Good deals to be had in the Northeast

By Michael Lim

/ The Edge Property |

November 25, 2016 10:30 AM SGT

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Homebuyers are spoilt for choice in the northeast region of Upper Serangoon Road and Buangkok Drive. If they are not prepared to cough up more than $1,200 psf at a new launch, however, and want a unit they can move into immediately, there is a mix of private condominiums and privatised executive condos (ECs) — those that have crossed their 10th year of completion — that are still available.

Those who want a value-for-money purchase could look at the older privatised ECs and even private condos in the area that are priced at $600 to $770 psf. “These are really great buys,” says Alan Cheong, head of research at Savills Singapore.

For instance, the oldest private condo in the area is the 716-unit Rio Vista. The 99- year leasehold condo, developed by MCL Land and completed in 2004, comprises a mix of two- to four-bedroom units measuring 1,367 to 1,851 sq ft.

The 716-unit Rio Vista is the oldest private condo in the area

This year, there were 12 resales in the project and they averaged $760 psf. In the latest transaction, a 1,378 sq ft, four-bedroom unit on the third level was sold for $1.05 million ($762 psf) in October, according to a caveat lodged with URA Realis.

The first EC in the area, The Florida, was developed by City Developments. The 496- unit development, completed in 2000 and privatised in 2010, has three- and four-bedroom units sized from 1,216 to 2,034 sq ft.

The Florida is the first EC in the area and was developed by City Developments

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This year, 12 units changed hands at The Florida at an average price of $650 psf. Most recently, a 1,302 sq ft, three-bedroom unit on the fourth floor was sold for $780,000 ($599 psf). A 1,324 sq ft, three-bedroom unit on the 14th floor of another block changed hands for $878,000 ($663 psf) in September, according to caveats lodged.

“If you were to compare the oldest private condo in the area, which is Rio Vista, and the oldest privatised EC in the area, which is The Florida, there is still a 15% price gap based on recent transactions,” says Fred Teo, executive head of business unit at KF Property Network.

The Florida is not the only privatised EC in the area: Park Green and The Rivervale are adjacent to each other on Rivervale Link. “Between the two, Park Green has proven to be a better development in terms of design and maintenance of the project,” says Teo.

Developed by NTUC Choice Homes, the 368-unit Park Green was completed in 2005 and privatised last year. The development comprises five 17-storey blocks with predominantly three- and four-bedroom units measuring 1,162 to 1,926 sq ft. There are also threeand four-bedroom maisonettes ranging from 1,937 to 2,163 sq ft.

Developed by NTUC Choice Homes, the 368-unit Park Green was completed in 2005 and privatised last year

This year, seven units at Park Green were sold at an average of $722 psf. In the latest transaction, a 1,356 sq ft, three-bedroom unit fetched $980,000 ($723 psf) in July.

One street away from Park Green is The Rivervale, an EC developed by CapitaLand and completed in 2001 and privatised in 2011. The 671-unit project comprises four 16-storey blocks of three-bedroom units measuring 1,238 to 1,873 sq ft. There are also three- and four-bedroom maisonettes measuring 2,691 to 2,723 sq ft.

The Rivervale, an EC developed by CapitaLand, was completed in 2001 and privatised in 2011

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So far this year, 20 units at The Rivervale changed hands at an average price of $677 psf. Most recently, a 1,313 sq ft, three-bedroom unit on the fifth floor was sold for $905,000 ($689 psf) in October, according to a caveat lodged then.

Adjacent to Park Green is a new EC, Austville Residences developed by UE E&C. The 540-unit EC project was completed in 2014. The latest transaction was the resale of a 1,023 sq ft unit that fetched $805,000 ($787 psf) in March 2016. The unit was first sold for $709,000 ($693 psf) in February 2012.

Austville Residences is a 540-unit EC project developed by UE E&C and was completed in 2014

Two units changed hands at Austville Residences. One was a 1,249 sq ft unit that was sold for $825,000 ($661 psf) in August last year. The seller had bought the unit during the launch in May 2011 for $750,000 ($601 psf).

The other was a 1,023 sq ft unit on the 13th floor that was sold in April last year for $834,000 ($815 psf). It also achieved the highest price psf for Austville Residences. When the project was launched in 2011, the unit fetched $758,000 ($741 psf).

Adjacent to Austville Residences is 99-year leasehold private condo Riversound Residences. The 590-unit project, developed by Qingjian Realty and completed in 2015, has six 18-storey blocks comprising 452 sq ft, one-bedroom units to 1,421 sq ft, four-bedroom units.

Riversound Residences is a 590-unit project, developed by Qingjian Realty and completed in 2015

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Since Riversound Residences was completed last year, about 10 units have changed hands at an average of $998 psf. This month, a 1,066 sq ft, three-bedroom unit fetched $1.06 million ($990 psf).

“Even when comparing a newly completed EC with a newly completed private condo that are adjacent to each other, as in the case of Austville Residences and Riversound, there is a 20% price gap based on recent transacted prices,” points out KF’s Teo.

Located across the river from Riversounds is Riversails, a 928-unit private condo by Allgreen Properties. The 99-year leasehold condo was completed in 2015 and comprises 12 blocks of 18 storeys each. It offers 505 sq ft, one-bedroom units to 1,367 sq ft, four-bedroom units. Penthouses measure 1,819 to 2,970 sq ft.

Riversails is a 928-unit private condo by Allgreen Properties

Of the total of 17 units sold this year, five were developer sales and averaged $990 psf. The most recent secondary market transactions were that of a 506 sq ft, one-bedroom unit that fetched $600,000 ($1,186 psf); and a 1,184 sq ft, three-bedroom unit that was sold for $1.25 million ($1,056 psf) in October.

Rio Vista and The Florida — the oldest private condo and oldest EC respectively — are now joined by two new private condos. One is the 493-unit Boathouse Residences, jointly developed by Far East Organization, Frasers Centrepoint and Sekisui House and completed last year.

The 493-unit Boathouse Residences was jointly developed by Far East Organization, Frasers Centrepoint and Sekisui House and completed last year

The project has a mix of 624 sq ft, one-bedroom units to 1,722 sq ft penthouses. Units at Boathouse Residences have been trading at an average of $1,021 psf, according to caveats lodged this year. A 732 sq ft, two-bedroom unit was sold for $780,000 ($1,066 psf) in August.

On Upper Serangoon View Road, across the road from Boathouse Residences, stands the 1,165-unit Kingsford Waterbay, a private condo by Kingsford Development. The project has nine 16-storey blocks fronting the Serangoon River. As at end-October, 546 units had been sold at a median price of $1,204 psf, according to URA data.

Kingsford Waterbay was unveiled last year, the latest such launch in the area.

The 1,165-unit Kingsford Waterbay was unveiled last year, the latest such launch in the area