Kaeden Ong

Strong launch for Riverbank @ Fernvale

Posted by Kaeden Ong on 18th February 2014 in Blog

Strong launch for Riverbank @ Fernvale

LOW selling prices helped the Riverbank @ Fernvale condominium in Sengkang rack up healthy sales at its launch yesterday.

The 555-unit project at Sengkang West Way had sold more than 200 units by 6pm, its developer UOL said in a statement.

Consultants said the solid demand showed that home buyers were increasingly price sensitive.

Worries that Housing Board (HDB) resale flat values would fall further could have prompted some HDB upgraders to pick up a private home while they can still afford it, they added.

“Many people are realising that public housing prices are not going to hold up,” said PropNex chief executive Mohamed Ismail.

“They may decide that if they don’t upgrade now, their ability to upgrade in future could be more challenged.”

A UOL spokesman said buyers were a mix of investors and owner-occupiers.

One-bedders and two-bedders were the most popular, and 10 out of the 17 five-bedders at the project were sold, she said.

Prices began at $480,000 for one-bedders and $660,000 for two-bedders.

She added that UOL would release more three-bedders for sale today and tomorrow, with prices starting from $870,000.

The 99-year leasehold project’s average selling price is slightly above $1,000 per sq ft (psf).

UOL said earlier this week that its agents had collected more than 500 cheques, signalling keen buyer interest.

The project is near the Layar LRT station in Fernvale and has riverfront views of Punggol Reservoir.

Buyers yesterday told The Straits Times they were drawn to the project primarily because of its low total prices, with its location being a secondary factor.

Ms Alicia Wong, an accounts executive, said she picked up a unit at Riverbank to live in after comparing prices with many other projects. “Among all of them, this was the cheapest.”

The 34-year-old lives with her family in Johor Bahru, and commutes to Singapore for work. She paid $508,000 for a 495 sq ft one-bedder, which works out to about $1,027 psf.

Another buyer, Ms Rachel Yao, said she and her husband decided to buy a unit at the project because its price was within their $1.05 million budget.

The couple in their early 30s, who both work as regional managers in the telecommunications industry, bought a 1,044 sq ft three-bedder for about $1.02 million, or $981 psf.

Competition for buyers in the Fernvale area could be intense over the next few weeks, with more than 1,000 new homes going on the market this month.

Another condominium project in Fernvale, the 495-unit Rivertrees Residences, will open for preview today.

Its developers, a Frasers-led consortium, declined to reveal the average selling price, but said prices would range from $950 psf to $1,150 psf.

Rivertrees will launch for sale next Saturday.

Credits STproperty

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