Home buyers’ feedback is that Rivercove Residences price is high.
If this concurs with your thoughts, below pointers may help you in decision whether to hold on to plans for an upgrade in lifestyle.
Putting myself in buyer’s shoes, the sudden jump in pricing from past executive condominiums launched around the area is likely to generate opinion that indicative prices released by developer Hoi Hup is high.
Unfortunately, this mindset tends to result in missed opportunities, as home buyers fail to understand that developers price their development to sell, bearing in mind current market conditions.
Does Rivercove Residences price come with a ‘discount’ factor?
With released indicative prices deemed as high, can home buyers still enjoy a ‘discount’ factor apparent in an executive condo purchase?
Let’s make comparison with neighbours along Punggol Reservoir:
- Riverbank@Fernvale: Last similar sized apartment transacted was in Apr 2017 (note date is before enbloc fever). Two high-floor 1012 sqft apartments were closed at $1041 and $1048 psf respectively.
- Rivertrees Residences: In Mar 2017, high floor 948sqft apartment was sold at $1046psf.
- Rivercove Residences EC: Assuming highest priced 3-bedroom indicative at $1,130,000 is for 1163sqft apartment, it’s $972psf.
This works out to be approximately 7% off current resale apartments at Riverbank or Rivertrees.
However, you achieve a higher ‘discount’ at 23%, when compared with latest launch in Sengkang – Parc Bottania. As reported in this BT article, average selling price was at $1270 psf.
Factors contributing to Rivercove Residences price being ‘high’
Rivercove Residences is only new executive condominium available for sale in whole of 2018.
The alternative for those who decide to give this EC a miss is either to hold on to their plans to upgrade or consider a private residential apartment.
Another factor is recent land bid at Sumang Walk EC, with all submissions at record prices.
This development has been awarded to CDL and will be the next EC to be launched (estimated Jun 2019), after Rivercove Residences.
Land costs have increased as seen in land parcels released from government, as well as through enbloc deals. This is an indicator of market confidence that property is on a recovery mode.
Developer Hoi Hup created an unprecedented result at their last EC launch in Jul 2017. Hundred Palms Residences was fully snapped up with 7 hours on booking day.
With many developments sold enbloc, respective owners are having to find alternative housing, thus the sudden influx of potential buyers creates demand, and therefore an increase in residential prices.
Should you still consider Rivercove Residences EC?
While we are still staying there, a home does not have any value. It’s only until the day you decide to sell will you then put a value to it.
Depending on market situation at point of sale, your next purchase value will likely be as high (or low) as your sale price.
Affordability is key, if all other factors such as location and layout meets criteria set for your home search.
Registration of interest for Rivercove Residences EC
Call developer’s appointed marketing agent Poh Lin at tel no. 96700937 to register your interest (e-application) or discuss on why choose Rivercove Residence EC as your new home. Please submit contact form below to receive updated information and floor plans.