Riverfront Residences: River views and upcoming rejuvenation

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.
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