Rivertrees pricing set to top Riverbank's

Rivertrees pricing set to top Riverbank's

Rivertrees Residences, a waterfront condominium project in Sengkang jointly developed by Frasers Centrepoint, Far East Orchard and Sekisui House, is expected to be launched at a premium of $50-100 per square foot (psf) over its next-door competing project, RiverBank.

Prices for the units will start from $950 psf when the project is open for booking on Feb 22, Frasers Centrepoint said yesterday. The average price for the initial phase could be in the range of $950-$1,150 psf.

Chief executive Cheang Kok Kheong noted that a slight premium to UOL Development's Riverbank @ Fernvale project would be "considered as fair" for the waterfront view that the project offers.

Competing development Riverbank @ Fernvale, which has also opened its showflats, has an average price indication of slightly more than $1,000 psf.

"You are buying your view to the reservoir until the leasehold ends," Mr Cheang said on Monday at a media preview of the project.

"We are selling to customers who are appreciative of the long-term value," he added, pointing to the quality finishings such as the marbled and timbered floors and other features of the project.

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.

Rivertrees Residences is expected to be completed in 2018. It overlooks the Sungei Punggol reservoir and boasts a 150-metre reservoir frontage that is said to be the widest among all developments in the area.

Ninety-two per cent of the 495 units will have views of the reservoir as the apartment blocks are spread out in a crescent shape facing the reservoir to maximise residents' view of the reservoir, while more than 80 per cent will have views of the 50-metre swimming pool.

The residential units comprise 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. There will also be a shop unit to serve the residents.

The project has eight "Cove Houses", which are duplex three-bedroom strata-titled landed homes. Mr Cheang said that apart from Sentosa Cove, these "Cove Houses" are the only waterfront landed homes in Singapore and the hook is that they are each selling for under $2 million. Permanent residents will need to obtain approval from the Land Dealings Unit under the Singapore Land Authority (SLA) to qualify.

One key project feature is the "River Villa", which is fully fitted with living and dining areas, as well as a bathroom, pull-out bed and adjacent outdoor spa. It can serve as an option for visiting family members and friends to stay over or as a function room.

Undaunted by the government measures to cool the property market, Mr Cheang said: "Although the market is narrower, there is still the depth there. People who want to buy . . . and don't have to worry about the loans or are buying a second home are still in the market."

In a low interest rate and uncertain environment, home ownership still offers a choice asset for investors seeing growth in Singapore, Mr Cheang added, noting that more than a thousand people viewed the showflats during the project's soft opening the last weekend.

He conceded that the market is more cautious now than six months ago and this would mean that the sales team "needs to go to the market more aggressively".

Responding to media queries on the temporary granite shortage in Singapore due to a disruption in granite supply from Indonesia, Mr Cheang said this is unlikely to affect the timeline of the project as Indonesian granite accounts for 25-30 per cent of the group's supply, among other sources such as Vietnam and Cambodia.

Frasers Centrepoint will soon be announcing plans for a mixed-use 99-year leasehold commercial and residential plot at Yishun Central, where it put in a top bid of $1.4 billion - a whopping 47 per cent higher then the second-highest bid.

Source: Business Times