Rivertrees drawing strong buyer interest

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http://www.businesstimes.com.sg/arch...erest-20140222

Published February 22, 2014

Rivertrees drawing strong buyer interest

By Lynette Khoo [email protected]


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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http://www.straitstimes.com/archive/...units-20140225

Rivertrees launch helped by demand for smaller units

But brisk sales not a sign of recovery in market sentiment, say consultants

Published on Feb 25, 2014

By Melissa Tan


KEEN demand for smaller, more affordable private homes gave a fillip to weekend sales at another new launch in Sengkang.

The 495-unit Rivertrees Residences condominium in Fernvale was launched on Saturday and sold 220 units over the weekend, its developer Frasers Centrepoint said yesterday.

Consultants said the sales were encouraging and reflected underlying demand from upgraders, but cautioned that it did not signal a recovery in market sentiment.

Rivertrees' sales figure was a little higher than opening weekend sales at its next-door neighbour Riverbank @ Fernvale, which sold slightly more than 200 units two weekends ago.

The 555-unit Riverbank, developed by UOL, also moved slightly more than 10 units over the past weekend, a spokesman said yesterday, adding that it had sold out all its one- and two-bedders.

This brings its cumulative sales to roughly the same level as Rivertrees'. Its selling price was slightly over $1,000 per sq ft (psf) on average.

R'ST Research director Ong Kah Seng said sales volumes could have been similar because while Rivertrees was slightly more expensive than Riverbank, it was also nearer to the Layar LRT station.

Smaller units were more popular at both projects. Consultants said this indicated that buyers were now extremely conscious of the total unit price as opposed to the psf price.

Frasers declined to give a sales breakdown but said yesterday that its two-bedders and strata landed houses at Rivertrees sold "particularly well".

The landed houses, all 1,528 sq ft each, were sold for $1.75 million to $1.78 million per unit. This works out to $1,145 to $1,165 psf.

The one- and two-bedders were launched at an average of $1,130 psf, and three- and four-bedders at $1,040 psf on average. Buyers at Rivertrees were a mix of Housing Board upgraders and investors.

"There is still depth in the market," said Mr Cheang Kok Kheong, chief executive of development and property at Frasers.

CBRE research head Desmond Sim said Rivertrees sales were promising, especially coming at "this time of the market where there seems to be more bad news than good news".

He added that since buyers were increasingly selective, some might have moved on to Rivertrees if they missed out on the best units at Riverbank.

Mr Ong also said the sales at both Fernvale projects were "encouraging" but cautioned that it did not mean the overall private residential market was doing well.

"It's unclear whether the homes will fetch good investment returns, so they're better suited for owner-occupiers rather than investors," he added.

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http://www.businesstimes.com.sg/arch...-sold-20140225

Published February 25, 2014

220 out of 300 units at RiverTrees Residences sold

Strong sales over weekend launch suggest project has set its psf prices right

By Lynette Khoo [email protected]


RIVERTREES Residences, the latest condominium project launched in Sengkang, attracted strong buyer interest, with 220 units out of the 300 units launched snapped up over the weekend.

Buyers purchased units from all unit types available; Frasers Centrepoint, the lead developer of the project, said two-bedroom units and strata-titled landed homes known as "Cove Houses" were "selling particularly well".

The two-bedroom suites start from $618,000 while the eight duplex three-bedroom "Cove Houses" are selling for under $2 million. Permanent residents need to obtain approval from the Land Dealings Unit under the Singapore Land Authority to qualify for the landed homes.

Buyers of the units include both HDB upgraders who are buying their first private apartment as well as investors, according to Frasers Centrepoint which is jointly developing the 495-unit waterfront project with Far East Orchard and Sekisui House.

"The strong sales bear testament to the beauty of RiverTrees Residences' site and the attractiveness of the project's excellent design," said Frasers Centrepoint Homes chief executive Cheang Kok Kheong. "This also validates our belief that there is still depth in the market, and that there is robust demand for high-quality homes at the right prices."

The average price for the initial phase of RiverTrees is in the range of $950-$1,150 per square foot (psf), while units at the next-door project, Riverbank @ Fernvale by UOL Development, is selling at an average price of slightly above $1,000 psf.

RiverTrees Residences comprises one- and two-bedroom suites, three- and four-bedroom units, "trio homes" which have dual-key and inter-generation designs, as well as "prive homes" that come with private lift lobbies.

Lui Seng Fatt, chairman of Strategic Capital Global, a private equity firm active in real estate and infrastructure, noted that the recent strong showing for condominium projects in Sengkang suggested that these projects got their psf pricing right, putting the units within reach of upgraders and first-time buyers.

"Firstly, the location is fairly convenient. Secondly, the quantum is within reach of upgraders and first-time buyers. Most importantly, they have priced the projects reasonably on a psf basis," Mr Lui said of the two condominium projects in Sengkang.

He noted that it is important now to get the loan quantums within reach for upgraders and first-time buyers, following the implementation of total debt servicing ratio (TDSR) framework implemented last June, which caps a borrower's total debt repayments at 60 per cent of gross monthly income.

"There are still people looking for upgrading while the investment desires have quietened down," he added. "People want to see value. With the loan restrictions and impending supply, people are not as hungry as two years ago."