The Rivercove Residences EC official apartment suite (EC) in Sengkang has pulled in more than 1,500 e-applications since its review dispatch on 1 April, said designer Hoi Hup Sunway on Monday (9 Apr).
This means an oversubscription rate of 2.5 times for the undertaking’s 628 units.
Amid this period, in excess of 9,000 individuals went to the showflat situated at the intersection of Anchorvale Lane and Sengkang East Avenue.
The 99-year leasehold venture involves a scope of three-to five-room units from 904 sq ft to 1,485 sq ft. Costs begin from $830,000 for a three-room, $1.1 million for a four-room and $1.34 million for a five-room.
The e-application exercise will close tomorrow (11 Apr), while the booking of units will begin on 14 April.
Found near Sengkang MRT station, Rivercove Residences Anchorvale Lane EC is the main new EC dispatch in 2018.
As indicated by most recent information from the Urban Redevelopment Authority, there are just 212 unsold EC units in the market. This is the most reduced number since May 2013 when 213 unsold units were recorded.
“With the supply of ECs going away and a rising private market, we expect request and value viewpoint for ECs to be solid,” said Tricia Song, head of research at Colliers International.
She included that the record cost of $583 psf per plot proportion for the Sumang Walk EC site in Punggol could bring about a breakeven cost of $950 psf, “higher than executed costs for every single new Ec, maybe indicating forcefully higher EC costs two years not far off”.