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RiverGate Print E-mail

RiverGate, located along the Singapore River, is a unique freehold residential development with a total of 545 units. It is the first residential project in Singapore to be accorded landmark status by the Urban Redevelopment Authority (URA). URA accords ‘landmark’ status only to buildings that are strategically located, such as along the Singapore River, and that have demonstrated cutting-edge architectural design. In this regard, RiverGate has been recognised for its bold architectural design featuring verdant multi-storey sky gardens, and a lush green vista that is seamlessly integrated with the Singapore River promenade.

Majority of the units have good views of the river and surrounding cityscape. The design features include terraces, balconies, multi-storey sky gardens and sprawling gardens that are lushly landscaped.

Tucked in a serene enclave at the upper bend of the Singapore River, RiverGate is minutes away from the Central Business District and dining and entertainment facilities by the river. Discerning homebuyers and investors will appreciate that the development offers a rare opportunity to own a freehold riverside home. The design of the development is outstanding and the scenic green vista that is integrated with the Singapore River promenade.

Developer: Riverwalk Promenade Pte Ltd

Location: Martin Road (District 9)

Tenure: Freehold

Total Units: 545 in three 43-storey towers

Site Area: 320,000 sqft

Expected Completion Date: 2009

Types of Units:
4 commercial units
2-bedroom (1,023 to 1,055 sq ft)
3-bedroom (1,496 to 1,776 sq ft)
4-bedroom (1,894 to 2,110 sq ft)
Penthouse (2,992 to 4,187 sq ft)

Sloping lawn areas
Timber deck with BBQ pits
Infinity pool edge
50m pool
Linear water feature
Lily pond
Fitness area
Basketball court
Tennis Court
Water feature
Entrance water feature
Children’s pool
Children’s water play area
Hot tub
Jacuzzi loungers
Spa jets
Gymnasium (2nd storey)
Gold simulation (2nd storey)
Reading room (2nd storey)
Function room (2nd storey)
Home theatre (2nd storey)
Sky Gymnasium (2nd storey)
Water wale

Comments (3)
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1. Written by News on 28-05-2009 02:27
50+ units sold in secondary mkt
In the secondary market, some 50-plus units are said to have been sold last week at RiverGate condo near the Singapore River. These are out of 88 units listed in a sales campaign last week. The average price is about $1,400 to $1,500 psf. 
The 88 units were from an original pool of 100 units purchased in 2005 by a fund managed by Ferrell Asset Management.
2. Written by News on 24-05-2009 17:18
Ferrell puts 80 RiverGate unit
FERRELL Asset Management, which counts Indonesia’s Lippo Group as one of its investors, has put around 80 apartments at the RiverGate back on the market for sale. 
According to agents, a private preview began a few days ago and around 30 to 40 units have been taken up. The 545-unit freehold condominium in the Robertson Quay area received Temporary Occupation Permit in March, and was a joint development between CapitaLand and Hwa Hong Corporation. 
The apartments on sale are spread over several floors and comprise three-bedders, four-bedders and penthouses. They are selling at $1,450 – $1,550 psf, one source said. Prices of lower-level units may even start from $1,380 psf. 
According to Urban Redevelopment Authority data on caveats lodged, recent transactions of RiverGate units took place between $1,150 – $1,470 psf. 
The seller of the apartments is believed to be fund manager Ferrell Asset Management. One of its funds, the Ferrell Premier Real Estate Investment Fund, had paid over $180 million for 100 units in 2005, bought in two separate tranches of 80 and 20 units. 
Previous reports did not mention the per-square-foot price of the fund’s units. When RiverGate was first launched in 2005, units were priced at $1,080 psf on average. That subsequently rose to $1,600 psf in the final phase of release in 2006. 
Ferrell Premier Real Estate Investment Fund’s website states that the fund invests in the ‘high-yielding sector’ of Singapore’s property market. 
‘The objective of this sub-fund is to achieve returns of 10 – 15 per cent per annum through investments in properties with medium to long-term capital appreciation potential.’ 
BT understands that associates of Knight Frank and DTZ are marketing the units. Savills could also be marketing the units.
3. Written by News on 09-05-2009 03:13
Payment collected for 98%
PAYMENT has been collected for 98 per cent of the 542 condo units sold at CapitaLand's RiverGate project since Temporary Occupation Permit (TOP) was obtained in March, the developer said yesterday. 
The three towers: Payment collection for 11 units, all sold separately to individual buyers under DPS, is ongoing 
Payment collection for the remaining 2 per cent, or 11 sold units, is ongoing, and the buyers have been served notice to pay up. The 11 units were 'all sold separately to individual buyers under the deferred payment scheme (DPS)', a CapitaLand spokeswoman said. 
More than 90 per cent of the 542 RiverGate units sold were under DPS, she added. CapitaLand developed the 545-unit freehold condo in the Robertson Quay area through a 50:50 joint venture with Hwa Hong Corporation. 
Asked what CapitaLand will do regarding the 11 buyers that have not paid up, the spokeswoman said: 'For genuine homebuyers who may face difficulties meeting the payment obligations, we will address these on a case-by-case basis. We will see how we can lend our assistance within the constraints of the obligations under the securitisation structure.' 
The progress payments and deferred payment receivables for sold units were securitised through special purpose vehicle Okeanos Investment Corporation, which in January 2007 issued US$477 million ($731 million) of floating rate notes due 2011. 
With the proceeds collected for RiverGate so far, the US$477 million of notes are expected to be fully redeemed by the expected maturity date in June 2009, CapitaLand said in a statement yesterday. 
RiverGate buyers who opted for DPS paid 20 per cent of the apartments' price when booking them. Upon obtaining TOP, a further 65 per cent of the price is payable, with the balance of 15 per cent to be paid once the development obtains a Certificate of Statutory Completion and legal completion status from the authorities. 
The 43-storey freehold project was launched in phases, with the initial phase in 2005 priced at $1,080 per square foot on average, and the final phase in 2006 priced at $1,600 psf on average. Units in the project have recently changed hands at about $1,200-1,380 psf. 
Among those who bought RiverGate units from the developers is property fund manager Ferrell, which acquired 100 units in two tranches - 80 around Chinese New Year in 2005 and 20 later that year. 
RiverGate is the first residential project in Singapore to be accorded landmark status by the Urban Redevelopment Authority in recognition of its strategic location and cutting-edge architectural design, CapitaLand pointed out yesterday. 
'At 43 storeys, the development towers above the predominantly 10-storey buildings in the vicinity,' it said. 'Against this urban landscape, the majority of RiverGate's apartments enjoy views of the river and the business district city-scape.'

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