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Singapore Property News

Rivertrees drawing strong buyer interest

RIVERTREES Residence, a waterfront condominium project in Sengkang, has received close to 600 cheques from interested buyers prior to its official launch today, with interest coming from both owner-occupiers and investors.

Posted on 22-Feb-2014
By: Lynette Khoo

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Rivertrees drawing strong buyer interest

Singapore

RIVERTREES Residence, a waterfront condominium project in Sengkang, has received close to 600 cheques from interested buyers prior to its official launch today, with interest coming from both owner-occupiers and investors.

Frasers Centrepoint said yesterday that a total of 585 cheques were received for apartments across different sizes. Close to 300 units will be launched in the initial phase for the 495-unit project that is jointly developed by Frasers Centrepoint, Far East Orchard and Sekisui House.

The average pricing for the initial phase is said to be in the range of $950-1,150 per square foot (psf). Frasers Centrepoint had said that the units will be sold at a premium of $50-100 psf to its next-door competing project, Riverbank @ Fernvale by UOL Development.

Already, UOL has moved at least 210 units out of 250 units launched at Riverbank @ Fernvale, where sales began one week back at an average price of slightly above $1,000 psf. Both projects are nestled in the north-east region earmarked under the Draft Master Plan as a new centre for growth.

The Rivertrees Residence project comprises a mix of one and two-bedroom suites, three and four-bedroom units, "trio homes" that have dual-key and inter-generation designs, as well as "prive homes" that come with private lift lobbies. Prices of the two-bedroom suites start from $618,000, according to Frasers Centrepoint.

There are also eight duplex three-bedroom strata-titled landed homes - called "cove houses" - selling for under $2 million, for which permanent residents need to obtain approval from the Land Dealings Unit under the Singapore Land Authority to qualify.

The Frasers Centrepoint-led consortium paid $533 psf for Rivertrees' 99-year leasehold site in June last year, a shade higher than UOL's $489 psf for the Riverbank site in April last year.

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