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Singapore Property News

220 out of 300 units at RiverTrees Residences sold

Strong sales over weekend launch suggest project has set its psf prices right

Posted on 25-Feb-2014
By: Lynette Khoo

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220 out of 300 units at RiverTrees Residences sold

RIVERTREES Residences, the latest condominium project launched in Sengkang, attracted strong buyer interest, with 220 units out of the 300 units launched snapped up over the weekend.

Buyers purchased units from all unit types available; Frasers Centrepoint, the lead developer of the project, said two-bedroom units and strata-titled landed homes known as "Cove Houses" were "selling particularly well".

The two-bedroom suites start from $618,000 while the eight duplex three-bedroom "Cove Houses" are selling for under $2 million. Permanent residents need to obtain approval from the Land Dealings Unit under the Singapore Land Authority to qualify for the landed homes.

Buyers of the units include both HDB upgraders who are buying their first private apartment as well as investors, according to Frasers Centrepoint which is jointly developing the 495-unit waterfront project with Far East Orchard and Sekisui House.

"The strong sales bear testament to the beauty of RiverTrees Residences' site and the attractiveness of the project's excellent design," said Frasers Centrepoint Homes chief executive Cheang Kok Kheong. "This also validates our belief that there is still depth in the market, and that there is robust demand for high-quality homes at the right prices."

The average price for the initial phase of RiverTrees is in the range of $950-$1,150 per square foot (psf), while units at the next-door project, Riverbank @ Fernvale by UOL Development, is selling at an average price of slightly above $1,000 psf.

RiverTrees Residences comprises one- and two-bedroom suites, three- and four-bedroom units, "trio homes" which have dual-key and inter-generation designs, as well as "prive homes" that come with private lift lobbies.

Lui Seng Fatt, chairman of Strategic Capital Global, a private equity firm active in real estate and infrastructure, noted that the recent strong showing for condominium projects in Sengkang suggested that these projects got their psf pricing right, putting the units within reach of upgraders and first-time buyers.

"Firstly, the location is fairly convenient. Secondly, the quantum is within reach of upgraders and first-time buyers. Most importantly, they have priced the projects reasonably on a psf basis," Mr Lui said of the two condominium projects in Sengkang.

He noted that it is important now to get the loan quantums within reach for upgraders and first-time buyers, following the implementation of total debt servicing ratio (TDSR) framework implemented last June, which caps a borrower's total debt repayments at 60 per cent of gross monthly income.

"There are still people looking for upgrading while the investment desires have quietened down," he added. "People want to see value. With the loan restrictions and impending supply, people are not as hungry as two years ago."

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