On the first day of the balloting and booking exercise of executive condo (EC), Rivercove Residences, on April 14, close to 80% of the 628 units were sold. The average price achieved was $965 psf, according to Hoi Hup Realty, joint developer of the project with Sunway Developments.
Following the balloting execise on April 14, the sales gallery was open the following day for first-time buyers to select and book the remaining units. The second-time buyer quota of 30% of the units has been fully allocated. However, interested second-time buyers will be given the opportunity to select units a month later.
Crowd at balloting and booking on April 14 (Credit: Huttons Asia)
The strong response is attributed to its location on Anchorvale Lane in Sengkang, a popular residential area for young couples and families, as well as the fact that it’s the only new EC launch for 2018.
The last EC that was launched in Sengkang was Treasure Crest, a 504-unit at Anchorvale Crescent. The project by Sim Lian Group was launched at in the middle of 2016 at an average price of $742 psf.
This means that average prices of ECs in Sengkang has increased 30% over the past two years. And at $965 psf, Rivercove Residences has also hit a new high for EC projects.