More than 50% of the Riverfront Residences at Hougang have been sold.
52% of units at Riverfront Residences sold within a month
Last month’s revealing of the new property cooling measures may have boosted sales as many rushed to close deals before the increase in additional buyer’s stamp duty (ABSD). But still, it is not a feat to be taken lightly since the project is not a small one. The 1,472-unit development was only launched for sale last month.
The new condominium project will be built on the site of the former HUDC estate, Rio Casa.
Riverfront Residences will feature nine 17-storey residential blocks, 6 shops, 21 strata landed houses, 2 basement carparks and communal facilities. Construction for the development is expected to begin in November this year and to finish in February 2022.
Riverfront Residences last month’s top-selling project
With 628 units sold at a median price of $1,307 psf, Riverfront Residences was last month’s market top-seller. KSH Holdings which holds a 35% stake in the development has said that the “average selling prices are within expectations”.
The Rio Casa estate was sold last year to a consortium which included Oxley Holdings, Lian Beng Group and Apricot Capital for $575 million.
The palatable prices and suitable location may have resonated well with buyers.
For the rest of this year, as the industry comes to term with the new measures, developers are likely to be more careful about timing their launches and at enticing price-points.