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Property News16 Apr 2018

Rivercove Residences EC units 80% sold

Rivercove Residences wrapped up the first ballot and booking exercise for the executive condominium (EC) with nearly 80 per cent of its 628 units sold at an average price of S$965 psf.

Rivercove Residences

Located in the Anchorvale Lane neighbourhood of Sengkang, it is the sole EC launch for this year and is being developed jointly by Hoi Hup Realty and Sunway Developments.

First-time buyers can walk in to select and book any of the remaining units from April 15 onwards at the sales gallery.

The second-time buyer quota of 30 per cent of available units has been fully allocated during the exercise. Interested second-timer buyers can proceed to select and book units one month later.

A joint venture between City Developments' fully owned subsidiary CDL Constellation and TID Residential made the top bid in February this year for an EC site tender in Sumang Walk in Punggol, at S$509.37 million, or a record S$583 per square foot per plot ratio (psf ppr).

TID Residential is ultimately owned by Hong Leong Holdings and Mitsui Fudosan Co.

JLL national director of research & consultancy Ong Teck Hui told The Business Times that the S$965 psf average price is not surprising due to strong demand for ECs.

"It is a rising market exacerbated by the shortage of supply for EC sites," he said. "When the Sumang Walk site is launched, we could expect to see prices of S$1,000 psf and above if prices continue to rise."
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