Rivercove Residences EC is the only EC site confirmed list for the Government Land Sales (GLS) programme this year. This 226,199 sq ft plot of land at Anchorvale Lane, Singapore can support about 635 units. It was set as the highest number of bidders for an EC site. Hoi Hup Realty and Sunway Development awarded for this EC land bid after tough fight between the reputable developers.
Hoi Hup Realty and Sunway Developments submitted the top bid of $240.95 million or $355 per sq ft per plot ratio (psf ppr).
The Executive Condominiums supply has been steadily declining in recent years, demand has increased gradually since 2014. EC developers sold 1,578 EC units in 2014. Their sales of EC increase to 2,550 and 3,999 units in 2015 and 2016 respectively. On average, the monthly EC primary market sales have been increasing yearly from 132 units in 2014 to 418 units units in the first eight months of 2017. Presently, Rivercove Residences is the only EC yet to be launched. The latest update in end December 2017, there are only 221 launched and unsold EC units left. In the past 12 months, developers sold an average of 368 units monthly. At this rate of sales, the developers’ inventory of launched and unsold EC units could be fully sold very soon if no new EC units are released for sale.
Since the release of the news and shortage of ECs supply in the Northeast region and with limited units left in Singapore, it has since draw a large number of interest from many on-lookers as well as many upgraders waiting for the official launch of this Executive Condominium especially the previous EC launch Hundred Palms Residences which sold out within 7 hours.
Rivercove Residences EC Showflat will be ready soon and interest parties are require to book an appointment with our direct developer sales team for VVIP Preview Showflat viewing.