Condo RV Residences launching at month end

Published on Aug 06, 2013

By Cheryl Ong

ALLGREEN Properties will launch its 248-unit RV Residences in District 10 at the end of this month.

Prices of units at the 999-year leasehold development will range between $2,100 per sq ft (psf) and $2,300 psf.

The development comprises 63 one-bedroom units measuring 419 sq ft to 452 sq ft, 92 two-bedroom units of 678 sq ft to 699 sq ft, 59 three-bedroom units of 850 sq ft to 1,001 sq ft and three four-bedroom units of 1,205 sq ft to 1,270 sq ft.

It will also have 31 penthouses with sizes ranging from 796 sq ft to 1,539 sq ft.

Units at RV Residences are largely compact, with 85 per cent of them below 850 sq ft.

R'ST Research director Ong Kah Seng said units smaller than 1,000 sq ft in the prime districts of 9, 10 and 11 are usually the first to be sold out. "These are units that are friendly to the pockets of investors, because of the affordable quantum," said Mr Ong.

Amid tighter housing allowances for expatriates, Mr Ong said there is rental demand for smaller units in prime locations.

"Generally, expats still prefer to live in the city centre."

Allgreen's director of sales and marketing Yong Voon Chen added: "RV Residences has excellent rental opportunity and attractive rental yield."

Mr Ong also noted that units at RV Residences are reasonably priced, as new homes in the city fringes are already selling for around $2,000 psf.

"In terms of take-up, it would be fairly positive. But I'm not expecting an overwhelming sales response," he said.

RV Residences comprises six blocks, each of which is seven storeys high. It is located near Great World City shopping centre and the upcoming Great World MRT station. The project is expected to obtain a Temporary Occupation Permit in June 2015.

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