Stars of Kovan Condominium

Stars of Kovan . Condo + Shops . 3 Minute Walk to Kovan MRT Station

Stars of Kovan is a new mixed development in the private residential estate of Kovan. Of the 3 new condominiums along this stretch, Kovan Stars is the nearest to Kovan MRT station, compared to Tembusu (which is pretty much sold out), and Trilive, which is a fair bit further out.

Stars of Kovan is pending approval for sale, likely to launch around Q1 or Q2 2016. As a mixed development, it will comprise shops on the ground level, with a residential condominium above it that will have the usual pools, gym, and so on.

Stars of Kovan Condo Mixed Development

Mixed developments like this offer residents the convenience of eateries & shops on their door step, that can be a real help and time-saver. In addition, this Kovan mixed development is just 200m, or a 3 minute walk, from Kovan MRT station.


The Stars of Kovan Condo · About Kovan

Kovan is a long established residential estate, with its own distinct character. It comprises a mix of older landed houses interspersed with cluster houses, small apartment developments, and a handful of larger condo projects.

There is a somewhat nostalgic charm around the Kovan area, as many of its old shophouses still line the road, much like in Katong. And somewhat like in Katong, Kovan has built up a reputation for old-time hawker food. Well known favourites include its hokkien mee (originally dished up by an old man known for his squatting style of cooking), and Punggol nasi lemak, with recipes that have come down the generations.

Please come to view the showflat if you might like to live or invest here.

Stars of Kovan Condo Mixed Deveopment LocationKovan Stars Condo . 3 minute walk from Kovan MRT Station

The Stars of Kovan Mixed Development · Highlights

  1. A home in an established residential estate that is mainly low rise, and comprising mainly private houses.
  2. Within a short walk to a shopping centre (Heartland Mall), supermarket, wet market, shops, and close to a stretch of coffee shops offering some of the best hawker fare.
  3. 200m or 3 minutes walk from Kovan MRT station, that is 15 minutes train ride from Orchard Road.
  4. Ideal for families with young kids: Holy Innocents Primary School, one of the top primary schools, is within 1km, one train stop away. Click here to view their website.
  5. Also one train stop away is NEX, the biggest shopping mall in the north-east, with a wide choice of F&B, cafes & restaurants, shops, supermarket, banks, life style outlets, etc.
  6. Easy access to expressways: the Kallang Paya Lebar Expressway is just 2km drive down Tampines Road, and offers a quick, less-congested route to the Raffles Place & Marina Bay CBD, 20 to 25 minutes drive off-peak.
  7. Stars of Kovan offers a rare chance to own a new condo within a very short walk of Kovan MRT station, as the area around the station is already mostly built up. The other two condominiums that back the station, Kovan Melody & Kovan Residences, are very popular with tenants, including expatriates, who like the ambience and amenities, coupled with the fact that it is just a quick 15 ride from town.


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Stars Kovan Launch

Stars Kovan Launch . Land Sale & Pricing Analysis

ASSET Legend Limited won the Urban Redevelopment Authority (URA) land sale for the Stars of Kovan site at a tender bid of S$276.8 million, or S$848.84 per square foot per plot ratio (psf ppr).

URA announced the results of the land tender on 28 November 2014.

This is a 99-year leasehold mixed-development site at the corner of Tampines and Upper Serangoon Roads, about 350m from Kovan MRT station.

The land zoned for residential on top of 1st storey commercial was launched for tender on 25 September 2014. This tender closed on 27 November 2014.

In November 2014, the BCA (Building and Construction Authority) announced that projects built on government land sale sites going forwards, would have to meet higher building design & constructability standards, as well as a specified level of prefabrication.

The Stars Kovan launch is the 1st government land sale site required to comply with these new buildability and productivity regulations. The site’s tender closing date was extended from November 13 to November 27 to give bidders more time to factor in the new requirements.

ASSET Legend is a subsidiary of Li Ka-shing’s Cheung Kong Holdings. Cheung Kong Holdings has an impressive portfolio of developments internationally, including luxury projects in Singapore such as Marina Bay Suites, Costa del Sol, and Thomson Grand.

Thomson Grand by Cheung Kong . Developer for the Stars Kovan LaunchThomson Grand by Cheung Kong Holdings . Developer for the Stars Kovan Launch


Stars Kovan Launch . Pricing Analysis

Asset Legend’s winning price of S$848.84 psf ppr was higher than the market expectations of S$670-750 psf ppr. It is considered “aggressive” by analysts, who expected more conservative bids due to the new prefabrication requirements, as that is likely to lead to slightly higher construction costs.

The 2nd highest bid of S$240 million (S$736.06 psf ppr) was put up by Sustained Land’s SL Capital Ventures Pte Ltd.

A Joint Venture comprising City Developments unit Verwood Holdings, Hong Leong Group’s Intrepid Investments, and TID Residential put in the 3rd highest bid of S$234.6 million (S$719.50 psf ppr).

The tender drew a total of 11 bids, within market expectations. The lowest bid of S$172.7 million (S$529.66 psf ppr) was put in by Koh Brothers’ KBD Ventures.

Based on analysts’ computations, the top bid translates to a break even cost of over S$1,300 for the residential units. The site is primarily residential, with its ground floor zoned for commercial space. Conveniently located near Kovan MRT station, it is expected to yield about 340 residential apartments.

“As (the new requirements are) a new move, the economies of scale have yet to be tested and the breakeven price for this project could be higher as it is the first adopter,” said Eugene Lim, the KEO (Key Executive Officer) for ERA Realty Network.

“Asset Legend could be bullish about the site’s prospects due to its proximity to the Kovan MRT station and its main road frontage, which works well for the first-floor commercial units.”

RST’s Research director Ong Kah Seng said that optimistic bids are common with foreign developers, who might be willing to take a lower profit margin as they see the benefits of developing a plum site that could yield a product with greater investment potential.

See this link for the news report for the tender results (opens in new window).


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Star of Kovan Condo | A Food Haven

Star of Kovan Condo . About the Kovan Area

If there is one thing that the Star of Kovan condo has in plenty around it, it is good food. This estate has long enjoyed a reputation as a food haven – from nasi lemak, to Hokkien Mee, and to of course, Teochew porridge.

After all, Kovan and its neighbour, Hougang, has for long been a traditional Teochew enclave, as well-known for its fair Teochew maidens, as its food.


Star of Kovan Condo · The Amenities

The shophouses fringing Upper Serangoon Road come alive on weekend nights. In addition to the familiar family-run eateries, there are smaller cafes offering Western and Thai food, and a sweet array of desserts.

According to residents, the food here is cheap and good. A hawker centre near the Star of Kovan condo sells a soya bean drink for just 30 cents. Long queues form daily for its char kway teow and fishball noodles.

Convenience is another factor. The Kovan MRT station on the purple North-East line runs down to Orchard Road in 15 minutes. The nearby KPE (Kallang-Paya Lebar Expressway) provides a direct route to the Raffles Place / Marina Bay Financial Districts. Numerous bus services ply Upper Serangoon Road next to the Star of Kovan condo.

Kovan Residences opposite Star of Kovan CondoKovan Residences opposite Star of Kovan Condo

With such accessibility and convenience, many young families and expatriates have moved in. The condos next to the MRT station, like Kovan Melody and Kovan Residences, are very popular with expatriate families who have moved here from the central areas, for its convenience and affordability.

The old and the new, the local and the cosmopolitan, mix freely in Kovan. They overlay the once mainly Teochews populace, who called the place lak kor chiok or 6th Mile, a measure of its distance from the city centre.

Many old buildings have been torn down. The former landmark Simon Road Market, with its makeshift wooden stalls and canvas sheet roofs that dripped when it rained, has been replaced with the spanking new Kovan Residences.

The surrounding area once dotted with kampungs and village shops have given way to a mix of housing board flats and private residences.

What has remained and is still recognisable, are the landed housing estates behind the former market, and across Tampines Road. Many of these old landed, mainly terrace and semi-detached houses, have been since been rebuilt or touched up, giving a sort of nostalgic homeliness to the estate.

Adapted From: Straits Times Article 2 August 2013. See report (opens in new window).


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Kovan Stars Condo | The Neighbourhood

Kovan Stars Condo . About the Location

This mixed development is located at the corner of Upper Serangoon Road and Tampines Road. But Kovan Stars condo itself is expected to be somewhat buffered from road noise by the fact that it sits atop the shopping podium, with the E-Deck where the pool, landscaping & other facilities are, on the roof of the podium.

Even its lowest residential units will be somewhat elevated. But do be aware that some degree of road noise is inevitable.

Amenities around Kovan Stars CondoAmenities around Kovan Stars Condo . Click to Enlarge


Kovan Stars Condo · Transport Options

Kovan Stars is one of the nearest condominiums to Kovan MRT station, about 2 to 3 minutes walk from it.

Quite a variety of buses ply along Upper Serangoon Road, going to places like Changi Airport, Bishan, Sengkang & Punggol. But of course the most convenient way to get to town, is via the MRT. That also brings you conveniently to increasingly more and more parts of Singapore.

Interestingly, Kovan Express Bus Terminal is actually sited right next to Heartland Mall beside Kovan MRT, and it has buses that bring you to KL, Malacca, and Genting. Not bad for a quick and easy holiday.

Drivers have it pretty good too. Kovan Stars condo sits at the center of 4 major expressways: the CTE to its west, the PIE to its south, the KPE at its east, and the TPE to its north. All within easy reach off-peak, but of course somewhat longer at peak hours.


Kovan Stars Condo · Amenities

Stars of Kovan will reap the benefits of being in a mature estate. The shophouses nearby, besides being a foodie’s delight, also house an eclectic array of shops.

Heartland Mall, and Kovan Hougang Market and Food Centre, 3 minutes walk away, are the go-to places for daily necessities like food, groceries, household items.

And not forgetting what is today a necessity to parents with school-going children: tuition schools. These occupy the whole of the 4th floor of Heartland Mall, so you can save the trouble of ferrying your kids to their tuition classes.


Kovan Stars Condo · Rental Potential

Other condominiums around the area include Kovan Residences (April 2009) opposite the road from Stars of Kovan, Kovan Melody further up (September 2004), Tembusu (August 2013) about 550m from Kovan MRT station, and Trilive (June 2014) around 700m from the station.

The end 2015 rental rate for Kovan Residences & Kovan Melody is between $3 to $3.60 PSF (see the URA website). Tembusu and Trilive are not completed yet.


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