Strong sales at soon-to-be-completed condos at Fernvale

By Tan Chee Yuen / The Edge Property | December 18, 2016 8:00 AM SGT
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Private condos scheduled for completion in 1H2017 have seen a ramp-up in transactions. In the northeast region of Fernvale Close off Sengkang West Way, there are two adjacent private condos that are scheduled for completion next year. UOL Group’s 555-unit Riverbank @ Fernvale is targeted to obtain Temporary Occupation Permit (TOP) in 1Q2017. The 495-unit RiverTrees Residences, developed jointly by Frasers Centrepoint, Far East Orchard and Sekisui House, is expected to obtain TOP in 2Q2017.
In the lead-up to its completion next quarter, Riverbank @ Fernvale has seen a ramp-up in sales over the past three months. In September, 14 units were sold at a median price of $984 psf, followed by 26 units in October at a median price of $988 psf. As at end-November, 506 units (91.2%) had been sold.
UOL Group had initially offered discounts of $8,000 for selected units from April to June. The discount was reduced to $5,000 for selected units sold from June to October. Even without discounts, sales continued to be brisk in November, which saw 15 units sold.
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At least 506 (91.2%) of the 555 units at Riverbank @ Fernvale have been sold
Based on caveats lodged in the week of Nov 29 to Dec 6, units sold ranged from three-bed-room units of 947 sq ft priced from $923,000 ($974 psf) to $1.03 million ($1,088 psf). Three-bedroom dual-key units of 1,044 sq ft were sold at $1.01 million ($966 psf) to $1.025 million ($982 psf). There were also cabana units of 1,216 sq ft that went for $1.02 million ($836 psf) to $1.1 million ($917 psf).
RiverTrees Residences also saw strong sales, with 489 units sold so far. Only six are available. The two latest transactions were those of a 947 sq ft, three-bedroom unit that fetched $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).
The 495-unit RiverTrees Residences is scheduled for completion in 2Q2017 and has only six units available for sale
Both Riverbank and RiverTrees Residences are 99-year leasehold condos offering units that have views of Sungei Punggol.
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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 is located within walking distance of the Tanah Merah MRT station. So far, more than 600 units have been sold. Based on caveats lodged from Nov 29 to Dec 6, prices of units sold recently ranged from a 474 sq ft, one-bedroom unit that fetched $759,000 ($1,603 psf) to a 1,281 sq ft, four-bedroom unit that fetched $1.8 million ($1,405 psf).
The Glades is jointly developed by Keppel Land and China Vanke, and is scheduled to be completed in 1Q2017.
This article appeared in The Edge Property Pullout, Issue 759 (Dec 19, 2016) of The Edge Singapore.
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