Half of Riverfront Residences units sold

A large crowd of buyers gathered at the Riverfront Residences showflat on July 5, after property cooling measures were announced that day. Some 52 per cent of its 1,472 units have been sold.
A large crowd of buyers gathered at the Riverfront Residences showflat on July 5, after property cooling measures were announced that day. Some 52 per cent of its 1,472 units have been sold.ST PHOTO: NG SOR LUAN

KSH, which owns 35% of project, snags $266.3m deal to build it

Riverfront Residences in Hougang has sold more than 52 per cent of its 1,472 homes, according to a member of the developing consortium.

The project, which was launched for sale last month, was swamped by buyers when overnight property cooling measures were unveiled on July 5.

Mainboard-listed construction firm KSH Holdings, which holds a 35 per cent stake in the development, said yesterday that it has snagged the $266.3 million contract to build the nine apartment blocks, which will sit on the site of the former Rio Casa estate.

The deal lifts KSH's order book to more than $577 million, to be recognised progressively up to the 2022 financial year.

Construction at Riverfront Residences is expected to begin in November and to finish in February 2022.

Besides the 17-storey residential towers, KSH will also build 21 strata landed houses, six shops, two basement carparks and other communal facilities as part of the contract.

Riverfront Residence has achieved "average selling prices that are within expectations", KSH said in its announcement yesterday. It was the top-selling project in Singapore last month, fuelled by panic buying due to the cooling measures, with 628 units moved at a median price of $1,307 per sq ft.

Executive chairman and managing director Choo Chee Onn said in a statement that "we are pleased to be entrusted by the consortium to play a dual role in this project as both a joint developer and contractor".

"Taking the lead in the construction allows us to play an active role in managing project costs efficiently to optimise margins, both for our construction contract and for the development project's profitability, amid the challenging operating environment," he added.

"We are also pleased that the project has so far resonated well with the market as the consortium continues to monitor the market carefully to push sales appropriately at the right prices."

Riverfront Residences has achieved "average selling prices that are within expectations", KSH said in its announcement yesterday.

It was the top-selling project in Singapore last month, fuelled by panic buying due to the cooling measures, with 628 units moved at a median price of $1,307 per sq ft.

Rio Casa was sold en bloc in May last year to a consortium that also includes developers Oxley Holdings and Lian Beng Group, as well as Apricot Capital, the private investment arm of the Super Group's Teo family.

The price was $575 million, not including premiums for topping up the lease and developing the site.

A version of this article appeared in the print edition of The Straits Times on August 25, 2018, with the headline 'Half of Riverfront Residences units sold'. Print Edition | Subscribe