One of the three projects that managed to rush to launch on the night of 5th July 2018 before the cooling measure kicked in the following day, Riverfront residences has sold over 500 units before midnight. The project was targeted to launch on the same weekend but brought forward in order to capture this last minute rush. A latest check on the sales status show that till date 843 units were sold, about 57% of the total of 1472 units.
Located on the site of the Rio Casa, a former privatized HUDC estate. Riverfront residences is a 99 years leasehold project located along Hougang Avenue 7. Formerly a 286 unit development, it was sold in 2017 as an enbloc for $575 million to a joint venture company, Oxley-Lian Beng Venture, a joint venture between Oxley Holdings (35%), Lian Beng Group (20%), KSH Development (35%) and Apricot Capital (10%).
With more than 200 metres of riverfront and greenery views, the project is to be built on a huge site of 396,231 sqft, consisting of 9 blocks of 17 storey each and 21 strata terraces, one of the larger projects with 1472 residential units with 6 retail shops. The project comes with a wide range of unit types, from 1 bedroom to 5 bedrooms as well as strata terraces. For more details about the project, please visit: https://www.godirectdeveloper.com/properties/riverfront-residences/,
Location: 6/10 (10 Being the highest)
– Located about 1 km away from Hougang MRT station, the walking distance will be about 14 minutes on google map. However if you cut across the HDB blocks (along Saint Xavier’s lane), you can shortly it quite abit to about 9 minutes. The walk can be fairly challenging if is on a sunny or rainy as the route is only partially sheltered if you cut through some of the blocks.
– Surrounded with mainly residential buildings and bend along the river, the project does have a serene and generally quite environment, probably just minimal traffic noise from Hougang Avenue 7 as is not a busy road.
– Nearest amenities such as supermarkets are located at The midtown and Hougang mall which are about 10 minutes walk from the project.
– Within 1-2 km away, there are some good schools such as CHIJ Our Lady Of Nativity, Holy Innocents’ Primary School and Punggol Primary School.
Project & Developer: 7.5/10
– Fronting along the Serangoon river, the developer has brilliantly designed the project in a way that the lower rise strata terraces are placed nearest to the river which will not obstruct the view of the taller blockers behind. Many of the units in the development will enjoy the river view & greenery view or inner facilities view.
– With a huge plot of land, the developer also introduce varieties within the development, providing the residents a resort lifestyle. The 75m river pool and 50m family pool are the highlights as it is getting difficult to find decent pool size and there are 2 in this development.
– The blocks are generally some distance apart from one another with the furthest about 90m away, allowing good ventilation and illumination within the development.
– Being a joint venture project, this development is build by reputable parties. Oxley holdings is a public listed developer that have quite a track record of projects both locally and overseas. Lian Beng group is one of Singapore’s major home grown building construction groups. KSH holdings is a public listed, well established construction, property development and property investment group. Lastly, Apricot Capital is the private investment company of the Teo family of the Super Group. With a vast experience in the construction sector, I believe the project will have a good standard of quality.
With an average of $1314 psf, I think the pricing of this project is competitive compared to the latest launch in the area, Kingsford Waterbay which is selling on an average of $1359 psf. Also fronting the same serangoon river, this project is generally nearer to the train station and amenities compared to Kingsford Waterbay. With lowest price starting from high $5xxk and mid $6xxk, this project is one of the affordable new launches. With some units fetching at less than $1200 psf, I think is extremely reasonable considering the fact that Affinity at Serangoon is priced in excess of $1500 psf which is not within walking distance to train station and amenities.
Appreciation Potential: 5.5/10
– There are quite a number of competing private residential within the vicinity, both old and new such as Midtown Residences, Evergreen Park, The Florida, Rio Vista, Kingsford Waterbay, Boathouse Residences, Heron Bay and Riversails. It can be a fierce competition in the resale market in future considering the large number of private developments in the area.
– Looking at the rental aspect, rental prices are generally not very high in this area which explains the lower selling pricesfor projects in this area. Looking at Midtown residences which is much closer to Hougang MRT, rental for 1 bedroom is between $1600 to $2000, 2 bedroom is $2200 to $2300 and 3 bedroom is also similar or slightly higher than $2300. With the completion of Kingsford Waterbay, there will be a large number of units available in the area for rental and there could be downward pressure to the rental price in the area. In addition, with the abundance of rental options, there will also be a risk for a longer vacancy period.
Considering the higher price tag of many new launches recently, I do feel that Riverfront residences is a project that is competitive in pricing. It will be worth considering if you are looking to buy for own stay in a mature estate with amenities. Afterall, projects that are riverfronting and greeneries are getting lesser in number. However, if you are looking at the point of investment for capital appreciation and rental potential, I believe there are better developments out there in the market that are worth considering such as Parc Esta and Jadescape.