Other major selling points of Park Residences according to marketing agents at Savills include:

• Proximity to CBD, Suntec City, Marina Sands Integrated Resort and Orchard Shopping Belt
• Near to shopping centres such as Hougang Mall, Nex Mega Shopping Mall and Heartland Mall
• Near schools such as Seranggoon Junior College, Nanyang Junior College and ST. Gabriel’s Primary School.
• Easy access to major expressway such as CTE and KPE.

Sources said that potential buyers of Park Residences were told that rental yield for a one-bedroom unit at Kovan area is $2500 per month.