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Rivercove Residences EC oversubscribed 2.5 times

PropertyGuru
Updated
Developer sales surge 68% to 1,325 units in April
Sales of new private homes, including executive condos, rose 68.1 percent in April to 1,325 units from 788 in the previous month...

Artist’s impression of Rivercove Residences EC in Sengkang.

The Rivercove Residences executive condominium (EC) in Sengkang has attracted over 1,500 e-applications since its preview launch on 1 April, said developer Hoi Hup Sunway on Monday (9 Apr).

This translates to an oversubscription rate of 2.5 times for the project’s 628 units.

More: 10 Facts You Should Know About ECs

During this period, more than 9,000 people visited the showflat located at the junction of Anchorvale Lane and Sengkang East Avenue.

The 99-year leasehold project comprises a range of three- to five-bedroom units from 904 sq ft to 1,485 sq ft. Prices start from $830,000 for a three-bedroom, $1.1 million for a four-bedroom and $1.34 million for a five-bedroom.

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The e-application exercise will close tomorrow (11 Apr), while the booking of units will commence on 14 April.

Located close to Sengkang MRT station, Rivercove Residences is the only new EC launch in 2018.

According to latest data from the Urban Redevelopment Authority, there are only 212 unsold EC units in the market. This is the lowest number since May 2013 when 213 unsold units were recorded.

“With the supply of ECs drying up and a rising private residential market, we expect demand and price outlook for ECs to be strong,” said Tricia Song, head of research at Colliers International.

She added that the record price of $583 psf per plot ratio for the Sumang Walk EC site in Punggol could result in a breakeven price of $950 psf, “higher than transacted prices for all new ECs, perhaps pointing to sharply higher EC prices two years down the road”.

For the latest property news, trends, resources and expert opinions, visit our Property News page. Home buyers looking for Singapore Properties may like to visit our Listings, Project Reviews and Guides.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg