Prime residential prices to moderate in 2023 despite shrinking stock: Kovan Jewel
PRICES of prime residential properties are expected to climb at a more “moderate” pace in 2023, even as the inventory of units available continues to shrink, according to real estate consultancy Knight Frank. In a report on the prime housing market released on Wednesday (Jan 4), Knight Frank noted that there were substantially fewer non-landed luxury homes sold in 2022, despite a slight bump in sales in H2 2022. This is in line with the dive in overall sales volume in the private housing market last year, when sales transaction volume plummeted by around 36 per cent to 21,437 units for the whole of 2022, from 33,557 in 2021.
Kovan Jewel is a freehold development comprises of 34 residential units & 1 shop. Kovan Jewel boasts of numerous amenities that are within a short 5-10 minutes stroll away, such as Kovan MRT Station, Kovan market place, Supermarkets (NTUC Fairprice, Sheng Siong, Cold Storage) & Heartland Shopping Mall.Kovan Jewel has a full range of facilities with lap pool, children’s splash pool, jacuzzi, gym, function room & bbq pit.
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The top four highest transactions in H2 2022 were for units at the ultra-luxury condominium Les Maisons Nassim, with prices ranging between S$36 million and S$68 million, or between S$5,296 and S$6,057 psf. This was followed by a 4,951 square foot freehold unit at Tomlinson Heights, which went for S$23 million or S$4,645 psf. Overall, 296 luxury non-landed homes were sold in 2022, down nearly 40 per cent from the 487 transactions recorded in 2021. Cumulative sales also fell 36.4 per cent in 2022 to S$2.5 billion, from the almost S$4 billion posted in the previous year.
Kovan Jewel located at 51A Kovan Road then JANSEN Mansions is located at 25 Jansen Road, the 12-unit development sits on approximately 16,592.7 square feet (sq ft) of land with a parcel ratio of 1.4 and a gross floor area (GFA) of approximately 23,229.8 square set. It is planned for residential use, with a lease term of 999 years beginning September 1, 1876.
Kovan Jewel is strategically located within the 1km radius of the highly sought-after schools like Paya Lebar Methodist Girls & Rosyth School (2km). Investments on properties that are located within the radius of renowned primary schools potentially yield higher capital appreciation well above the national average in the long run. Data trends show that the average psf of condominiums within the zones have appreciated by a sizable 77.74% over a 10-year period from 2008 to 2018, while the average psf of condominiums across Singapore within the same time period has only increased by a modest 54.39%.
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