Riverfront Residences, a upcoming residential area at Hougang Avenue 7, located in the northeastern part of Singapore was successfully acquired by Oxley-Lian Beng Venture Pte Ltd for S$575 million. The old Rio Casa is a 286 unit development that not only features seven residential towers but also enjoys 200m of the Singapore riverfront.
Information on Enbloc of Rio Casa that will transform into Riverfront Residences
In April 2017, more than 80 percent of the owners agreed for an en bloc sale, after which, the property was put up for sale. After the sale is completed successfully, and conditions met, each owner will receive S$2 million for their property. As usual, before the project launch announcement, it is have to undergo some pending government paperwork and clearance from the authorities for a full go-ahead.
Since the two companies spearheading this deal are major players, there is hardly an occasion when an obstacle has stopped or delayed a project as massive as this. Riverfront Residences will have a total of seven residential towers (subject to changes) and will overseeing a beautiful and long riverfront.
According to sources, the new development of the Riverfront Residences condo is calculated to be in the region of S$1.4 billion and will have a total of 1400 residential units. Oxley has been famous for developing luxurious condos and units for residential purposes and it is highly likely that this project will also be fully developed for a luxurious unit, resembling most of Oxley’s significant projects.
Short History About Hougang Where Riverfront Residences is Located
What started as farmland and villages whose streets were filled with culture and festivities, Hougang (meaning ‘the end of the river’) was later transformed and developed into Singapore’s largest public housing estate. As development began, the housing units at Hougang were designed to have more shapely curves and were given many styled architectural features. With the acquisition of this matured estate Rio Casa, Oxley-LianBeng Venture Pte Ltd will soon be launching another prestigious condo development, Riverfront Residences along Hougang Avenue 7.
URA Masterplan For Developing Hougang Where Riverfront Residences is
According to the Hougang Masterplan, to rediscover the town and it’s glory, areas near the Punggol Park will be cleared away to build new homes. Hougang is being completely built as a New Town, which means that the area’s masterplan includes several important features for the families that will shift in the future or are already shifted. Hougang will have a community centre, where all residents could come and interact with each other. At Hougang Avenue 9, will be located and arts centre and a healthcare facility. At Kovan, several more retail amenities are being planned to be opened. The area is also set to undergo a huge remaking with new walkways and landscaping around the area.
Hougang residents also have the ease of having easy access to several parks in the neighbourhood through the North Eastern Riverine Loop (NERL). The NERL is also planned to become a part of the Round Island Route, which will further make more faraway lands and places more accessible for the residents of Hougang.
Developers of Riverfront Residences
Regarding the development of Riverfront Residences @ Hougang Near Serangoon, The Oxley Holdings are responsible for 35% shares, while LianBeng Group hold 20% of the stakes of the project
Riverfront Residences Oxley
Oxley has a vast work profile, with property development and property investment as the main spearheads of the companies resources. However, the company is also noted for its project management and consultancy expertise in some other countries. Oxley has previously worked on several projects that include residential, commercial and industrial projects. All of the companies projects include property development that is located in prime and posh locations and includes luxurious elements and features.
The Oxley Group has successfully acquired development properties in the UK, Cambodia, Ireland, Indonesia, Myanmar, Malaysia and Singapore. In Singapore, they have been responsible for projects like the Oxley Tower, KAP Residences, The Flow, Floraville and The Rise.
Riverfront Residences Lian Beng
On the other hand, The LianBeng Group is one of Singapore’s leading contractors for residential construction groups and has maintained its place on the Main Board of the Singapore Exchange since 1999. With its status as an A1 grade contractor, it can handle projects of unlimited contact value while its A2 grade in civil engineering allows it to work on projects having a value of up to $85 million.
With projects like Rafflesia Condominium at Bishan Street 21, 4 units of 2-Storey Terrace Houses at Clementi Crescent, Chinese Temple at Jurong East Avenue 1, Housing Development at 109A Emerald Hill Road, Condominium Housing Development at West Coast Crescent and many more like these under their belt, it is definitely assured that the LianBeng Group as a established builder, will construct quality development of Riverfront Residences.
Plans Undergoing for Hougang Town
Riverfront Residences @ Hougang Avenue 7 is located ideally as Hougang was announced to be developed as a new town, it is one of the first areas in Singapore to be developed according to the new residential plans.
Hougang is being planned according to new rules, the most prominent of which, is that like old residential areas, the shops and shopping plazas will all be centrally located in one spot, instead of being scattered around the city. This will give families a chance of being more socially involved with other families and members of the community.
The recent development around the area has given way for a new wave of foodchains and shops to open up, like KFC, McDonald’s and many more. The easy access and centralisation of all these shops and plazas gives the area a very lively atmosphere and attracts more customers.
Riverfront Residences condominium is also located close to a lot of schools, which gives families an advantage of not having their kids travel a lot for their daily studies.
Amenities Near Riverfront Residences Condo @ Hougang Ave 7
There is also good news for families looking to settle down near high standard schools. The lucky future residents of Riverfront Residences will have easy access to some of the schools like
- Xinmin Primary and Secondary Schools,
- Xinghua Primary School,
- Yuying Secondary School,
- Holy Innocents’ Primary School,
- Paya Lebar Methodist Girls’ School
- Montfort Junior School and Secondary School and Serangoon Junior College.
Apart from the proximity of these schools, this residential site also offers lots of food, entertainment and shopping options like the
- Hougang Mall,
- Heartland Mall, and Compass point.
All these shopping malls are less than 2 km away from Riverfront Residences Condo.
Another great feature of this site is the fact that it is closely located to the MRT stations like Hougang MRT, Buangkok MRT and Kovan MRT. Future residents will be able to travel with the convenience transport facilities around Riverfront Residences.