Riverfront Residences: River views and upcoming rejuvenation
By Amy Tan
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - Located on Hougang Avenue 7, Riverfront Residences has been creating a buzz among HDB upgraders in the vicinity. Until the launch of Riverfront Residences in mid-2018, there has been no new launch of a private condo in the area for more than three years.
Riverfront Residences has a total of 1,472 units, comprising nine 17-storey blocks of one- to five-bedroom apartments, 21 strata landed houses and six strata shops. Four- and five-bedroom premium units at the project come with private lift access.
The project occupies the site of the former Rio Casa, a 286-unit privatised HUDC estate. The site was purchased en bloc by Oxley Holdings and its joint-venture partners KSH Holdings, SLB Development (listed property development arm of Lian Beng Group) and Apricot Capital (investment arm of the Teo family of Super Group). The purchase price of Rio Casa in May 2017 was $783 million, translating into a land rate of $706 psf per plot ratio. This included the differential premium and lease top-up premium.
Riverfront Residences has a total of 1,472 units, comprising nine 17-storey apartment blocks, 21 strata landed houses and six strata shops (Pictures: Samuel Isaac Chua/EdgeProp Singapore)
“The existing developments along Hougang Avenue 7 are over 10 years old. Riverfront Residences with its modern glass curtain wall façade will change the streetscape of this road and inject a new lease of life and vibrancy,” says Oxley.
Facilities to match every lifestyle
As the Oxley-led consortium had purchased the site before land prices ran up, it is able to price units at Riverfront Residences competitively. Based on URA Realis data, 1,200 units have been launched for sale as of end-June. Among these, 1,052 units have been sold. In the month of June, average psf price achieved at the project was at $1,307. According to Oxley, prices of some units still start at more than $1,100 psf.
With its location in the vicinity of the HDB estates in Hougang, Upper Serangoon View, Punggol and Sengkang, Oxley says the bulk of buyers are HDB upgraders.
“It is the holistic approach that Riverfront Residences has [whether it’s] price, facilities, layout or location. They all add up nicely, making the buying decision an easy one,” says Oxley.
For price trends, recent transactions, other project info, check out the Riverfront Residences project details page
The living area of a one-bedroom show unit
Riverfront Residences boasts over 100 condo facilities to cater to the needs of residents. Designed by award-winning architect ADDP Architects, the project has three iconic clubhouses, three swimming pools, yacht deck-inspired balconies, co-working spaces, and a fully-fitted gourmet kitchen. Oxley adds: “Basically, we put ourselves in the shoes of our potential buyers, envision their lifestyle and make provisions in the development to match.”
While most of its buyers are from the North-East Region, Oxley states that “due to its affordable and attractive product offering, Riverfront Residences has attracted buyers from all over the island [even from] Jurong”.
Being a mature estate, Hougang features a host of amenities. Within a short drive from Riverfront Residences are several shopping malls – Hougang Mall, Hougang 1, Heartland Mall, Compass One, and Nex. The CBD is just a 22-minute drive from Riverfront Residences. Schools located within 1km of the project include CHIJ Our Lady Of The Nativity, Holy Innocents’ High School, Serangoon Secondary School and Punggol Primary School.
Beneficiary of upcoming developments
According to Oxley, the consortium was drawn to the Riverfront Residences site by its stunning river views. The project features views of Sungei Serangoon, a river in the north-eastern part of Singapore. In addition to the river, the project is close to several neighbourhood parks and precinct parks. Residents in Hougang also have access to the North-Eastern Riverine Loop (NERL) park connectors. The NERL will eventually become part of the 150km-long Round Island Route that goes around Singapore.
Meanwhile, more jobs will be created at the nearby Defu Industrial Park as announced in the URA Master Plan. The redeveloped estate will also offer a more attractive work environment with features such as a cycling network and an amenities centre.
The living and dining area of a three-bedroom show unit
New jobs will also be created at the upcoming Lorong Halus Industrial Park close to Riverfront Residences. It is conceived as a new-generation industrial park targeted at light and clean industries such as food, lifestyle and logistics.
Currently, Hougang is served by two MRT stations – Kovan and Hougang – as well as a bus interchange. Earlier this year, the Land Transport Authority announced plans for the first phase of the Cross Island Line (CRL), Singapore’s eighth MRT line and its longest fully underground line. When fully completed, it will serve existing and future developments in the eastern, western, and north-eastern corridors.
When the first phase is completed in 2029, Hougang MRT Station will become an interchange station serving both the North-East Line and CRL. Riverfront Residences is within walking distance to Hougang Station.
The master bedroom of a four-bedroom show unit
With the completion of the CRL, residents will have easy access to Jurong Lake District, Punggol Digital District (PDD) and the Changi region. Residents at Riverfront Residences can look forward to more jobs offered closer to home with the upcoming PDD. The district will house key growth sectors such as cyber security, digital technology and other technologies that will drive Singapore’s Smart Nation push.
The PDD will be the first mixed-use district with commercial and business park spaces. It will also include Singapore Institute of Technology’s new campus, fostering collaboration between industry and academia. The PDD is scheduled to open in 2023, and will be part of the North Coast Innovation Corridor, aimed at tech firms.
With these upcoming amenities, Oxley believes that Riverfront Residences will appeal to homebuyers. “Besides the fundamentals like location and amenities, what is important is that the site can also generate future upside for our buyers,” says Oxley.
Check out the latest listings near Riverfront Residences
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