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Parc Riviera fully sold in less than a year

cheeyuen.tan@bizedge.com

Out of a total of 752 units at Parc Riviera condominium on West Coast Vale, 127 units were still unsold as at end-August, according to URA data. As of the weekend of Sept 16 to 17, “all units had been issued with an option to purchase”, says Lim Yew Soon, managing director of EL Development, the developer of Parc Riviera. This means the project is 100% sold.

When Parc Riviera was first launched for sale in early November last year, EL Development introduced an innovative scheme — “one-tier pricing” — where the psf price is fixed for each unit type, regardless of whether the buyer purchased a unit on the first level or or on a higher level up to the 15th floor in the 36-storey tower.

The one-tier pricing was offered for 278 units on the first day of launch. It attracted a lot of interest, both from potential buyers and other developers.

 

Launched last November, all 752 units at Parc Riviera have been sold as at Sept 17

 

EL Development’s Lim attributes the strong sales to the “growth story” at Jurong Lake District and the affordable pricing of Parc Riviera, where units average $1,221 psf. The developer also offered attractive incentives in the form of higher commissions to agents. “Of course, agents’ incentives probably helped too,” says Lim.

Sales at Parc Riviera had also received a boost when China Construction paid $292 million, or $592 psf per plot ratio (psf ppr), for the neighbouring 99-year leasehold site in February. China Construction’s bid was reportedly 7.4% higher than the $551 psf ppr paid by EL Development for the 99-year leasehold site next door, which is being redeveloped into Parc Riviera.

Now that Parc Riviera is fully sold, EL Development is looking at clearing the remaining units at Symphony Suites. Launched in February 2015, the 660-unit Symphony Suites is also a 99-year leasehold condo. It is located at Yishun Close.

In August alone, 59 units at Symphony Suites were sold at a median price of $1,071 psf, according to URA data. Cumulative sales as at end-August was 545 units, which means the project is 82.6% sold. Based on caveats lodged, another 20 units were sold in September.

“Besides Symphony Suites, we will be actively looking for new development opportunities — both locally and overseas,” says Lim.

Another project launched in early 2015 was Kingsford Waterbay on Upper Serangoon View. The 1,165- unit project by Chinese developer Kingsford Development has seen brisk sales in recent months. In July, 62 units were sold at a median price of $1,228 psf whereas in August, another 47 units were snapped up at a median price of $1,291 psf. In the first two weeks of September alone, 32 units were sold. To date, the project is about 76% sold, according to property agents.

 

This article appeared in EdgeProp Pullout, Issue 798 (Sept 25, 2017)

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