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    Feb 25, 2014

    Sales flow in swiftly for RiverTrees condo

    OF THE 300 units released at RiverTrees Residences' launch over the weekend, 220 have been snapped up.

    The units sold were of various sizes, but two-bedroom units and the waterfront cove houses sold "particularly well", the developers said in a statement yesterday.

    Three of the four cove houses launched were sold for $1.75 million to $1.78 million per unit. There are eight of the three-bedroom duplex houses in total. Prices for the two-bedroom suites start from $618,000, The Business Times reported earlier.

    RiverTrees, jointly developed by Frasers Centrepoint, Far East Orchard and Sekisui House, sits along the Sungei Punggol Reservoir.

    The 495-unit development was launched a week after neighbouring site Riverbank, which has seen sales of more than 220 units since its launch on the weekend of Feb 14, said a spokesman for UOL Group. UOL added that all its one-bedroom and two-bedroom units have been sold.

    The lower quantum price of the properties, in particular for the smaller units, makes them attractive to buyers, said CBRE research head Desmond Sim.

    The cove houses are a "good deal", he added, as they are like landed property, but come with condominium facilities such as a swimming pool.

    Besides affordability, the "quaint" location and extensive marketing are factors that have contributed to the robust sales.

    Calling the area "very quaint", R'ST Research director Ong Kah Seng said it is an emerging residential enclave that makes up for its lack of accessibility with tranquillity.

    Mr Nicholas Mak, director of research and consultancy at SLP International, said he was not surprised by the warm reception to the projects, as new launches tend to be the bestsellers every month. He said that extensive marketing and advertising also contributed to the interest.

    The developers of RiverTrees plan to launch another 100 units on the weekend of March 8.