Yahoo Finance Riverfront Residences: Leading the rejuvenation of Hougang
SINGAPORE (EDGEPROP) - Until the launch of Riverfront Residences, there had been no new launch of a private condo in the Hougang area for more than three years. So, when Oxley Holdings launched the 99-year leasehold project in mid-2018, interest among HDB upgraders in the vicinity as well as astute buyers was piqued.
Riverfront Residences has a total of 1,472 units, comprising nine 17-storey blocks of one- to five-bedroom apartments, 21 strata-landed houses and six strata shops. The four- and five-bedroom premium units come with private lift access.
Artist's Impression of Riverfront Residnecs (Credit: Oxley Holdings)
“Most of the developments in Hougang Ave 7 are more than 10 years old. Riverfront Residences, with its modern architecture and curtain wall with a full-height glass façade, will revamp the streetscape of Hougang Ave 7, injecting a new lease of vibrancy and energy into the area,” says Oxley.
The project was awarded Top Development, Design Excellence and Innovation Excellence in the Residential (Uncompleted), Non-Central category.
Riverfront Residences occupies the site of the former Rio Casa, a 286-unit privatised HUDC estate. The site was purchased en bloc by Oxley and its three joint-venture partners – KSH Holdings, SLB Development (listed property development arm of Lian Beng Group) and Apricot Capital (investment arm of the Teo family of Super Group). The purchase price of Rio Casa in May 2017 was $783 million, translating into a land rate of $706 psf per plot ratio. This included the differential premium and lease top-up premium.
Scale model of Riverfront Residences (Photos: Samuel Isaac Chua/EdgeProp Singapore)
As the Oxley-led consortium had purchased the site before land prices ran up, it is able to price units at Riverfront Residences competitively. Based on URA Realis data, 1,200 units have been launched for sale as of end-September. Among these, 1,134 units have been sold. In the month of September, average psf price achieved at the project was at $1,341 psf. According to Oxley, the bulk of buyers are HDB upgraders from the vicinity. It added that the prices of some units start at more than $1,100 psf.
Smart home with a view
The consortium was drawn to the Riverfront Residences site by its stunning river views. The project features views of Sungei Serangoon, a river in the north-eastern part of Singapore. “We angled the blocks towards the river to maximise the views. The residential towers and strata-landed houses are tilted such that most of the units are north-south facing to reduce solar heat gain and improve energy conservation,” says Oxley.
The living and dining area of a one-bedroom show unit
Riverfront Residences boasts over 100 condo facilities to cater to the needs of residents. Designed by award-winning architect ADDP Architects, the project has three iconic clubhouses, three swimming pools, yacht deck-inspired balconies, co-working spaces, and a fully-fitted gourmet kitchen. Oxley adds: “Basically, we put ourselves in the shoes of our potential buyers, envision their lifestyle and make provisions in the development to match.”
Occupying a site of 396,235 sq ft, Oxley has divided the condo facilities into three main coves – Resort, Lifestyle and Botanic – to create a sense of exclusivity within the development. The Resort and Lifestyle coves are designed for residents to host parties or enjoy family time. In contrast, the Botanic cove is envisioned as an idyllic escape with lush greenery and quiet co-working and study spaces to optimise productivity.
The master bedroom of a one-bedroom show unit
When it comes to innovation, Oxley has provided a smart home system in each unit. This allows residents to sync devices and sensors to adjust the temperature of their air-conditioner remotely. The main door is also fitted with a smart digital lock so residents will not have to carry a key around. Likewise, keyless letter boxes are also installed at the project. Meanwhile, residents can book facilities, make payment and file maintenance reports through the project’s smart community app.
Within a short drive from Riverfront Residences are several shopping malls – Hougang Mall, Hougang 1, Heartland Mall, Compass One, and Nex. The CBD is just a 22-minute drive from Riverfront Residences. Schools located within 1km of the project include CHIJ Our Lady Of The Nativity, Holy Innocents’ High School, Serangoon Secondary School and Punggol Primary School.
Beneficiary of upcoming developments
In addition to Sungei Serangoon, the project is close to several neighbourhood parks and precinct parks. Residents in Hougang also have access to the North-Eastern Riverine Loop (NERL) park connectors. The NERL will eventually become part of the 150km-long Round Island Route that goes around Singapore.
The living and dining area of a two-bedroom show unit
Meanwhile, more jobs will be created at the nearby Defu Industrial Park as announced in the URA Master Plan. The redeveloped estate will also offer a more attractive work environment with features such as a cycling network and an amenities centre.
New jobs will also be created at the upcoming Lorong Halus Industrial Park close to Riverfront Residences. It is conceived as a new-generation industrial park targeted at light and clean industries such as food, lifestyle and logistics.
The living and dining area of a three-bedroom show unit
Currently, Hougang is served by two MRT stations – Kovan and Hougang – as well as a bus interchange. Earlier this year, the Land Transport Authority announced plans for the first phase of the Cross Island Line, Singapore’s eighth MRT line and its longest fully underground line. When fully completed, it will serve developments in the eastern, western, and north-eastern corridors.
When the first phase is completed in 2029, Hougang MRT Station will become an interchange station serving both the North-East Line and Circle Line. Riverfront Residences is within walking distance to Hougang Station.
The living area of a four-bedroom show unit
With the completion of the Circle Line, residents will have easy access to Jurong Lake District, Punggol Digital District (PDD) and the Changi region. Residents at Riverfront Residences can look forward to more jobs offered closer to home with the upcoming PDD. The district will house key growth sectors such as cyber security, digital technology and other technologies that will drive Singapore’s Smart Nation push.
The PDD will be the first mixed-use district with commercial and business park spaces. It will also include Singapore Institute of Technology’s new campus, fostering collaboration between industry and academia. The PDD is scheduled to open in 2023, and will be part of the North Coast Innovation Corridor aimed at tech firms.
For price trends, recent transactions, other project info, check out Riverfront Residences project research page
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