Riverbank @ Fernvale project takes in over 500 cheques

by Angeline Leow 18 Nov 2014

UOL Development's newest condominium development appears to be drawing strong interest from buyers, going by the number of cheques it has received so far.

The Riverbank @ Fernvale project has collected more than 500 cheques since its showflats opened for preview last week.

The 555 residential units, which are open for booking this Friday, will be priced at an average of slightly above $1,000 per square foot (psf).

"We saw strong interest across all our unit types," said Anthony Wong, UOL's deputy general manager (marketing).

"We believe prospective buyers are attracted to the upcoming employment node, plus there is still a healthy underlying demand from HDB upgraders," he said yesterday.

Analysts are still crossing their fingers to see how this project will fare in the current market sentiment.

"We have to see the conversion rate: how many of the buyers who indicated their interest will actually buy the property when sales begin on Feb 14," one property analyst said.

Units at Riverbank @ Fernvale comprise one to five-bedroom apartments that range from 495 sq ft to 1,389 sq ft while the Cabana units, which are ground floor apartments with sun lounger and private carpark lots, are about 1,200 sq ft each.

Offering vantage riverfront views of Punggol Reservoir, the project is nestled in the north-east region earmarked under the Draft Master Plan as a new centre for growth.

Located right next door is a competing condominium project known as Rivertrees Residences, jointly developed by Frasers Centrepoint, Far East Orchard and Sekisui House. The pricing of units at the Rivertrees project has not been determined yet.

Analysts expect these developments will create a buzz in the Sengkang area and stoke buyers' interest.

"I think in general, the healthy response to recent launches indicates that there are still buyers on the sidelines waiting to buy a property, but because of the TDSR (total debt servicing ratio) framework and the earlier cooling measures, buyers will be more selective," said Lee Lay Keng, head of Singapore research at DTZ.

"Iconic projects, projects in good locations or projects that have a comparatively lower price quantum will still attract buyers, especially as interest rates are still low at the moment and economic sentiment is improving," she added.

She cited the example of The Hillford, a 60-year leasehold project, where units were sold out in one day last month.

The Riverbank @ Fernvale project is in close proximity to rivers, green parks and sports facilities, as well as the planned Seletar Mall and Sengkang General & Community Hospitals that will be completed by end-2014 and 2018, respectively.

UOL Development said those buying to invest can also benefit from potential leasing opportunities from the nearby Seletar Aerospace Park, as well as the Sengkang West Industrial Park and the Punggol Creative Cluster and Learning Corridor that are being developed.

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