Strong demand for Riverbank condo at Fernvale ahead of launch

[princess_morbucks]

http://www.straitstimes.com/breaking...aunch-20140211

Demand for units at the Riverbank @ Fernvale condominium project was strong ahead of its launch on Feb 14.
Its developer UOL said on Tuesday that it has already collected 500 cheques for the 555-unit project, after opening the project's showflat for preview last week.

Riverbank, at Sengkang West Way, will be priced at an average of slightly more than $1,000 per sq ft (psf).
It is near the Layar LRT station and offers riverfront views of Punggol Reservoir.

[smallant]

Interesting.. uol like to launch projects ending w bank.. Southbank, water bank, and now river bank.. so long as got bank... can sell fast! Amazing.... ;-)

[DC33_2008]

Not just sell fast but also help buyers to make money.

Interesting.. uol like to launch projects ending w bank.. Southbank, water bank, and now river bank.. so long as got bank... can sell fast! Amazing.... ;-)

[Khng8]

So will this be a sell-out?
Aren't Sengkang experiencing a glut & nearby H2O still have balance units?
What do gurus here make out of it?

[newbie11]

H20 left 12 units only la

[Tan80000]

My guess is that this project will move due to low quantum!
From the news, lowest price for OCR is at $1kpsf now.

[proud owner]

Interesting.. uol like to launch projects ending w bank.. Southbank, water bank, and now river bank.. so long as got bank... can sell fast! Amazing.... ;-)

not all lah ...

try name the next project near Thomson medical as SpermBank .. see if it sells at all

[DC33_2008]

Similar to what UOL has priced for Southbank.

My guess is that this project will move due to low quantum!
From the news, lowest price for OCR is at $1kpsf now.

[Mu]

goes to show demand is still strong...No chance of gahmen reviewing CMs any time soon, unless very very general cases like the recent TDSR move, which is more on ensuring banks don't unnecessarily screw borrowers with high interest rates...

[4wheels]

we will see what is the ultimate response on Friday!

[phantom_opera]

Wee is a Banker

[Tan80000]

Similar to what UOL has priced for Southbank.

TKK, Southbank can get 1kpsf!

[4wheels]

goes to show demand is still strong...No chance of gahmen reviewing CMs any time soon, unless very very general cases like the recent TDSR move, which is more on ensuring banks don't unnecessarily screw borrowers with high interest rates...

Demand is strong but will that translate to actual sales?

[RCT]

Based on the low premium, I feel at least 50% will move. 500 cheques for 555 unit is not really a good number. I believe most of the cheques will be going for the small size unit. At least the winner of the ang pow toto draw can consider this...

[leesg123]

If not for absd and tdsr I would consider this for own stay.

[4wheels]

If not for absd and tdsr I would consider this for own stay.

right!

i was thinking hard in the past for H2O too! Not willing to pay the extra % for the absd!

Anyway, if the price drops by 10%, the absd becomes transparent!

[princess_morbucks]

The 5 bedder is amazing!
1398 sq ft - also has a utility room and foyer with private lift!
Only thing is laminate is used for the flooring in the bedrooms and porcelin flooring for the living room.
So it did not feel as good as the neighbouring Rivertrees.

But because the quality is not as luxurious, the price is lower than Rivertrees.

Heard from the agent that the cheapest 1 bedder (495 sqft) for Riverbank is likely to be $480 K which translate to slightly less than $1k psf.

Rivertrees on the other hand is likely to be priced at about $1000 to 1100 psf.

[yowetan]

Its a pity as I do not have any money left or qualify for all kind of TSDR, ABSD to get another one.

I am stuck in Mt Sinai.

[radha08]

Its a pity as I do not have any money left or qualify for all kind of TSDR, ABSD to get another one.

I am stuck in Mt Sinai.

1,2,3,4,5,6.....go and buy these number for friday 10Million toto

[dtrax]

Developer so smart.. launching time to tie in with massive slew of seletar aerospace park developments in the 2014 airshow:

- SIA, Airbus to set up flight training centre in S'pore
- Bombardier opens Singapore aircraft services centre
- Pratt & Whitney opens new engineering and repair centre
- JTC launches facility at Seletar Aerospace Park
- New ST Aerospace aviation centre opens
- Black and whites at old Seletar airbase to get new lease of life

and many key investments in the aerospace sector at SAP: http://www.astaraerospace.sg/view-at...tachment_id=60

[reporter2]

http://www.businesstimes.com.sg/arch...eques-20140212

Published February 12, 2014

Riverbank @ Fernvale project takes in over 500 cheques

555-unit condo opens for booking this Friday

By Lynette Khoo [email protected]


UOL Development's newest condominium development appears to be drawing strong interest from buyers, going by the number of cheques it has received so far.

The Riverbank @ Fernvale project has collected more than 500 cheques since its showflats opened for preview last week.

The 555 residential units, which are open for booking this Friday, will be priced at an average of slightly above $1,000 per square foot (psf).

"We saw strong interest across all our unit types," said Anthony Wong, UOL's deputy general manager (marketing).

"We believe prospective buyers are attracted to the upcoming employment node, plus there is still a healthy underlying demand from HDB upgraders," he said yesterday.

Analysts are still crossing their fingers to see how this project will fare in the current market sentiment.

"We have to see the conversion rate: how many of the buyers who indicated their interest will actually buy the property when sales begin on Feb 14," one property analyst said.

Units at Riverbank @ Fernvale comprise one to five-bedroom apartments that range from 495 sq ft to 1,389 sq ft while the Cabana units, which are ground floor apartments with sun lounger and private carpark lots, are about 1,200 sq ft each.

Offering vantage riverfront views of Punggol Reservoir, the project is nestled in the north-east region earmarked under the Draft Master Plan as a new centre for growth.

Located right next door is a competing condominium project known as Rivertrees Residence, jointly developed by Frasers Centrepoint, Far East Orchard and Sekisui House. The pricing of units at the Rivertrees project has not been determined yet.

Analysts expect these developments will create a buzz in the Sengkang area and stoke buyers' interest.

"I think in general, the healthy response to recent launches indicates that there are still buyers on the sidelines waiting to buy a property, but because of the TDSR (total debt servicing ratio) framework and the earlier cooling measures, buyers will be more selective," said Lee Lay Keng, head of Singapore research at DTZ.

"Iconic projects, projects in good locations or projects that have a comparatively lower price quantum will still attract buyers, especially as interest rates are still low at the moment and economic sentiment is improving," she added.

She cited the example of The Hillford, a 60-year leasehold project, where units were sold out in one day last month.

The Riverbank @ Fernvale project is in close proximity to rivers, green parks and sports facilities, as well as the planned Seletar Mall and Sengkang General & Community Hospitals that will be completed by end-2014 and 2018, respectively.

UOL Development said those buying to invest can also benefit from potential leasing opportunities from the nearby Seletar Aerospace Park, as well as the Sengkang West Industrial Park and the Punggol Creative Cluster and Learning Corridor that are being developed.

[reporter2]

http://www.straitstimes.com/archive/...nvale-20140212

High interest for UOL's Riverbank @ Fernvale

Site's proximity to Seletar aero park a draw, says developer

Published on Feb 12, 2014

By Melissa Tan


BUYER interest is running high for the first major condominium launch after the Chinese New Year festive period.

Agents have collected more than 500 cheques from buyers wanting first dibs on a unit at the Riverbank @ Fernvale project in Sengkang, its developer UOL said in a statement yesterday.

The 555-unit project at Sengkang West Way opened for preview last week, and will begin sales on Friday.

It is near the Layar LRT station, and has riverfront views of Punggol Reservoir.

Units at the 99-year leasehold project will go on sale for an average price of slightly above $1,000 per sq ft (psf), UOL said.

Total prices will start from $480,000 for a 495 sq ft one-bedder and go up to at least

$1.3 million for a 1,389 sq ft five-bedder, the president of UOL's property division, Mr Liam Wee Sin, said last week.

The Riverbank site is next to the 380-unit Lush Acres executive condominium at Fernvale Close, which launched in July last year. The 99-year leasehold project went on sale at an average of $785 psf. Total prices ranged from $704,000 to $1.275 million.

Mr Anthony Wong, deputy general manager of marketing at UOL, said in a statement yesterday there was strong interest in Riverbank across all unit types.

"We believe prospective buyers are attracted to the upcoming employment node," he added, pointing to Fernvale's proximity to Seletar Aerospace Park.

"Singapore is fast becoming the top player in Asia-Pacific's aviation and aerospace industry. There is already a growing cluster of companies that are expanding in the Seletar Aerospace Park."

He added that there was still healthy demand from Housing Board upgraders.

UOL paid $489 psf for the site in April last year, which works out to a breakeven cost of about $900 psf.

The launch of Riverbank this weekend could go head to head with another new condominium next to it, Rivertrees Residences, which is expected to begin sales a week after Riverbank.

Price details and the launch date for the 99-year leasehold Rivertrees Residences are not out yet. However, market expectations are for an average price of slightly over $1,100 psf.

A Frasers Centrepoint-led consortium paid $533 psf for the Rivertrees site in June last year.

UOL said that for Riverbank, it aimed to promote an outdoor living environment, and would include "dense and diverse species of plants" in the development. The project will also have a riverside trail, it said.

[email protected]

[reporter2]

http://www.straitstimes.com/archive/...nvale-20140215

Strong launch for Riverbank @ Fernvale

More than 200 units sold, with buyers attracted by lower selling prices

Published on Feb 15, 2014

By Melissa Tan


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.

[email protected]