Evaluating an investment is of utmost importance for property investors. There are several types of residential properties available for own stay or investment in Singapore. From public housing, HDB flats to privately owned condominiums, investors have to set their requirements based on their investment horizon, budget and expected return on investment.
In recent time, a hybrid type of residential property has been very popular with Singaporeans. This type of residential property is Executive Condominium. It is constructed by private property developers and sold to the prospective homeowners through their appointed sales teams.
In July 2017, Hundred Palms Residences, located at Yio Chu Kang Road, became the most oversubscribed EC in the history of the EC housing type in Singapore. There are over 2,700 applications received for the 531 available units. With the enormous turnout of buyers, Hundred Palms Residences EC was fully sold out in 7 hours. Following this recent launch is the highly anticipated executive condominium in Anchorvale Lane, Sengkang. With 635 units available for would-be EC owners to choose from, Rivercove Residences EC is a wonderful development to live in. Situated along Anchorvale Lane and with a site area of 226,199 square feet of land, this EC is expected to provide a luxurious and cozy living style for homeowners and their families.
Layouts of Rivercove Residences Floorplans are divided into 2 bedrooms to the rare 5 bedrooms typical units. The developer, Hoi Hup Realty, and Sunway Development have put in great effort to ensure that space efficiency and high-quality finishings are provided for all buyers of this development. Residents would also be spoilt by the various condominium like facilities.
Conveniently located next to Layar LRT station and Tongkang LRT station, Rivercove Residences is connected to the massive LRT network in Sengkang and the Sengkang MRT station. In close proximity to Rivercove Residences are the exciting Sengkang recreational amenities and shopping malls including Compass One, The Seletar Mall, Jalan Kayu Eateries, Sengkang Sports and Recreation Centre, Sengkang Riverside Park and the wide network of park connectors. Far up north along the North East Line MRT, more food and shopping options in Rivervale Mall, Rivervale Plaza, the new Seletar and Punggol Waterway Point are available for the residents.
Rivercove Residences is expected to sell at an average price of $780 per square feet. Nearby condominiums such as Rivertrees Residences, H2O Residences and Riverbank were selling at an average price of $1000 per square feet. Given this disparity in the prices, homeowners of Rivercove Residences EC are expected to profit substantially from their investments. While all seems well, there are some restrictions or eligibility conditions that one must fulfill before they can purchase an EC. These include a combined monthly income of $14,000 and a minimum occupancy period of 5 years before they can sell their EC in the open market.
In summary, homeowners when investing in a long-term asset like a property must exercise caution and prudent. Executive condominiums such as Rivercove Residences would be good investments for those who can afford them and most importantly, are eligible to purchase them.
Rivercove Residences Executive Condominium (EC) at Seng Kang is the only EC to be launched in 2018.