New project spotlight: Riversails

Allgreen Properties has typically been focused on the prime districts, with projects such as the newly completed 235-unit Viva on Thomson Road, the 536-unit Cascadia at Bukit Timah and the 360-unit Skysuites@Anson. On Sep 29, it will preview its mass-market condominium, the 920-unit Riversails on Upper Serangoon View.

While most developers of suburban projects are focusing on creating compact units targeted at HDB upgrader market, Allgreen has decided to provide quality finishings and spacious layouts more akin to high-end condos in prime districts, says Yong Voon Chen, director of sales and marketing at Allgreen.

The developer has engaged Patty Mak of Suying Design to plan the space layout as well as the interiors of the apartments. Among property developers, Mak has been the preferred name for high-end projects, having taken on projects such as Allgreen's Viva and Skysuites@Anson, Lippo Group's Centennia Suites, OUE's Twin Peaks at Leonie Hill and Sing Holdings' The Laurels at Cairnhill.

At Riversails, there are only 84 one-bedroom units of 505 to 516sqft. The one-bedroom units will have timber flooring and a wall partition that can slide to close off the master bedroom from the living and dining area. Unlike most projects, even the one-bedroom unit will be provided with a utility or storage room. The "transformer kitchen" is designed so that it can be hidden from view when not in used, which is similar to what is being offered at Allgreen's Skysuites@Anson.

An integrated refrigerator and oven will be provided for the one-bedroom units, which are designed such that the living area can fit a three-seater sofa, says Yong. "The household shelter for one-bedroom units is located in the stairwell, so there is a lot of usable space even in a 505sqft apartment."

For units other than the one-bedroom apartment, all bedrooms can fit a queen-sized bed, adds Yong. "We try to provide space and proper bedroom sizes." Every unit has marble flooring and a balcony adjoining the living room, spacious enough to fit a table and chairs, and also to allow natural light into the rest of the apartment. Bathrooms are provided with storage cabinets, under-counter lights and Duravit sanitary ware.

The majority of the units in the project are two-bedroom units of 850 to 893sqft, 2-bedroom + Study units of 914 to 947sqft and three-bedroom units of 1,033 to 1,108sqft. There are also 65 four-bedroom units of 1,367sqft. The showflats depict typical one-, three- and four-bedroom units, as well as two-bedroom + study apartments. "We try to introduce features on how to make use of space and full-height windows to create display areas or additional storage space," says Yong.

At Riversails, a first phase of 309 units will be released at an average of $827psf. This means that two-bedroom units will be from $677,000 ($796psf), while two-bedroom + study units will be from $741,000 ($811psf). Meanwhile, three-bedroom units will start from $879,000 ($793psf) and four-bedroom units, from about $1.15 million ($845psf), says Joseph Tan, executive director of residential at CBRE, joint marketing agents for the project with Knight Frank and DTZ. "More than 80% of the units in the development are priced attractively, at under $1 million," adds Tan.

In terms of unit sizes, two-bedroom units at Riversails are 893sqft - comparable with the compact three-bedroom units in some new suburban condos, says CBRE's Tan.

Riversails is expected to be completed in 2017. For the first two years after completion, the developer will provide free shuttle service to the Hougang MRT station. "The Upper Serangoon area is more accessible and closer to Hougang Central," notes Wendy Tang, director of residential services at Knight Frank.

There has been concern among buyers about oversupply in the mass market, given the number of government land sites being released. CBRE's Tan is confident that the mass market will be sustainable. "Every year, for the last three years, the number of new homes sold has either been equal to, or exceed the previous year's," he observes. "And this year is expected to be a bumper year, with some 18,000 to 20,000 new units sold for the full year, compared with about 16,000 in the previous two years. So, it's still sustainable. As long as interest rates are next to nothing, where else can you put your money?"

Source: THEEDGE SINGAPORE