Rio Casa, a 286-unit development at Hougang Avenue 7 has been sold collectively for S$575 million to Oxley-Lian Beng Venture Pte Ltd, revealed marketing agent Knight Frank in May 2017.
Coupled with an additional differential premium of around S$208 million to top up the lease to a fresh 99 years and develop the site to a gross plot ratio (GPR) of 2.8, the purchase price works out to a land price of about S$706 per sq ft per plot ratio (psf ppr), based on its maximum permissible gross floor area (GFA) of around 1,109,447 sq ft.
The property was put up for collective sale in April, after more than 80 percent of the owners agreed to the en bloc sale.
Oxley-Lian Beng Venture would built about 1,470 (est) residential units (ranging from 1-5 bedroom). This new development at former Rio Casa would be named Riverfront Residences.
Riverfront Residences Condo along Hougang Avenue 7 is expect to garner strong interest due to :-
- One of the rare water front view along the Sungei Serangoon River (~200m)
- Close proximity to amenities such as Hougang MRT, Bus Interchange
- Good School within the vicinity like Holy Innocents’ Primary, Sin Ming Primary & CHIJ
- Right next to Serangoon Park Connector, connectivity to Punggol Park and Punggol Waterway, path surrounded by water front and greenery
- Analyst do not expect any new water front launches within the area
- Low land bid cost in comparison with another 2 enbloc (Serangoon Ville and Florence Regency)
Riverfront Residences is anticipated to be the most attractive priced new launch in Serangoon and Hougang areas in 2018. In comparison, the land cost of another two enbloc (Serangoon Ville and Florence Regency) and the GLS of The Garden Residences sold last year, were about $130 to $260 psf ppr higher than Riverfront Residences.
Majority of the units in Riverfront Residences would get to enjoy the captivating riverfront view. A cut above the rest, transcends private residences’ living experience to another level. With a plethora of over 100 facilities, every moments are filled with activities and entertainments for all ages.