RiverGate
sets new benchmark
15 August 2006
PRICES
for CapitaLand and Hwa Hong Corporation's RiverGate
condominium units have increased by almost 50 per cent in the
last year.
RiverGate
was launched in mid-2005 at an average price of $1,080 psf. Now,
with 90 per cent of the 370 units in the first two phases sold,
the final phase of 175 units is being sold at an average of $1,600
psf. Last week, a four-bedroom apartment was sold at $1,700 psf,
a new benchmark for residential developments along the Singapore
River.
Patricia
Chia, CEO of CapitaLand Residential, said: 'Foreign homebuyers account
for about two-thirds of the buyers. They are from other Asian countries,
Europe and the US.'
RiverGate
has the distinction of being accorded 'landmark' status by the Urban
Redevelopment Authority for its location and 'cutting-edge architectural
design'.
The
development also saw international funds managed by Ferrell Asset
Management, buy 100 units for $182 million last year, representing
one of the largest reported acquisitions of condominium units by
a fund here.
More
recently, Wing Tai Group is said to have sold one block of Draycott
Eight, about 46 units, to a property fund in May.
So
far, 20 units from the final phase of RiverGate have already been
sold. Buyers have a choice of two to four-bedroom units. There are
also 12 penthouses. Unit sizes range from 1,000-4,000 sq ft.
