Riverfront Residences, located in Hougang Avenue 7, has successfully sold over 52 per cent residential units of its total 1,472 homes, as per a member of the upcoming consortium.
After the property market cooling measures were announced on July 5, several buyers swamped at the Riverfront Residences showflat that day.
Major developer KSH Holdings Limited, which owns 35% project stake in the property’s development, announced that it had obtained a contract worth $266.3 million to develop nine apartment blocks. These apartments will be a part of the old Rio Casa development, the firm added.
This latest deal made by KSH has lifted the firm’s order book to over $577 million and will help it to be progressively recognized up to the financial year 2022.
Riverfront Residences has successfully achieved average selling prices which fall within the expectations, KSH further said. The development was known as the top-selling residential project in Singapore in July. The reason behind this being 628 units sold at a price of $1,307/ sq ft due to the property cooling measures which led buyers towards the property.
It is expected that construction work at the Riverfront Residences will start in November this year and get completed by February 2022.
As per the contract, KSH will not just build 17 storey residential towers, but will also develop 21 strata houses, two basement car parks, six shops as well as some other facilities.
Choo Chee Onn, who serves as the Executive Chairman and Managing Director of KSH said in a statement that the firm is extremely thrilled to play the dual role of the joint developer as well as a contractor of the Riverfront Residences, new condo launches at Hougang.
Having a lead in the development work will allow the firm to efficiently manage the project costs to have the margins optimized for the firm’s contract as well as the profitability of the project, he further added.
KSH is also pleased to receive such a good response from the market, with the consortium monitoring the market carefully to boost sales at the correct prices, Chee Onn added.
The Rio Casa property was placed for en bloc sale in May last year and was acquired by a consortium which also includes construction firms Oxley Holdings, Lian Beng Group, SLB Development Ltd as well as Apricot Capital. Oxley Holdings holds 35% shares, while Lian Beng Group holds 20% shares of the development project.
Moreover, as a joint venture, Oxley-Lian Beng Venture Pte Ltd acquired Riverfront Residences for $575 million, which excludes premiums for developing the development site as well as topping the lease.