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Sengkang condos go head to head
Keen contest for buyers as sale launches at two projects coincide
By: Melissa Tan
DEVELOPERS are back in launch mode after the Chinese New Year holiday, with two new Sengkang projects likely to go on sale within a week of each other.
The first to make its move is the 555-unit Riverbank @ Fernvale by UOL Development, which will launch on Feb 14.
That is likely to be followed by Rivertrees Residences which is expected to be launched a week after that.
Both projects also happen to be next to each other. This proximity means that competition for buyers could be keen, consultants said. The 99-year leasehold Riverbank @ Fernvale is at Sengkang West Way, overlooking the Punggol River.
Its average price will be slightly over $1,000 per sq ft (psf), said Mr Liam Wee Sin, president of UOL's property division, at a media briefing at the showflat yesterday.
He said prices will start from $480,000 for a 495 sq ft one-bedder, going up to at least $1.3 million for a 1,389 sq ft five-bedder.
"Gone are the days where you can push prices up. Right now people will look at the total price quantum and affordability... it's a quantum game."
The project, which is next to the Lush Acres executive condominium project, will have four 19-storey condominium blocks. It is near the Layar LRT station and is expected to be completed in 2018.
UOL paid $489 psf for the site in April last year, which works out to a breakeven cost of about $900 psf.
Price details and the launch date for Rivertrees Residences are not out yet. However, market expectations are for an average price of slightly over $1,100 psf.
A Frasers Centrepoint-led consortium paid $533 psf for the Rivertrees site in June last year.
Consultants said the closeness of the two new launches - both in terms of location and timing - could mean a keen contest for buyers.
"There will definitely be increased competition," said CBRE research head Desmond Sim. "But buyers will benefit because they will have a bigger selection."
OrangeTee research head Christine Li added that the supply in the area was actually "not a lot".
This is because the existing projects in the area are still under construction, which means there are virtually no resale units competing with new units for buyers, she said.