The full article can be found in The Straits Times, Business Section, Page C2, 16 May 2018.
Rivercove Residences, the only Executive Condominium (EC) project in the pipeline this year, was launched in April 2018. No new EC project were released for sale in the 8-month period before the launch of Rivercove Residence. There were 628 EC units launched in April 2018 – all from the Rivercove Residences project. Located in the Anchorvale Lane neighbourhood of Sengkang, the 99-year leasehold EC is developed jointly by Hoi Hup Realty and Sunway Developments.
The best-selling EC in the month of April was also the newly launched Rivercove Residences with 512 units sold in the month, comprising more than 85% of the total numbers of EC units sold last month, at the median price of $970 psf. Rivercove Residences achieved this strong take-up rate of more than 80% of its 628 units sold within its first month of launch. This is mostly due to the shortage of new EC projects in Singapore and the rising land prices which caused some buyers to expect further rises in EC prices.
The total number of unsold EC units has dropped to a 8-year record low of just 193 units in April 2018 from 779 units in the preceding month. This stock of unsold EC units could drop further until the next EC project at Sumang Walk in Punggol is launched in the second half of 2019.
Read the full article here.