Rivercove Residences EC is the latest EC by Hoi Hup Realty set to launch in the Sengkang and Anchorvale area. This EC’s winning bid came from Hoi Hup’s bid of $235million for the plot of land. With the bid, Hoi Hup is set to launch this EC in Anchorvale Lane and this EC is set to be well-received due to the fact that there has not been any new EC other than Lush Acres in the immediate area.
Rivercove Residences Anchorvale Lane at Sengkang
Rivercove Residences EC Hoi Hup Realty
Also, Rivercove Residences EC Anchorvale Lane is expected to be well received given that Treasure Crest by Sim Lian Land was sold out 70% on the launch date. Analyst also note there are not many EC units left in the Punggol Sengkang area and Rivercove Residences Sunway Developments will be well received by HDB upgraders around in the Punggol and Sengkang area. It is also noted that the previous EC by Hoi Hup Realty, Hundred Palms Residences was also sold out in 1 day and reflects buyers confidence on the plot of land as well as ECs located in the North East area.
Rivercove Residences EC Sunway Developments Pte Ltd
Rivercove Residences Hoi Hup Realty is located in the Sengkang and Anchorvale area with many amenities are facilities located in the area. The iconic Compass One Shopping Centre located next to Sengkang MRT Station provides all the daily necessities for the residents of Rivercove Residences EC by Hoi Hup Realty and Sunway Developments. For example, anchor tenants such as Cold Storage, Kopitiam and MacDonald’s are located in Compass One.
10 Blocks of 16 Storeys Development at Anchorvale
Rivercove Residences Anchorvale Lane is also located near to Sengkang Sports and Recreation Centre where there are ample facilities such as a indoor swimming pool as well as water slides for some quality family time. Compass One shopping centre is one of the more popular shopping centres in Geylang as it is linked directly to the adjacent Sengkang MRT/LRT Station with many anchor tenants available at the mall. The proposed development will consist of 10 Blocks of 16 storeys with a total of 620 units..
Why Rivercove Residences EC at Anchorvale Lane
- Located in the popular Sengkang area which is just minutes away from Sengkang MRT
- Minutes Walk away from Sengkang Sports and Recreation Centre
- Quality family time can be spent at the Sengkang Riverside Park
- Reputable and experienced developer Hoi Hup for your next home
- A whole range of local cuisines available at Kopitiam Square
- Iconic The Seletar Mall with cinema located just a short walk away
- Eateries along Jalan Kayu a short drive away from the development
30K CPF Housing Grant for 1st timers for Rivercove
Rivercove is an Executive Condominium located in Sengkang. For 1st timers who are looking to apply for an Executive Condominium Housing, there will be a CPF Housing Grant of up to $30K for buyers who are looking for a unit in Rivercove Hoi Hup EC. For couples who are both Singaporean citizens with combined income of $10K and below, the CPF Housing Grant will be $30K. For buyers who have a SC and SPR Household, there will be a half grant of $20K.
Balloting Sequence for 1st timers and 2nd timers for Rivercove
On Balloting Day, 1st and 2nd timers will ballot together for the choosing sequence for the units at Rivercove EC. The 1st in the queue will get to select a unit at their preferred choice. The next buyer in queue will select a unit based on the remaining choices available for selection. The selection will go on until the quota of the 2nd timers are reach. That is, if more than 30% of the units are sold to 2nd timers, the balloting will stop and no more 2nd timers will be allowed to buy. The subsequent balloting will then be held for 1st timers for the development.
Direct Subsidized Housing for Rivercove in Sengkang
A note that the grant amount are subject to HDB eligibility criteria and the exact grant amount will be determined by HDB and not by the developer. Submission for assessment for the grant amount will be determined once buyers have booked a unit for the development. The assessment should be done in 6-8 weeks depending on HDB’s process criteria.
Rivercove Residences EC Anchorvale Lane Sengkang
Rivercove Residences EC Next to Layar LRT Station
With the recent pick up in EC sales particularly around in the Sengkang area, developers note that there are not many remaining inventory units in the area and therefore condo launch will receive great response from buyers. The location of Rivercove Residences Hoi Hup is also unique as it is situated next to Punggol Waterfront district where owners can spend some quality time with their family. Rivercove Residences showflat location is located at Anchorvale in Sengkang. Also, a note that the other ECs in Punggol and Sengkang such as Bellewaters, Treasure Crest, The Vales and Hundred Palms Residences is fully sold.
Rivercove Residences is also near to established schools such as Nan Chiau High School, Nan Chiau Primary School as well as Pei Hwa Secondary School. The development is also located near to Sengkang General Hospital and Sengkang Riverside Park. For food lovers, the iconic Kopitiam Square is also located next to Sengkang MRT Station which a short walk away from Rivercove Residence. Rivercove Residence launch date is not confirmed yet but will be announced soon.
Rivercove Residences E-Application Date
This is called that the e-application stage. Buyers who think that they might have some interest in the development will be encouraged to do an application at the show flat. Rivercove Residenncea e-application stage also checks the eligibility as well as other conditions as well so that they can make a more informed decision.
After the year application station, should buyers feel that they would like to commit a unit they can be present at the Rivercove residences booking date, which is usually 2 weeks later after the initial the e-application. The launch date will be announced soon.
Top Bid of S$287.1 million for Rivercove Residences EC
For owners of Rivercove Residences Executive Condominium who are looking mostly staying in their unit, there are many facilities to rejoice about on top of the amenities around in the area. There is a full size 50m swimming pool for the residents to indulge in a leisure swim after their work. There is also a spacious function room conveniently located in the heart of the development for residents to conduct their business meetings or even their own birthday parties at the comfort of their own home.
Total of 16 Bids for Anchorvale Lane EC Site
The site at Rivercove Residences attracted a total of 16 bids for the plot of land at Anchorvale Lane EC which suggest that developers are hungry for land and that the recent pick up in the Singapore real estate market meant that buyers who are first or second timers are still looking for a executive condominium which is priced right in today’s market. The highest bid for the plot of land was submitted by Hoi Hup Realty which is S$240.95 million and the calculation based on the plot ratio is S$355 per square foot per plot ratio (psf ppr).
Rivercove EC Hoi Hup Realty Private Limited
The competition for the plot of land was tough as it is noted that many bidders submitted with City Developments Limited’s unit Bellevue Properties was the lowest bidder which submitted S$176 million or S$259.36 psf ppr.
Analyst note that demand for Rivercove Residences will be steady as the bids suggested that there is not many units available right now in Sengkang and Anchorvale and that when the preview and launching date for Rivercove Residences is nearer, there will be a backlog of demand. Hundred Palms Residences which is also by Hoi Hip Realty is fully sold out and this suggest that buyers are still looking for an attractively priced EC located in the Sengkang and Fernvale area.
Rivercove Residences EC Showflat and Indicative Prices
Analyst note that not only is buyers looking for ECs around the Sengkang area, developers too can be seen are enthusiastic about the prospects of Rivercove Residences EC as there was a total of 16 bids which came in to secure the marketing rights for the plot of land. The bids received by other developers as well as Hoi Hup Realty was also very close which suggest that developers are vying for the land and the top bid was made by Hoi Hup for $240.95 million which is around $355psf ppr. It is note that the selling price of the EC should be around in the range of $820psf. This project should launch around in 1st half 2018.