Park Nova is a luxury development located in District 10. Aside from its freehold status, the development also offers super spacious units and easy access to MRT stations and nearby amenities.
UOL Group (UOL) is a public-listed property company with an extensive portfolio of development and investment properties, hotels and serviced suites. Their property development projects include residential units, office towers and shopping malls as well as premium hotels and serviced suites.
Project Name: Riverbank @ Fernvale
Address: Fernvale Close
Site area: Approx. 178,724 sqft
Tenure: 99 years from 10th July 2013
Configuration: 555 residential units
67 1-bedroom units (495 sqft)
37 2-bedroom units (689 sqft)
44 2-bedroom deluxe units (710 sqft)
144 3-bedroom units (947 – 1,012 sqft)
142 3-bedroom deluxe units (1,044 – 1,055 sqft)
54 3-bedroom Dual Key units (1,044 sqft)
42 4-bedroom units (1,098 – 1,238 sqft)
17 5-bedroom units (1,389 sqft)
8 cabana units (1,195 – 1,216 sqft)
Maintenance fees: TBA
555 normal lots
5 handicap lots
5 electric vehicle lots
Expected Date of Vacant Possession: March 2018
Expected legal completion: March 2021
Riverbank @ Fernvale is a 555-unit development located along Fernvale Close. At time of writing (Mar 2016), most unit types (except the 1- and 2-bedroom units) are still available.
Unit sizes range from 1- to 5-bedroom units and cabana units. The lowest-priced unit on PropertyGuru is a 495 sqft 1-bedroom unit going for $560,000, which translates to around $1,131 psf. A 1,238 sqft 4-bedroom unit is going for $1,377,000 and this is an estimated $1,112 psf.
For interested buyers, the show flat is quite near the site, along Fernvale Link.
The project consists of four 19-storey blocks.
Facilities are spread out evenly across the development, and in 5 thematic zones.
The sky observatory is the perfect place to wind down at on evenings, with its sky bar and jacuzzi.
Stacks 16 and 24 are outward facing with the latter overlooking Sengkang Riverside Park and Sungei Punggol.
For 2-bedroom units, stacks 7 and 8 are inward facing and will enjoy a full pool view.
Stacks 3 and 4 are outward facing, towards Rivertrees Residences.
For 3-bedroom units, stacks 9, 29 and 30 are inward facing with a full pool view.
Stacks 6, 14. 26 and 32 are all also inward facing, but with a partial pool view.
For 4-bedroom units, stacks 12 and 28 are inward facing with a full pool view.
As for 5-bedroom units, there is only one stack – stack 33 – and it is outward facing, overlooking Sungei Punggol and an empty kite-flying area.
Lastly, for the cabana units, stacks 10, 11, 20 and 37 are inward facing, with a full pool view.
Showflat units are available for 2-bedroom deluxe, 3-bedroom deluxe and 5-bedroom units. Photos in this review are from the 2- and 3-bedroom units.
Residents also have the option of going with either the warm scheme or the cool scheme for hard finishes in the unit.
- porcelain tiles with matching tile skirting for living, dining areas, foyer, bathrooms, water closet, utility, kitchen and dry kitchen, balcony and private enclosed space (PES)
- selected laminated flooring with matching skirting for all bedrooms, studio and study
- approved fire-rated timber door for main entrance
- hollow core timber doors for studio, bedrooms and bathrooms
- frameless sliding door for wet kitchen
- powder coated finish aluminium framed sliding glass doors for balcony and PES
- timber sliding door for utility
- bi-fold door for water closet
- solid surface finish vanity top with basin & mixer, shower compartment with shower set(s), water closet, towel rail, paper holder and mirror for all bathrooms
- long bath with bath mixer and hand shower and wall mounted water closet for master bathroom
- wash hand basin with tap, water closet, shower set and paper holder for water closet
- built-in wardrobes for all bedrooms and studio
- wall-mounted air-con for living, dining areas, bedrooms and studio
Cabinets with solid surface countertops and a sink with mixer are provided with the kitchen. Appliances provided include a microwave oven, electric stove and hood, refrigerator and washer cum dryer all from Electrolux. In the 2-bedroom deluxe unit, the kitchen is backed against the wall and near the entrance.
The living area is just beyond the kitchen area, and extends to the balcony.
The 2-bedroom deluxe loft unit comes with a built-in furniture deck in the living space. Because of this, you get double volume ceilings throughout the unit.
You could use the space there as a mini study area.
The common bedroom can accommodate a queen bed with some leg room to spare.
The common bathroom has a wet and dry area as per usual and fittings are from Hansgrohe. The dark tiles here are part of the cool scheme.
The master bedroom could accommodate a king-sized bed, if you’re willing to compromise on leg room. Otherwise, going with a queen option would be better.
The rooms both have double volume ceilings.
The master bathroom is slightly wider than the common one, and comes with a wall-mounted water closet.
Two people could probably move around in the 3-bedroom unit kitchen simultaneously if need be. Here, you get a gas cooker and hob instead of the electric one, and a built-in oven instead of the microwave one.
The kitchen is connected to the utility space and water closet. The space is ideal for your helper, should you have one.
The dining area is just beside the kitchen.
The living space is just beyond the dining area, and extends to the balcony.
Common bedrooms can accommodate a queen bed. However, if you want more maneuvering space, going with a single bed is recommended.
You could also go with the loft bed option to maximize space.
The common bathroom is very similar to the one in the 2-bedroom unit. The lighter coloured tiles here are part of the warm scheme.
The master bedroom is much bigger and could fit a king-sized bed.
Again, the master bathroom is the same as in the 2-bedroom unit.
Buyers are likely to be a mix of owner-occupiers and those looking to lease. Singaporeans and permanent residents account for an estimated 95% of sales currently.
Fernvale is the newest neighbourhood of Sengkang New Town, a satellite residential town in north-east Singapore.
Getting there: Riverbank @ Fernvale is located along Fernvale Close of District 28. If you’re travelling by train in the mornings, Raffles Place MRT is a 31-minute ride from Layar LRT. By car, it is a 15-minute drive to town via the Tampines Expressway (TPE) and Kallang-Paya Lebar Expressway (KPE), assuming optimal traffic conditions.
Layar LRT is about a 5-minute walk away. It is the sixth stop on the west loop of the Sengkang LRT route. Now, you have to be careful with the LRT, especially if it’s your first time taking it from Sengkang station.
There are the east and west loops and they run concurrently. On top of that, each LRT runs in a particular direction. So, you have to check the screen carefully before you board, or you may end up taking the wrong one like I did, and end up at a completely different part of Sengkang.
The estate: The area surrounding Riverbank @ Fernvale is mostly residential. It is a bit of a private enclave with a few other condo developments in the area.
The nearest bus stop is the one next to Layar LRT. Between them, the services cover Bishan, Sengkang, Yio Chu Kang, Punggol, Toa Payoh, Upper Thomson and the CBD area.
As for school options, there are a few nearby.
- Chatsworth Kindergarten
There is however, a noticeable lack of tertiary institutions nearby. Anderson Junior College, Meridian Junior College and Nanyang Polytechnic are all at least a 10 – 15 minute drive away.
Seletar Mall, the first mall in Northeast Singapore to have a cinema, is a 6-minute walk away. The 6-storey mall boasts 132 stores and services.
Waterway Point next to Punggol MRT, is a 4-minute drive away. Anchor tenants include Shaw Theatres & IMAX, Uniqlo and NTUC Fairprice Finest.
Jalan Kayu and its laidback charm is a 10-minute walk away. Most famous for its crispy roti prata, residents can head over for a relaxed evening at one of the eateries, or during the weekends.
For some calm and greenery, you could head over to Sengkang Riverside Park, just next door. The park features a constructed wetland and rich biodiversity, making it a hit with nature lovers.
For golfers, Seletar Golf Course is a 6-minute drive away.
Sengkang Sports and Recreation Centre is just opposite the park. Kids are bound to love this place and it makes for a nice treat during the weekends.
The recently opened Coney Island is a 7-minute drive away. Activities there include hiking, cycling, bird watching, and visiting the different beach pockets. The whole family could go down for a fun weekend adventure.
As for healthcare needs, Sengkang General and Community Hospital will be a 2-minute drive away. While it is under construction presently, it is slated to be completed in 2018.
Caveated transactions for Riverbank @ Fernvale at time of writing (Mar 2016) stands at 362. Recorded transaction prices range from $476K to $1.495M (see Chart 1).
Riverbank @ Fernvale’s closest competitor would be Rivertrees Residences, located just next to it. Its current median price is $1,084 psf to Riverbank’s median of $995 psf. Residents at Rivertrees Residences are also likely to be a good mix of owner-occupiers and tenants who like the project’s location.
Units at Rivertrees Residences range from 1- to 4-bedroom units and strata landed units. To have a clearer picture, we will be looking at 3-bedroom units in particular, across both developments. According to caveats, Riverbank @ Fernvale’s 3-bedroom units have a median price of $956 psf while Rivertrees Residences’ is $1,130 psf. Transactions for the units at Riverbank @ Fernvale range from $851K to $1.138M, and are between $731K and $906K at Rivertrees Residences.
Before deciding based on these numbers alone, we should look at unit sizing as well. Units at Riverbank @ Fernvale are generally larger with the 3-bedroom ones between 947 sqft and 1,012 sqft. At Rivertrees Residences, they are between 700 sqft and 872 sqft.
Future Rental Potential
To understand what rental prices will be like for Riverbank @ Fernvale, we need to look at rental prices for other projects in the area.
The current median rental price for District 28 (Seletar) is around $3 psf per month at time of writing, based on rental transactions for the past 4 quarters. At these rates, a 3-bedroom unit around 980 sqft at Riverbank @ Fernvale would go for around $3,500 a month, after factoring a 20% premium for its new build. With the median price for the unit being around $915K, the annual gross rental yield at the current rate would be an estimated 4.6%.
The median unit size of a 3-bedroom at Rivertrees Residences, on the other hand, would probably fetch around $2,800 a month at today’s rental rates. This translates to around 4.1% in annual gross rental yield.
According to the estimated figures, rental yield for Riverbank @ Fernvale seems to be slightly higher. The choice of nearby amenities are pretty much the same, with the projects being next to each other. Unit sizing however, differs with units at Riverbank being a bit larger.
With the upcoming Seletar Aerospace Park, rental prices could increase further, so rental yield could also possibly be even higher.
Riverbank @ Fernvale is situated in a relatively quiet, private residential enclave. Proximity to the upcoming Seletar Aerospace Park and the recently completed Seletar Mall are major pull factors.
Residents will get connectivity with the easy access to major expressways and the LRT stations nearby.
A potential drawback is the lack of a range of educational institutions. Primary and secondary schools are plenty, which fits Sengkang’s profile as a young estate, but there is a distinct lack of tertiary institutes nearby.
Investment potential is high and the fact that there are no more 1- and 2-bedroom units left on the market, is testament to this. With Seletar Aerospace Park, the upcoming Sengkang West Industrial Park and Ang Mo Kio Industrial Park all being relatively nearby, there will be demand for private residential units in future.
Overall, units at Riverbank @ Fernvale are decent-sized and the price tags are pretty affordable. With the coming developments in the vicinity, securing a unit may prove to be worthwhile in the long run.