Rivercove Residences witnessed how their 628 flats, that is close to 80 percent sold at a regular price which is S$965 psf for the world-class Executive Condominium (EC) during initial ballot and reservation phase, which was fully accomplished.
Positioned just within areas of Anchorvale Lane, with Sengkang as the near neighbour, this is the only EC launched in 2018 and developed by the collaboration Sunway Developments and Hoi Hup Realty.
The 99-year leasehold property development constituted three- to five-bedroom units, in 904 sq ft down to 1,485 sq ft. Prices also start from as low as $830,000 for a three-bedroom, a four-bedroom which is $1.1 million and highest is a five -bedroom which reached to $1.34 million.
The e-application ended 11th of April and reservations commences 14th of April.
Those who are first timers can have an ocular visit and make reservations to a property which are still available from 15th of April onward at marketing gallery areas. The second time purchasers with a 30 percent quota on an unoccupied property were fully offered during the program. The second time buyers can still choose and reserve units only after one month.
A partnership business between TID Residential and CDL Constellation, a subsidiary of City Development were the top bidder last February 2018 over an EC areas tender around Punggol, specifically in Sumang Walk for S$509.37 million, or S$583 per square foot per psf ppr or plot ratio.
There were more than 1,500 e-applications which the Rivercove Residences EC of Sengkang garnered after its launching last April 01, stated tycoon property developer, Hoi Hup Sunway, April 09 (Monday).
Ong Teck Hui, the national director of JLL expressed that $965 psf regular price is not something new given the huge demands for Executive Condominium.
“It is a progressive market magnified by the insufficient supply on Executive Condominium areas, ” he further added.
his even yields to double the subscription rate which runs to 2.5 times on the property development project’s 628 units.