http://www.businesstimes.com.sg/arch...sales-20130820

Published August 20, 2013

Allgreen to start River Valley condo sales

Prices average $2,000 psf after discount; CDL sells 76% of Sengkang EC

By Kalpana Rashiwala [email protected]


RV Residences: Absolute prices for the 999-year leasehold project will range from $833,000 for a 419 sq ft one-bedder on the second floor, to $2.8 million for a 1,539 sq ft duplex penthouse - PHOTO: DTZ

ROBERT Kuok's Allgreen Properties is releasing its RV Residences, a 999-year leasehold project on River Valley Road (in front of Valley Park) this week.

After early-bird discounts, the average price is expected to be just a shade below $2,000 per square foot for the initial batch of units, which are expected to number 50-80.

The seven-storey development is expected to receive Temporary Occupation Permit in the second quarter of next year. The development is a short distance from Allgreen's Great World City complex and the proposed Great World MRT Station on the Thomson Line.

Comprising 248 units, RV Residences will have one-bedroom apartments to five-bedroom penthouses.

Absolute prices will start from $833,000 for a 419 sq ft one-bedder on the second floor. The priciest unit, a 1,539 sq ft penthouse, will cost about $2.8 million. The duplex unit will have five bedrooms and a study corner.

Facilities in the project will include a gym, swimming pool and garden. All units will have marble flooring for the living and dining areas, timber-strip floors in bedrooms, and marble wall and flooring for the bathrooms.

One and two bedders will each have a Miele washer-dryer, electric hob and integrated fridge. Three and four-bedroom apartments as well as penthouses will come with a Miele wine chiller, dish washer and standalone fridge.

DTZ is the project's sole marketing agent.

Meanwhile, in Sengkang West, City Developments Ltd (CDL) has sold 289 units or 76 per cent of its 380-unit executive condominium (EC) project Lush Acres, since the project opened for booking on Saturday, Aug 17.

The 99-year leasehold project's average price is $785 psf. Absolute prices range from $704,000 to $1.275 million.

CDL said about 37 per cent of the 289 units sold over the weekend were picked up by eligible first-time buyers, that is, those who have not previously tapped a housing subsidy from the government.

The development comprises three to five-bedroom units. Unit sizes range from 915 sq ft for a three-bedroom apartment to 1,722 sq ft for a five-bedroom apartment.

Located a short distance from Layar LRT Station, Lush Acres will hold the Building and Construction Authority's Green Mark Platinum status. The project will have four towers up to 25 storeys high on its verdant grounds.

ECs are a public-private housing hybrid with initial buyer eligibility and resale restrictions which are completely lifted 10 years after the completion of an EC project. CDL's group general manager, Chia Ngiang Hong, said: "Given the popularity of ECs in Singapore plus the recent hotly-contested private residential land sites in the area, buyers of Lush Acres have shown that they are confident of the value that this development offers as well as its potential appreciation."