Property
Published August 15, 2006


RiverGate sets new benchmark

By ARTHUR SIM


PRICES for CapitaLand and Hwa Hong Corporation's RiverGate condominium units have increased by almost 50 per cent in the last year.


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Cutting edge: RiverGate (shown above) has been given 'landmark' status by the URA


RiverGate was launched in mid-2005 at an average price of $1,080 psf. Now, with 90 per cent of the 370 units in the first two phases sold, the final phase of 175 units is being sold at an average of $1,600 psf. Last week, a four-bedroom apartment was sold at $1,700 psf, a new benchmark for residential developments along the Singapore River.

Patricia Chia, CEO of CapitaLand Residential, said: 'Foreign homebuyers account for about two-thirds of the buyers. They are from other Asian countries, Europe and the US.'

RiverGate has the distinction of being accorded 'landmark' status by the Urban Redevelopment Authority for its location and 'cutting-edge architectural design'.

The development also saw international funds managed by Ferrell Asset Management, buy 100 units for $182 million last year, representing one of the largest reported acquisitions of condominium units by a fund here.

More recently, Wing Tai Group is said to have sold one block of Draycott Eight, about 46 units, to a property fund in May.

So far, 20 units from the final phase of RiverGate have already been sold. Buyers have a choice of two to four-bedroom units. There are also 12 penthouses. Unit sizes range from 1,000-4,000 sq ft.