Rivercove Residences EC | Anchorvale Lane EC by Hoi Hup Realty
Rivercove Residences is a brand new EC situated in Anchorvale Lane, Sengkang of District 19. The large 226,000 square feet land is expected to house 635 residential units with communal facilities and parking space for residents. To be jointly developed by Hoi Hup Realty and Sunway Developments, the new Anchorvale lane EC is poised to attract home buyers with its unique location.
The land parcel attracted a whopping 16 bidders to cast a bid, it is the highest number since the tender for a Yuan Ching Road site, now Lake Life, in July 2013. The emerging winner submitted the top bid of $240.95 million or $355 per square foot per plot ratio (psf ppr). Taking into consideration construction and other miscellaneous cost, the Rivercove Residences price is expected to be starting from approximately $720k to $750k.
Industry experts see the competitive bidding of Rivercove Residences site as a fairly optimistic outlook on the EC market. The number of unsold EC units dropped from 6520 in the 1st quarter of 2016 to 5471 at the end of June 2016. Additionally, the exceptional performance of the other 3 nearby projects might also be the main factor enticing tenderer to cast their bids. With Treasure Crest selling 72% of their units on its launch weekend, Bellewaters EC 99% sold and The Vales EC 71% sold as at September 2016, it is noticeable that demand is still considerably strong in the area.
Fast forward to September 2017, there are only an estimated of 1000 units of executive condominium left across Singapore from Signature @ Yishun, The Criterion, The Brownstone, Visionaire EC, Northwave EC, Inz Residences and Westwood Residences. With the upcoming launch of Rivercove Residences EC, it will bring the total number too a mere 1600 units for buyers to select from. This only means that units will start to sell faster from now on considering the lower supply and limited choices that buyer possesses.
Please kindly fill in the Contact Us form or Call us @ 6100 8987 to register for an appointment to view the Rivercove Residences showflat NOW!
Why Rivercove Residences EC?
- Excellent Connectivity – Rivercove Residences location is close to major expressways such as Tampines Expressway(TPE), Seletar Expressway(SLE) and Central Expressway(CTE) to serve drivers, Layar LRT station and Tongkang LRT station within walking distance, public Bus No. 50, 163 and 592 to serve residents, you are spoilt for choices in terms of transportation.
It is noted in Rivercove Residences review that the travelling distance to town will be shorten by approximately 5 minutes following the operation of the new North South Expressway(NSE). The NSE is the 11th major expressway in Singapore aimed to eased the traffic of Northern and Southern region of Singapore. Stretching across 21 km, it will comprise of 17 exits and 16 entrances connecting major towns such as Toa Payoh, Bishan, Ang Mo Kio, Yishun, Woodlands, Sembawang, Woodlands and the City Center.
Announced as a major part of Singapore’s transport network revamp in 2008, it is targeted to be ready and running by 2023 to run parallel with the Central Expressway(CTE) and connects to the East Coast Parkway(ECP) too. Going forward, residents of Rivercove Residences EC can travel to work with breeze and at a faster time!
- Abudance of Amenities & Facilities -With the constant development to the North-East region of Singapore, the lifestyle of residents are only getting more convenient with malls such as Compass Point, Rivervale Mall, Rivervale Plaza, the new Seletar mall and Punggol Waterway point are all within close proximity. On top of that, Rivercove Residences EC Sengkang is also near to Sengkang Riverside Park, Sengkang Sculpture Park, Sengkang Sports and Recreation Center, Anchorvale Community Club, the upcoming Sengkang General and Community Hospital.
It is worthy to note that Sengkang General and Community Hospital will be completed very soon by 2018. Managed by Sengkang Health, it will host one of the largest regional hospitals in Singapore with 1400 beds providing comprehensive medical facilities and services. Operating 24 hours, the Sengkang General and Community Hospital has an interlinked network of tertiary hospitals, national specialty centers and polyclinics that serves the entire North-Eastern community. The location is also well served by public transport with Sengkang MRT station, Sengkang Bus Interchange and the Cheng Lim LRT station that is a mere 4 LRT stops away from Rivercove Residences.
- Layout – With reference to hoi Hup Realty’s past project launches, we can expect the practicality to be presented in Rivercove Residences floor plan. From a small family startup to multi generations, there will definitely be a suitable unit for everyone!
- Renowned developer – Rivercove Residences Hoi Hup Realty is a dynamic property developer established since 1983. Some of their previous sell-out projects include The Foresta @ Mount Faber, Emerald East, Sea Esta, Miltionia Residences, Arc at Tampines, Charlton Villas, City View @ Boon Keng, Lake Vista at Yuan Ching Road, Legenda @ Joo Chiat, Marine Ville, Merlot Ville, Mimosa Gardens, Rio Gardens, Kovan Regency, Questa @ Dunman, Shelford 23, Sims Green, The Bale, The Eastside, The Estiva, The Foliage, The Grandhill, The Maylea, The Peak @ Toa Payoh, Vacanza @ East, Versilia @ Haig, Woodgrove Condominium, The Ford @ Holland, Suites @ Cairnhill and Waterford Residences which are all very well received by the market.Special mention also to deRoyale being awarded the Best Buildable Design Award 2007 Merit and Construction Excellence Award 2008. City View @ Boon Keng bagged the Construction Excellence Award 2013 and Construction Productivity Award 2012(GOLD). The Peak @ Toa Payoh won the Construction Productivity Award 2013(GOLD) and 23 Shelford won the Construction Excellence Award 2013.Other accolades are:
– Royal Square at Novena with the BCA GREEN MARK FOR NEW NON-RESIDENTIAL BUILDINGS(Platinum)
– Vacanza @ East with Landscape Excellence Assessment Framework (LEAF) 2014
At company level, Hoi Hup has also bagged several awards from the SINGAPORE SME 500 AWARD such as the Top 5 in Highest Net Profit in 2003 and 2004, Highest Net Profit in 2005, Top 5 in Highest Net Profit and Promising SME Awards in 2006. At the Asia Pacific stage, they have also won the Top 10 Award 2012 adn 2013 in the BCI Asia Awards paying tribute to architectural and development companies with the greatest aggregate value throughout a calendar year.Their most recent development will be Sophia Hills @ Mount Sophia in District 09 which are seeing extremely good sales and Hundred Palms Residences EC that was sold out within 7 hours on launch day. Buyers can definitely have a piece of mind with their products!
Hoi Hup Realty has all along been active in the property market in Singapore too. Their current new launches also includes The Whitley Residences, which is a Freehold strata landed project in the heart of Singapore with 61 luxurious units, Residences @ Kiliney, which is also a Freehold project with 68 units in the Core Central Region(CCR). Royal Square @ Novena which is an integrated development showcasing shopping, dining and hospitality experience under one roof and part of the big plans the Novena Health City.
- Investment potential – With a whole range of developments going on since more than 10 years ago from medical facilities such as the Sengkang Community Hospital and the increasing number of private condo nearby such as Riverbank at Fernvale, it is evident that our government and developers are confident of the growth in the North-East region. Rivercove Residences TOP date is expected to be around year 2021, just in time to be part of the evolution in the region where owners can also tap onto the future rental potential in the nearby Seletar Aerospace.
In 2006, the government of Singapore has announced the plan of developing a new aerospace park together with other agencies such as the Economic Development Board(EBD) and JTC Corporation. This is derived with the exceptional growth potential of aerospace industry and the increasing demand of aviation related services locally. The entire Seletar Aerospace Park will feature businesses such as repair & overhaul, design & manufacturing of aviation systems and peripheral, aerospace maintenance and even a campus for training of aviation professionals, technical staff and pilots.Located approximately 7 minutes away from Rivercove EC, the Selatar aerospace park occupies an enormous land size of 140 hectares just beside the Seletar Airport where S$60 million will be invested to further strength our position as an aviation hub.
Large Multi-National Companies(MNCs) such as Jet Aviation, Rolls-Royce, Airbus Helicopters South East Asia, EADS Innovation Works and Singapore Technologies Aviation are already in operation there. Moving forward, there will be more expansion and hence more job opportunities in the area which in turn translates into housing needs for the nearby properties capital appreciation.
- Rare Opportunity – Executive condominiums(EC) are a rare and unique type of property to Singapore. It is always said that only the privileged can buy as there are a number of eligibility conditions to fulfill before one can purchase a unit. Rivercove Residences EC like other executive condos, are lower costs alternatives to a private condominium. The land is sold at a subsidized rate to private developers and in turn benefiting those eligible, especially Singaporeans, to buy at a lower price.
As a general comparison, ECs are priced at about 20% to 25% lower than that of a condominium considering similar locality and age. The main difference is that buyers will have to meet the Minimum Occupation Period(MOP) of 5 years before being able to dispose the property. At the 5 years mark, only Singaporeans and Permanent Resident(SPR) are eligible to purchase a unit. However, Rivercove Residences Anchorvale will fully privatized after approximately 10 years whereby even foreigners are able to buy.
On top of the cheaper entry of Rivercove Residences price, there are generally a low supply of ECs especially in the next 2 years. As seen on the HDB website, Rivercove Residences EC is the only upcoming EC to be launched in 2018. Additionally, there are also no supply of ECs in the vicinity following the sell out of The Terrace EC(747 units), The Amore EC(378 units), Treasure Crest EC(504 units), The Vales EC(517 units) and Hundred Palms EC(531 units). Basically there are 0 supply in the area and this upcoming one will be the final chance for buyers who would like to reside in this location.
- Educational Institutes – Within close proximity to Rivercove Residences EC will be Compassvale Primary School, Springdale Primary School, Nan Chiau Primary School, Punggol Green Primary School, Anchor Green Primary School, Seng Kang Primary School, Rivervale Primary School, North Spring Primary School, Palm View Primary School, North Vista Primary School, Mee Toh School, Edgefield Primary School, Punggol View Primary School, Compassvale Secondary School, Nan Chiau High School, Edgefield Secondary School, CHIJ Saint Joseph’s Convent, Seng Kang Secondary School, Punggol Secondary School, Greendale Secondary School, Serangoon Junior College and Nanyang Polytechnic (NYP).
- Extensive Facilities – Rivercove Residences Anchorvale Lane residents will get to enjoy a full fledged gym, 50m lap pool, bbq pit, function room, clubhouse etc.
- Eligibility Conditions – Being unique to Singapore and to ensure that only the privileged get to enjoy, there are a couple of strict conditions to fulfill before being able to purchase a unit in Rivercove Residences.
As a rule of thumb, buyers have to:
– Form a family nucleus and purchase under the Public Scheme, Fiancé/Fiancée Scheme, Orphans Scheme, Joint Singles Scheme
– Must be a Singaporean and buy together with either another Singaporean of a Permanent Resident(SPR)
– Be at least 21 years old or at least 35 years old if buying under the Joint Singles Scheme.
– have a household income of not exceeding $14,000
– not own a private property locally or overseas, or have not disposed of any private properties within the past 30 months of purchase.
– not enjoyed 2 times of subsidized housing before. For buyers who are second timers, a resale levy will be imposed where amount will vary depending on the size of their 1st subsidized flat and the year that it was sold.
*Subsidized housing are brand new Build-To-Order(BTO) flats bought directly from HDB, brand new Executive condominiums or resale HDB flats with grant.
- Housing Grants – Good news for first timers category of Rivercove Residences EC! On top of the already lower entry price, first time buyers are also entitled to housing grants to finance the property. The grant ranges from $10,000 to $30,000 depending on citizenship status and income. Generally, the approved grants will be placed into buyers CPF where amounts are:
– SC + SC below $10,000 income: $30,000
– SC + SC between $10,001 to $11,000 income: $20,000
– SC + SC between $11,001 to $12,000 income: $10,000
– SC + SPR below $10,000 income: $20,000
– SC + SPR between $10,001 to $11,000 income: $10,000
Contact Us today or Call us @ 6100 8987 to check your eligibility register and view the Rivercove Residences showflat NOW!