Koh Brothers aims for HDB upgraders’ Kovan condo

With their project launch this weekend, HDB home upgraders are targeted by Koh Brothers Group while its launch of high-end properties is on-hold.

Set in Florence Road, the project Fiorenza will have 28 units at $790 per square feet or from $749,000 to $1.2 million per unit.

In the five-storey building, there are 840 to 1,442 square feet of two-bedroom and three-bedroom units, as well as 1,378 to 1,851 square feet of penthouses.

The Kovan Residences, which is also located in the area and closer to the MRT station, has 521 units and still has unreleased units. Last year, the 99-year leasehold project is priced at $880 per square feet, but it has been cut since then. Fifty-six units were purchased last month at median price worth $705 per square feet.

An interest absorption plan is offered by Koh Brothers for Fiorenza at two percent premium.

Francis Koh, managing director and chief executive of the company, said Fiorenza would feature glass Jacuzzi form Italy on its balconies. A digital music system is also available in each unit.

The Fiorenza project was released by Koh Brothers in Q2 last year. The group was also planning to launch the high-end Lincoln Suites in Newton Road early this year; however, the market hasn’t been in the company’s favour.

With demands for high-end still low, the launch will come soon.

Mr. Koh stated that the lease of Lincoln Lodge would be continued by the consortium until next year. The group, along with Lian Beng Group, KSH Holdings, and Heeton Holdings, bought the Lincoln Lodge during the 2007 property boom at $1,449.30 per square feet.

There are other projects of Koh Brothers, which are waiting for the right time to be launched.

”The market may change very quickly. It can go up quickly, it can also come down quickly”, Mr. Koh said.