Another sell out project, Rivercove Residences

A Singapore based developer – Hoi Hup Realty Pte Ltd has recently sold out its executive condominium project in Hougang, Hundred Palms Residences EC due to strong demand. The EC was fully sold within 7 hours

Established since 1983, Hoi Hup Realty has completed over 900 over high quality homes and are currently developing many more upcoming private residential developments. One of the premium development, Sophia Hills @ Mount Sophia has seen excellent sales since its launch.

Rivercove Residences Executive Condominium at Anchorvale Lane is developed by reputable joint venture developers Hoi Hup Realty & Sunway Developments. The development comprises of 10 residential blocks ,each at 15 story towers. There are a total of 635 units for slection by prospective buyers. The tender of the site land was among one of the most competitive bids in Singapore where 16 developers were bidding at their possible price to secure the vast land. The eventual winners was Hoi Hup Realty and Sunway Developments who paid S$240.95 million, which is slightly over S$355 per square foot per plot ratio.

Rivercove Residences is well connected to the Kallang-Paya Lebar Expressway (KPE),Central Expressway (CTE), Tampines Expressway (TPE), Seletar Expressway (SLE) and other major truck roads. Residents of Rivercove EC are able to commute to every part of Singapore with ease.

With a short walk to Layar LRT and Tongkang LRT, residents can get to Sengkang MRT within 5 minutes. Other shopping malls connected to Rivercove Residences via Sengkang LRT network and MRTs include Water Point in Punggol MRT, NEX Mall in Serangoon MRT, Hougang Mall at Hougang MRT, Fernvale Mall and Compass One.

Rivercove Residences EC offers a panoramic view of the surrounding natural scenery within the comfort from each unit. The executive condominium provides luxurious yet an affordable and comfortable lifestyle for everyone. Rivercove Residences Floor Plans of the 635 units are well configured to suit lifestyle needs and cater to a wide variety of home buyers including young couples, family with kids and extend family living.

Sengkang Sports and Recreation Centre which is within walking distance from the EC is equipped with a four storey community centre, soccer fields, badminton courts, hockey rinks, swimming pools eateries. Additional amenities or facilities also include swimming poolsplayground for kids, and garden for elderly people, gym, barbeque area. Rivercove Residences also extends a chance for all to enjoy the well-maintained facilities and exquisite finishings brought to them by the developer.

There are several prestigious schools such as Pei Hwa Secondary School, Nan Chiau Primary School and Nan Chiau High School. Business and work opportunities situated at Selatar Aerospace Park are in close proximty to Rivercove Residences.

The foodie night spot Jalan Kayu located at the North East part of Singapore, is next to Rivercove Residences where it offers residents a vast choice for food.

As strong demand of Executive Condominiums are expected in the North East part of Singapore, many foresee Rivercove REsidences EC will be another sold out project in 2018. Analysts also noted that there are no other EC developments in the Punggol Sengkang area and Rivercove Residences Sunway Developments will be well received by first time upgraders and HDB upgraders around in Hougang, Sengkang and Punggol area.

Rivercove Residences Surroundings

Rivercove Residences Surroundings

Breaking Down: Mortgage Loans in Singapore

For HDB and private residential property owners, there is often a temptation to switch to bank loans, as the current prevailing interest rates have fallen and maintained at an attractive level. While the interest rate is a direct cost to financing your home, it is critical for you to consider just the interest rate and consider your own needs as well. 

In the recent years, many banks have started offering various innovative home loan products that may offer some advantage to consumers. SIBOR, SOR, Fixed rate, Fixed deposit home rates pegged packages are some of the newest packages on offer by banks.

Mortgage Loans

Mortgage Loans

Most interest rates and terms quoted by banks are subject to change without prior notice, usually on a month to month basis.Thus it is important to first check with a mortgage specialist. 
Home loan interest rates are at their lowest point in recent years.  Singapore’s deposit rates are in general lower than SIBOR and fixed rates.

The increased demand for funds when it outstrips the supply will also cause interest rates to rise. However, this is not happening at the moment. There are fever homeowners choosing to peg their mortgage rates to SIBOR or SOR. 

The Sibor rate comes in either of 1/3/6/12 months with most banks in Singapore offering home loans or commercial industrial mortgages in either the 1 month or 3 months tenor.  Borrowing costs can still rise as banks charge a higher margin or spread (SIBOR + X%) to give themselves a buffer against rising interest rates and greater mortgage defaults. 

Although fixed rates tend to be a bit higher than SIBOR is set by the Association of Banks in Singapore (ABS) as a daily rate based on the interest rate which banks offer to lend unsecured funds in between them. They provide an opportunity to save future cost when market rates rise in a meaningful way. 

Before a bank decides to approve your home loan, you need to meet certain eligibility requirements, such as age, annual income and credit score. Not only that, the credit criteria that banks use to approve a home loan application is about 80% similar to one another, thereby eliminating your credit score as a significant factor that influences your decision. 

Reasons why you should purchase in an executive condominium

In 2017, Executive condominiums (ECs) are among the best selling projects. This type of housing is a hybrid residential property between public housing and private housing. ECs are popular among the middle class where the buyer’s total combined income does not exceed $14,000 a month. There are other requirements such as eligibility conditions on Singaporean household and a family nucleus. ECs are made affordable by the lower land prices paid by the real estate developers. The following are the 3 main reasons why you should invest in an EC unit:

Visionaire  EC Landscape

Visionaire EC Landscape

Completed condominium facilities
While ECs are cheaper than condominiums, the facilities provided in ECs are similar and of the same quality in terms of finishings. ECs which are recently launched have come up with innovative ways to differentiate themselves where smart home technology are incorporated into their offerings.

Subsidised condominiums
Due to the restrictions and requirements imposed by HDB on the buyers, ECs have remained affordable over the years. Developers of ECs have paid significantly lesser for the land sold by HDB. Thus, an indirect subsidy is created for the buyers as the EC prices are lower than the price of a condominium in the same vicinity. Grants of up to $30,000 are also available for 1st time eligible buyers.

Privatised condominium after 10 years, profits ensued
An EC development will be partially privatised after the 5 years minimum occupancy period imposed by HDB. Single Singaporean/PR buyers are eligible to purchase such EC unit. Upon the 10th year milestone, Foreigners can then own a unit at the EC turned private condominium. By offloading the EC unit following partial/full privatisation, the owners are able to earn a decent profit (indirect subsidy).
History has shown that investing in an executive condominium is very profitable. We would highly recommend eligible homeowners to take advantage of this opportunity.