Rivercove Residence – The only executive condominium for sale in 2018

Rivercove Residences EC located at Sengkang comprises of 10 towers of 16th storeys each high with an estimate of  635 residential units. Rivercove Residence is jointly developed by both Hoi Hup Realty and Sunway Developments. It offers a resort style living for its residents and is the only executive condominium situated by the river with comprehensive and modern facilities for everyone.
This Anchorvale Lane EC is also residing beside Punggol Reservoir and within walking distance to Tongkang LRT station, which links to the LRT network of Sengkang. Constructed on a large plot of government land on 226,000 square feet, residents will enjoy spacious common areas with an excellent variety of facilities such as a 50m-lap swimming pool, children’s pool, comprehensive indoor gym, children’s’ playground, a modernly furnished clubhouse, BBQ Pavilions and a 24-7 security concierge.

Rivercove Residences

Rivercove Residences

Rivercove Residences Floor Plan will have spacious layouts of 2 bedrooms, 3 bedrooms, 4 bedrooms and 5 bedrooms unit types up for selection by homebuyers. This EC is a hybrid type of public housing which is constructed by a private developer. It is built with amenities, facilities and interior finishings which are similar to those of a private condominium.
The EC is  also in close proximity to Sengkang Riverside Park, Sengkang Sports and Recreation Center, Sengkang Sculpture Park, Anchorvale Community Club and Sengkang General and Community Hospital. Residents will be delighted to have Seletar mall, Compass One, Jalan Kayu Eateries within minutes of walking and train travel. For night owls craving for food, the well established Kopitiam Square next to Sengkang MRT Station offers homeowners vast choices of food, which is a short LRT ride away from Rivercove Residence.
Rivercove Residence at Anchorvale Lane is also well connected to Central Expressway (CTE), Tampines Expressway (TPE), Seletar Expressway (SLE) and Kallang Paya Lebar Expressway (KPE).  Residents are minutes drive from major parts of Singapore, including Changi Airport and Central Business District.
There is limited land within the Sengkang neighbourhood. As such, there were as many as sixteen bids for the land plot from different property developer companies and Hoi Hup Realty and Sunway Developments emerged as the highest bidder of this Anchorvale EC, paying a price of approximately S$240.95 million, which works out to slightly over S$355 per square foot per plot ratio. These EC units in Rivercove Residences are designed and built with high-quality materials and finishings coupled with branded home appliances to suit the contemporary lifestyles of all.
The Executive Condominium, Rivercove Residences located along Anchorvale Lane is within close distance to several reputable schools such as Nan Chiau Primary School, Punggol Green Primary School, Springdale Main School, Anchor Green Primary School, Pei Hwa Secondary School, Nan Chiau High School, Compassvale Primary School and CHIJ St.
Launching for sale in early 2018, Rivercove Residences EC is expected to be the last EC to be available for sale in the property market in 2018. The Rivercove Residence Price of these residential units would start from $7xxK. The record of 7 hours sold out was recently made at the launch of Hundred Palms EC in Hougang.  With the strong demands for EC in the North East Singapore, it is expected to be another sell-out arising from the limited supply of executive condominiums.

Executive Condominium in Singapore

Executive Condominiums (EC) is a hybrid housing type that is built and sold by private developers with private condo facilities.  There are eligibility conditions and certain restrictions for purchase by home owners and subsequently on its sale. These ECs are made available at affordable prices within the reach of middle-income Singapore families who aspired to upgrade from their HDB flats. Brand new EC units are usually sold at approximately 20-30% discount compared to nearby new private condominiums. Executive condominiums (ECs) in recent years have gain popularity among young working professional and first-time homeowners. One of the key factor for the rising demand is can be attributed to the growing of the “sandwich class”.

Executive Condominiums in Singapore

Executive Condominiums in Singapore

The tangible difference between the prices of resale HDBs and mass-market condominiums located in the heartlands have increased over the years. Thus, there will be a growing number of homebuyers who aspire to own a private residential property yet financially are unable to own a unit.This class of housing was created to cater to Singaporeans, especially young graduates and professionals whose finances are stretched and feel that private property to be out of their reach. 

As ECs fall out under the category of HDB housing, you are eligible for CPF Housing Grants of up to $30,000 depending on their finance status, while still enabling you to afford the EC. 

To be eligible to apply an Executive Condominium, HDB takes consideration based on your family nucleus and household income. There is a prescribed monthly household income ceiling of $14,000 and a family nucleus is required which comprise of two Singapore Citizens (SC) or one SC and one Singapore Permanent Resident (PR). 

From the 6th to 10th year after the EC is completed the development is partially privatised). From 11th year onwards where Singaporeans or PRs with no family nucleus requirements can purchase the units. A quota is imposed on every EC development where 30% of the units are made available and allocated to second-time HDB applicants. 

There are 2 types of payment schemes. First time buyers typically will make their purchase under the Normal Payment Scheme (NPS). in this scheme, the buyers make installment payments based on the stage of completion whee the developer hits certain milestones in the EC’s construction. The second scheme Deferred Payment Scheme (DPS) are used by HDB upgraders where the buyers need only pay the 20 percent down payment of the purchase price at the outset (5% the Booking Fee and 15% downpayment), while the remaining 80 percent of the purchase is to be paid once the construction of the project is completed.  While the DPS looks attractive, the developers usually charge a 2 – 3 percent premium on the purchase price.

For 2nd timers who currently own a HDB or have owned a HDB directly brought from HDB or through the use of CPF housing grants, resale levy are to be paid to HDB. Such payments to HDB are applicable as an executive condominium is classified under subsidised public housing.

ECs have a lower purchase price due to the subsidies offered by the government. ECs also possess a higher margin of safety and greater capital appreciation potential for home owners. To maximise the substantive capital appreciation, home owners have choose to sit out the 10 years as from 11th year onwards, the EC will turn into a private condomnium which can be sold to foreigners and corporate entities. From historial records, the price gap of resale ECs and resale condos tend to narrow from 9% and 5% respectively when the restrictions on ECs are lifted after the 5 year minimum occupancy period and at 10th year privatisation mark.

ECs are considered semi-private homes in Singapore. As such, financing EC units can only be made through the application of mortgage loan. An bank loan of up to 80 percent can be granted, depending on your finance credit rating and combined. In addition, after the approval by HDB on your eligiblity to purchase the EC, you will need to  appoint solicitors to act for you in your purchase. There is a Minimum Occupation Period (MOP) of five years before a EC owner can sell it in the open market to Singapore Citizens or Singapore Permanent Citizen without family nucleus. 

 

Former clubbing site of Zouk to launch for public tender

Singapore’s Urban Redevelopment Authority (URA has accepted an application from a developer to put up for sale by tender a prime private housing land parcel, which was the site of the former Zouk at Jiak Kim Street.

The authority said it has accepted an application from a developer to put up the 1.35-hectare site at Jiak Kim Street for sale by public tender.

With the developer committed to bid at a price of not less than S$689.35 million in the tender for the land parcel, URA will be launching the tender for the 99-year leasehold site in about two to three weeks and the tender will close in about six weeks.

Given the current positivity in Singapore’s residential market following many successful en-bloc sales by developers, the mixed developement land will be launched for tender at a minimum price of S$1,250 per square feet per plot ratio.

Such sites offered on the Government Land Sales Programme have been the preferred choice for Singapore real estate developers to purchase land for development as the procurement process is straightforward and without any existing conditions.

The well-located site close to Great World City and its upcoming Thomson MRT station, could potentially yield 525 housing units with a maximum gross floor area is 51,234 square metres and maximum building height is 36 storeys (subject to a technical height control of 153m above mean sea level), according to the agency.