Saturday, April 20, 2013

Allgreen to launch 999-year private apartment project

The Straits Times  |  April 13, 2013

Allgreen Properties subsidiary Green Bay is launching RiverBay, a 999-year leasehold private apartment project along Kallang River.

The 41,300 sq ft site is located at 23 Mar Thoma Road, and comprises a single 26-storey apartment building with 147 units. Also part of the development are a six-storey carpark, sky terraces and various communal facilities.

RiverBay's available units include 387 sq ft one-bedders, two- and three-bedroom units ranging from 645 to 957 sq ft, and several penthouses of up to 2,185 sq ft. None of the units have balconies, meaning their listed floor areas are fully functional.

Margaret Thean, executive director of residential at DTZ, which is marketing the project, highlighted RiverBay's proximity to "a wide range of commercial and educational facilities", including nex shopping mall, the HDB Hub and St Andrew's Junior School.

Yong Voon Chen, Allgreen's director of sales and marketing, added that the development would benefit from "a slew of catalytic projects which will enhance liveability and the value of real estate in the district".

He cited the Urban Redevelopment Authority's plans to develop several business and lifestyle centres at Kallang Riverside, including the upcoming Sports Hub.

RiverBay is near the Boon Keng, Farrer Park and Potong Pasir MRT stations, and can be accessed by the Pan Island Expressway, Kallang Paya Lebar Expressway and Central Expressway.

In a move to offset the imposition of Additional Buyer's Stamp Duty, Allgreen is offering a 15 per cent discount to early buyers. Prices after the discount are expected to be around $1,200-1,300 psf. A one-bedder will start from $505,000, and a three-bedder from $1.1 million.

Units at the nearby 99-year Sennett Residence are transacting at around $1,450 psf.

Nicholas Mak, executive director of research and consultancy at SLP International, raised concerns about externalities from the nearby expressways but was generally positive about buyers' response to the project. "For the 999-year lease and the accessibility of the site, the price looks rather reasonable," he said.

He added that with only 147 units, RiverBay should not have problems selling out.
Preview sales for RiverBay start on April 18.

Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C

Senior Sales Director
DTZ Property Network Pte Ltd (L3007960A)

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