A well-established construction, property development and property management group, KSH Holdings Limited (KSH), announced on Aug 24 that it has secured a $266.3 million contract to build nine 17-storey apartment blocks at Riverfront Residences.
Riverfront Residences is a brand new condominium development located in Hougang Ave 7, District 19. The site, which was formerly known as Rio Casa, is on a 99 years leasehold tenure and was acquired by Oxley-Lian Bent Venture at a cost of $575 million. And the condo project is currently being run by Singapore’s well-known Oxley Holdings Ltd in joint venture with KSH Holdings Ltd, Lian Beng Group and Apricot Capital.
Sitting on a staggering 36,811 square meters piece of land, the condo project will consist of 9 blocks each with 17 storeys. The entire development will have a total of 1472 residential units and 6 shops. In terms of configuration, Riverfront Residences will feature a mix of 1 to 5 bedrooms as well as 21 strata landed houses that can meet different tenant needs.
KSH which owns a 35% stake in the development project, had earlier announced a letter of intent for the construction of the project on November 10, 2017. It has since taken over site possession on August 8, 2018 and construction is targeted to commence in November 2018, including the demolition of existing buildings currently on site. The project is expected to complete in February 2022.
Mr Choo Chee Onn, Executive Chairman and Managing Director of KSH Holdings, said, “We are pleased to be entrusted by the consortium to play a dual-role in this project as both a joint-developer and contractor. This also demonstrates the operational synergies between our property development and construction pillars within our diversified business model.”
Adding: “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 amidst the challenging operating environment. 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, which was launched in July 2018, has so far sold over 52% of its units within a month, achieving average selling prices that are within expectations.
Under the scope of the construction contract, KSH will construct nine blocks of 17-storey apartments and 21 units of strata landed houses that will comprise a total of 1,472 units; six shops with two basement carparks, a landscape deck and communal facilities at the Hougang Avenue 7 site.
With the new construction contract awarded, KSH’s order book is lifted to more than S$577.0 million, to be progressively recognised up to FY2022.
Barely one hour after the Government announced the new property cooling measures on July 6, home buyers thronged several developers’ hastily launched property sales – chief among them was Riverfront Residences.
One of the things that make Riverfront Residences one-of-a-kind is its stunning waterview frontage that allows residents to enjoy the relaxing view of the river and the serene greenery around, right from their windows. The development will ideally feature an unblocked 200-meter frontage in the various blocks, something that creates a true riverfront living amid an urban setting.
Residents of Riverfront Residences will have access to 92 top notch facilities in 7 zones that anyone would desire for a modern luxury home space. Some of the key lifestyle amenities available within the condo include 3 holiday villa-style pavilions, 3 swimming pools (50m Mangrove Pool, 75m River Pool and 20m Kids Pool, lounge deck, kids
playground, BBQ pavilion, adventure playground, tennis court and multi-purpose court.
Other notable luxury facilities within the condo include:
-3 coves (botanic cove, resort cove and lifestyle cove)
-Gymnasium (2nd storey)
-Outdoor TRX Fitness
-Kid’s rock climbing
Riverfront Residences is nestled in vibrant and mature neighborhood that’s well-connected to a number of transport amenities that make access to the city and other parts of Singapore convenient. The residential development is in close proximity to Hougang MRT, Buangkok MRT and Kovan MRT stations. The Hougang Bus Interchange is located directly above the Hougant MRT Station and facilitates swift transport to and fro Hougang Town. That means getting around will not really be a big deal for the future residents of Riverfront Residences.
The residence’s strategic location in Hougang provides easy access to a number of upscale malls, which residents can shop in. Most of the malls are located less than 10 minutes’ drive away from the residential development so residents can shop for stuff as frequent as they wish.
Here are the major malls found close to the residence:
-Kang Kar Mall
Future residents of Riverfront Residences will have lots of options when it comes to taking their children to school. There are already many schools, ranging from elementary to college, existing in the neighborhood and less than 3 km away from the residential.
The following are the main schools located near Riverfront
Residences(less than 10 minutes drive away):
-CHIJ (Our Land of the Nativity)
-Monfort Junior School
-Holy Innocent’s High School
-Serangoon Secondary School
-Mustard Seeds Learning Centers
-Serangoon Junior College
Riverfront Residences Selling Price
Based on Riverfront Residences’ opulent design and its location in the mature District 19, one would expect the selling price per square foot to be a bit expensive. However, the prices will likely be influenced by the neighboring residences like Boathouse Residences, Midtown Residences, Kingsford Waterbay and Naung Residence. Based on market analysts, the selling price for Riverfront Residences will range between S$1,370 and S$1,580 psf.
Note: The prices are bound to change based on market sentiment
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