PROJECT DETAILS
Rio Casa, former HUDC (Housing and Urban Development Company) estate along Hougang Avenue 7, has been sold to Oxley-Lian Beng Venture Ptd Ltd in the 2nd quarter of 2017, for S$535 million. It is joint venture between Oxley Holdings, KKSH Developments, Apricot Capital and Lian Beng Group. The owners of the 286 privatised former HUDC development, each got an average of S$2 million.
New Condo Launch at former site of Rio Casa- Riverfront Residences
Rio Casa has a land site area of 396,231 square feet and is located in the North-Eastern Region of Singapore. It comprises of seven residential towers. With a gross plot ratio of 2.8, this river fronting housing development is expected to yield between 1,400 residential apartments. The sales price will translate to about S$706 psf per plot ratio with an additional differential premium of around S$208 million to top up the lease from a 73 years lease remaining to a fresh 99 years and for redevelopment of the site to the gross plot ratio of 2.8 and intensification of the 396,231 sqft of land. The estimated breakeven amount is likely to be around S$1,100 psf. Hence, the approximate selling price of the new units, will be averaging between S$1,400psf and S$1,600psf.
The site at Rio Casa is in a matured estate which has an attractive direct unblock river frontage of approximately 200 metres spreading across Sungei Serangoon and vast surrounding of green spaces. The site is further enhanced with the connectivity of Serangoon Park Connector. It is about 800 metres to Hougang MRT Station, serving the North-East Line (NEL).
There are shortage of development sites in the market, especially Government had cut back on its land sales programme. With better outlook in the property market, developers are more bullish with their bids. It is the 3rd en-bloc sales of year 2017. The first was sealed and was sold for S$65million in One Tree Hill and another in Eunosville at Sims Avenue at S$765 million. The high price for this site at Rio Casa shows more confidence in Singapore property market.
KSH Holdings which holds a 35% stake in the joint-venture, will be fundng a portion of the collective sales amount for Rio Casa via internal resources and loans from financial institutes.
The rest of the stakes in the joint venture among Oxley Holdings, Lian Beng Group and Apricot Capital will be 35%, 20% and 10% respectively.
Oxley-Lian Beng has an extensive portfolio of developments and investment properties.
Oxley-Lian Beng is proud to present you another of their quality condo development along Hougang Avenue 7, at the former site of Rio Casa. With the riverfront attribute of the former Rio Casa together with an interesting concept, Oxley-Lian Beng is confident that the site will make it an excellent choice for home owners.
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| Project | Hougang Avenue 7 New Condo at former site of Rio Casa |
| Developer | Oxley Lian Beng Venture Pte Ltd |
| Location | Hougang Avenue 7 (Hougang Planning Area) |
| District | 19 |
| Tenure | 99 years leasehold |
| Site Area | 36,811 square metres/ 396,231 square feet |
| GFA: | 103,070 square metres/ 1,109,447 square feet |
| Plot Ratio | 2.8 |
| Expected TOP: | |
| Total Units | Approximately 1,400 residential apartments |
| Total Carpark | |
| Development | Condo comprising of communal facilities |
| Unit Type: | |
| Architect | |
| Eligibility | SC/ SC, SC/SPR and Foreigner can buy |
| Hougang Avenue 7 New Condo Unit Mix Distribution | |||
|---|---|---|---|
| Unit Type | Type | Area (Square Feet) | Total No. of Units |
| 1 Bedroom | TBA | TBA | TBA |
| 2 Bedroom | TBA | TBA | TBA |
| 3 Bedroom | TBA | TBA | TBA |
| 4 Bedroom | TBA | TBA | TBA |
| 5 Bedroom | TBA | TBA | TBA |
| Penthouse | TBA | TBA | TBA |
| Hougang Avenue 7 New Condo Facilities | |||
TBA
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| Hougang Avenue 7 New Condo Price List | |||
|---|---|---|---|
| Unit Type | Area (Square Feet) | Pricing | PSF |
| 1 Bedroom | TBA | TBA | TBA |
| 2 Bedroom | TBA | TBA | TBA |
| 3 Bedroom | TBA | TBA | TBA |
| 4 Bedroom | TBA | TBA | TBA |
| 5 Bedroom | TBA | TBA | TBA |
| Penthouse | TBA | TBA | TBA |
FACILITIES SITE PLAN and FLOOR PLANS E-BROCHURE
The Facilities and Site plan of new condo launch at the former site of Rio Casa, along Hougang Avenue 7 are currently seeking approval from relevant authorities.
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HOUGANG OVERVIEW
Hougang is a mature town with good schools and a variety of parks and sports facilities. Over the next few years, residents will be able to enjoy more community facilities and recreational options and to have access to more jobs near home. There are also plans to showcase the town's rich history and heritage sites.
New Condo at Hougang Avenue 7, former site of Rio Casa- Gracious living in a heritage town
Various initiatives will be implemented to enhance the overall living environment and to strengthen the residents' connection with local history. These include:
- A One-stop community club with hawker centre, a health-care facility and an arts centre, located at Hougang Avenue 9
- An Estate- Upgrading Programme a new pedestrain footbridge across Sungei Punggol at the Gerald-Mugliston Estate
- More retail amenities at Kovan, Hougang Central, Hougang Avenue 7, Buangkok Drive and Jalan Pelikal
- A new nursing home to serve the needs of elderly residents at Hougang Avenue 8
New Condo at Hougang avenue 7, former site of Rio Casa- Leisure- Greener than ever
Residents in Hougang will have easy access to many major parks in the North-Eastern Region via the North-Eastern Riverine Loop (NERL) park connectors. When the NERL eventually becomes part of the 150km long Round Island Route, recreation sites farther afield will be even more accessible, such as the Changi Coastal Loop. As the green network expands in future, most homes in Hougang will be closer to parks or park connectors. These include:
- New neighbourhood parks within Kovan Estate
- A park at the future Lorong Halus Industrial Park
- An expanded Punggol Park
- An extended park connector at Hougang Avenue 3 to link up with the Pelton Canal park connector, providing easier access to Kallang Riverside.
- New interim sports facilities at the Jalan Kayu Sports Hub at Buangkok Crescent
- Enhancements to the canal at Hougang Avenue 10 through new landscaping with outlook decks, shelters and seatings
New Condo at Hougang Avenue 7, Former site of Rio Casa- More transport infrastructure- Better roads with better rides
Hougang is well connected to other parts of Singapore via public transport. Getting around will become much easier with trasnport improvements to smoothen traffic flow and improve accessibility. These include:
- A New Integraged transport hub in Hougang MRT Station
- Road improvements along Upper Serangoon Road, Upper Paya Lebar Road, Tampines Road, Lorong Ah Soo and Hougang Central
- Extension of Buangkok Link and Buangkok Crescent to complete the local road network
- Construction of the Cross Island Line which will pass through Hougang when it starts operations by 2030 and provides another direct MRT route to Changi and the west as well as other major towns.
RIO CASA FORMER HUDC AT HOUGANG AVENUE 7 SOLD TO OXLEY-LIAN BENG PTE LTD THROUGH ENBLOC SALES
Rio Casa, a 286-unit development at Hougang Avenue 7 has been sold collectively for S$575 million to Oxley-Lian Beng Venture Pte Ltd, revealed marketing agent Knight Frank.
Coupled with an additional differential premium of around S$208 million to top up the lease to a fresh 99 years and develop the site to a gross plot ratio (GPR) of 2.8, the purchase price works out to a land price of about S$706 per sq ft per plot ratio (psf ppr), based on its maximum permissible gross floor area (GFA) of around 1,109,447 sq ft.
The property was put up for collective sale in April, after more than 80 percent of the owners agreed to the en bloc sale.
Knight Frank noted that each owner is set to receive around S$2 million in gross sale price upon the “successful completion of the sale, which is subject to several conditions being met, including an order of sale by the Strata Titles Board or Court Approval”.
Featuring seven residential towers, the former HUDC estate has a site area of 36,811.1 sq m (about 396,231 sq ft) and enjoys a 200m frontage of riverfront. It is zoned for residential use under the Master Plan 2014.
Knight Frank executive director and head of investment & capital markets Ian Loh attributed the strong interest for the estate to its positive site attributes – which include easy access to Hougang MRT stations and bus interchange, proximity to Serangoon Park Connector, vast surrounding green spaces and waterfront view.
Aside from this, no new launch is “expected within the immediate vicinity, in the short to medium term”.
“The gross development value for this project is estimated at S$1.4 billion and can potentially be redeveloped to build about 1,400 residential units, assuming an average size of 70 sq m per unit,” he added.
Rio Casa is a privatised HUDC estate with a site area of 36,811.1 sqm with a potential built-up plot ratio of 2.8x. The winning bid was way above the $450 million that the owners were reportedly asking for.
Based on estimates, each of the 286 Rio Casa owners will receive close to $2 million if the en-bloc deal goes through.
The estate is located in an established residential estate and is approximately 800m from Hougang MRT station.
“We note that the estate sites along Hougang Avenue 7, offering a riverview along the estate (Sungei Serangoon), which could be a key reason for the robust bid by the developer,” says analyst Mervin Song in a Friday report.
The developer will have to pay a differential premium of $208 million to top up the lease and the development of the site to a gross plot ratio of 2.8x. This translates to an all-in land price of close to $706 psf.
“We estimate the breakeven for the land to be close to $1,100psf,” says Song.
As surrounding condominiums were trading in the range of $700-1,030psf as of 1Q17, the developer could be expecting home prices to rebound when the project is launched, sometime in late 2018.
Most interestingly, would buyers of the new development to enjoy a second round of enbloc, asks Song.
That’s because the site is located close to Paya Labar Airbase, which will be relocated to Changi from 2030 and beyond, making way for the potential redevelopment of the site at Paya Labar.
When that happens, there will be further land intensification from the current 2.8x.
Shares of Oxley, Lian Beng and KSH are trading at 55 cents, 60.5 cents, 88 cents respectively.
Source: The Edge Property and Property Guru
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