The Tre Ver: Homes by the river

By
/ EdgeProp
|
July 29, 2018 8:00 AM SGT
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The Tre Ver, a joint-venture project between UOL Group and UIC Ltd, drew a crowd of more than 6,000 on its preview weekend on July 21 and 22. This was despite the preview taking place just a fortnight after the ninth round of property cooling measures came into effect.
“The turnout was very good,” says Daniel Lim, director of projects and marketing at Huttons Asia, joint marketing agent with ERA and PropNex for The Tre Ver. “A fair number who visited the showflat on a weekday returned for a second visit to submit their expressions of interest.”
With the latest property cooling measures, buyers will be focusing on not just pricing and location but also product quality, says Liam Wee Sin, deputy group CEO of UOL Group. With effect from July 6, the additional buyer’s stamp duty (ABSD) was increased by five percentage points and mortgage borrowing limits were cut by 5ppt.
Liam believes The Tre Ver has an edge over other new launches. The project is a redevelopment of the former Raintree Gardens privatised HUDC estate, which UOL Group purchased en bloc for $344.2 million in October 2016. The price translates into a land rate of $797 psf per plot ratio (ppr).
The property transaction marked one of the first en bloc sales before the onset of the collective sale fever in 2017 and 1H2018. The cooling measures have halted the collective sales train in its tracks. “Developers will [now] take a breather,” says Liam. “We expect the longterm housing supply to moderate.”

Focus on views and design

Instead of rushing to be the first off the mark with a new launch, UOL took its time with the project, collaborating with acclaimed architect WOHA, a champion of green design. This is not the first tie-up between UOL Group and WOHA; they have worked together for 15 years. They collaborated on condominiums in the Newton-Novena area, Newton Suites and 1 Moulmein Rise, which won the Aga Khan Award for Architecture in 2007.
The swimming pool overlooking the Kallang River at The Tre Ver (Credit: UOL Group)