SUNWAY Group’s S$658 million (RM1.96 billion) Rivercove Residences in Singapore, which was launched three months ago, is almost sold out, and the group is considering to develop more projects there.
Its wholly-owned property development arm in Singapore, Sunway Developments Pte Ltd (SDPL), recently inked a deal with Hoi Hup Realty Pte Ltd to dispose of its 30 per cent equity interest in Hoi Hup Sunway Novena Pte Ltd (HHSN) for S$39.9 million.
HHSN was set up in December 2012 to undertake the Royal Square at Novena development, which comprises a hotel, medical units and retail units.
Royal Square at Novena was successfully completed in July last year with HHSN recording an accumulated profit of S$132.5 million from the project.
Sunway said the disposal would enable the group to monetise its investment in HHSN. It plans to use the proceeds from the sale for new projects and to acquire more land to strengthen its presence in Singapore.
New projects in sight include the S$530 million en-bloc acquisition of a residential development known as Brookvale Park in Clementi.
Sunway will undertake the project via a joint venture to be set up by SDPL, Hoi Hup Realty and S C Wong Pte Ltd.
Brookvale Park, located on 999-year leasehold land measuring 34,654 sq m in Clementi, is currently a 160-unit private residential estate.
It has been reported that Sunway and its joint-venture partners will redevelop the site into a new private residential development with an allowed plot ratio of 1.6 times, subject to authorities’ approval.
Meanwhile, there are several reasons why people have rushed to buy executive condominiums at Rivercove Residences — a joint development by Sunway and Hoi Hup Realty.
Firstly, the transit-oriented development is located next to the scenic Punggol Reservoir.
Secondly, the development is within walking distance to the Tong Kang light rail transit station and the Sengkang mass rapid transit bus interchange.
Thirdly, the location is close to several education institutions, including the future Singapore Institute of Technology.
On top of that, the project has close to 30 facilities, which provide for sustainable family living.
Launched on April 14 this year, Rivercove Residences recorded 80 per cent sales on its first day of launch.
The project comprises 628 executive condominium units in 10 16-storey blocks at Anchorvale Lane.
Units of 904 to 1,485 sq ft were sold at S$830,000 (three-bedroom), S$1.1 million (four-bedroom) and S$1.34 million (five-bedroom), or at an average price of S$965 per sq ft.