Sales Pick Up at Near Completion Projects

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Completion Projects in 2017

Private condominiums scheduled for completion in 1H2017 have seen a ramp up in trades. In the northeast region of Fernvale Close off Sengkang West Way, there are two adjoining private condos that are scheduled for completion next year. UOL Group’s 555-unit Riverbank @ Fernvale is targeted to acquire Temporary Occupation Permit (TOP) in 1Q2017. The 495-unit RiverTrees Homes, developed together Sekisui House, Far East Orchard and by Frasers Centrepoint, is expected to get TOP in 2Q2017. Frasers on the other hand, is also going to launch Seaside Residences in 2017.

In the lead-up to its conclusion next quarter, Riverbank @ Fernvale has seen a ramp-up in sales in the last three months. In September, 14 units were sold at a median price of $984 psf, followed by 26 units in October at a median cost of $988 psf.

Discounts offered

UOL Group had initially offered discounts of $8,000 for selected units from April to June. The reduction was reduced to $5,000 for chosen units sold from June to October. Even without discounts, sales continued to be lively in November, which saw 15 units sold.

Three-bedroom double-key units of 1,044 sq ft were sold at $1.01 million ($966 psf) to $1.025 million ($982 psf). There were additionally cabana units of 1,216 sq ft that went for $1.02 million ($836 psf) to $1.1 million ($917 psf).

RiverTrees also saw strong sales, with 489 units sold so far. Just six are available. The two latest trades were those of an 947 sq ft, three-bedroom unit that brought $1.03 million ($1,088 psf) and a 1,216 sq ft, three-bedroom vista unit that was sold for $1.11 million ($917 psf).

Performance to date

The 495-unit RiverTrees Homes is scheduled for completion in 2Q2017 and has only six units available for sale

Both Riverbank and RiverTrees are 99-year leasehold condos offering units that have views of Sungei Punggol.

Other private condos that will be completed next year and have seen sales picking up in recent months include The Glades at Bedok Rise in the east. The 726-unit project can be found within walking distance of the Tanah Merah MRT station. So far, more than 600 units have been sold. Based on caveats stayed from Nov 29 to Dec 6, costs of units sold recently ranged from an 474 sq ft, one-bedroom unit that brought in $759,000 ($1,603 psf) to a 1,281 sq ft, four-bedroom unit that fetched $1.8 million ($1,405 psf).

Keppel Land and China Vanke collectively develops the Glades, and is scheduled to be finished in 1Q2017.