Riverfront Residences: Leading the rejuvenation of Hougang

SINGAPORE (EDGEPROP) - Until the launch of Riverfront Residences, there had been no new launch of a private condo in the Hougang area for more than three years. So, when Oxley Holdings launched the 99-year leasehold project in mid-2018, interest among HDB upgraders in the vicinity as well as astute buyers was piqued.
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. The four- and five-bedroom premium units come with private lift access.
Artist's Impression of Riverfront Residnecs (Credit: Oxley Holdings)
“Most of the developments in Hougang Ave 7 are more than 10 years old. Riverfront Residences, with its modern architecture and curtain wall with a full-height glass façade, will revamp the streetscape of Hougang Ave 7, injecting a new lease of vibrancy and energy into the area,” says Oxley.
The project was awarded Top Development, Design Excellence and Innovation Excellence in the Residential (Uncompleted), Non-Central category.
Riverfront Residences occupies the site of the former Rio Casa, a 286-unit privatised HUDC estate. The site was purchased en bloc by Oxley and its three 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.
Scale model of Riverfront Residences (Photos: Samuel Isaac Chua/EdgeProp Singapore)
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-September. Among these, 1,134 units have been sold. In the month of September, average psf price achieved at the project was at $1,341 psf....