The Reef at King’s Dock is a 429-unit, 99-year leasehold luxury condominium development by Mapletree and Keppel Land in District 4. The condo is located along Keppel Bay and features waterfront living and scenic sea views.
Frasers Centrepoint Limited (FCL) is an international real estate company with three core businesses focused on residential, commercial and hospitality properties spanning over 30 cities across Asia, Australasia, Europe and the Middle East.
Far East Organization is Singapore’s largest private property developer with a portfolio of over 770 developments in the residential, hospitality, retail, commercial, healthcare and industrial space segments, locally. It is also the largest private residential landlord and largest hotels and serviced residences operator.
Seksui House Limited is Japan’s leading housing company listed on three Japanese stock exchanges. It has an established presence in Australia, China, Singapore and the USA.
Project Name: Rivertrees Residences
Address: Fernvale Close
Site area: Approx. 160,711 sqft
Tenure: 99 years from 28th August 2013
495 residential units
1 commercial unit
22 1-bedroom Suite units (506 – 614 sqft)
60 2-bedroom Suite units (581 – 721 sqft)
121 2-bedroom Deluxe Suite units (700 – 872 sqft)
43 3-bedroom TRIO units (1,119 – 1,249 sqft)
20 3-bedroom Vantage units (947 – 1,087sqft)
22 3-bedroom Vista units (947 – 1,216 sqft)
97 3-bedroom Deluxe Verandah units (1,119 – 1,270 sqft)
8 3-bedroom Cove House units (1,528 sqft)
59 4-bedroom Vista units (1,206 – 1,475 sqft)
43 4-bedroom Prive units (1,356 – 1,593 sqft)
1 retail unit (657 sqft)
Maintenance fees: TBA
496 normal lots
4 handicap lots
Expected TOP: June 2018
Expected legal completion: June 2021
Rivertrees Residences is a 495-unit development located along Fernvale Close. At time of writing (Mar 2016), 3- and 4-bedroom units are still available.
Unit sizes range from 1- to 4-bedroom units and 3-bedroom cove houses. The lowest-priced unit on PropertyGuru is a 581 sqft 2-bedroom unit going for $650,000, which translates to around $1,118 psf. A 1,528 sqft 3-bedroom unit is going for $1,796,000 and this is an estimated $1,175 psf.
For interested buyers, the show flat is quite near the site, along Fernvale Link.
Construction for the project is progressing and the blocks are already standing.
The project consists of two 22-storey blocks, three 20-storey blocks and 8 strata landed houses.
Facilities are spread out evenly across the development, in four zones – splash oasis, riverine promenade, riverine fitness and riverine sanctuary.
For 1-bedroom units, there is only one stack (stack 5) and it is outward facing towards another condo project, Riverbank @ Fernvale.
For 2-bedroom units, stacks 4, 11 and 18 are all outward facing too. Stack 4 faces Riverbank @ Fernvale while stacks 11 and 18 are currently facing open land. However, the plot is a reserve site according to the 2014 Master Plan by the Urban Redevelopment Authority.
For 2-bedroom deluxe units, stacks 16 and 21 are inward facing with a full pool view. Stacks 9 and 13 are further away from the pool, but higher units will have pretty good views, with the reservoir beyond. Stack 2 is inward facing, but with a partial pool view.
For 3-bedroom Vantage/Vista units, stacks 7 and 19 are both outward facing. Stack 7 faces Lush Acres, yet another condo development and stack 19 overlooks the tennis court.
For 3-bedroom Verandah units, stacks 3, 8, 10, 15 and 17 are all inward facing towards the pool. Stacks 3, 8 and 10 are further away, so the higher units will have a better view.
For 3-bedroom TRIO (Dual Key) units, stack 20 is inward facing with a full pool view. Stack 23 is outward facing, but directly overlooks the reservoir.
For 4-bedroom Vista units, stacks 12 and 14 are inward facing with a full pool view. Stack 22 has a partial pool view and directly overlooks the reservoir.
As for 4-bedroom Prive units, stacks 1 and 6 directly face the reservoir, so residents in the higher units will have fantastic views.
Lastly, the cove houses all face the reservoir.
Showflat units are available for the 3-bedroom deluxe Verandah and 3-bedroom TRIO (Dual Key) units. Photos in this review are from units.
Cabinets with solid surface countertops and a sink with mixer are provided with the kitchen. Appliances provided in the 3-bedroom unit include a built-in oven, gas cooker and hood, refrigerator and washer cum dryer all from Teka.
The living area is just beyond the kitchen area to the left, and extends to the balcony.
The space allows for segregation of the living and dining areas, with the dining area being right in front of the kitchen.
The view from the entrance.
The universal room is right next to the kitchen. You could use this as a helper’s room or even turn it into a mini lounge area if you wanted to.
The water closet is linked to the universal room.
The common bedroom can just about accommodate a queen bed.
Going with a single bed however, frees up more space.
The common bathroom has a wet and dry area as per usual and fittings are from Grohe.
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 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 Dual Key unit kitchen simultaneously if need be.
The utility space and water closet are technically in the kitchen, which some potential buyers may not like.
The dining area is just beside the kitchen.
The living space is just beyond the dining area, and extends to the balcony.
The common bedroom is similar in size to the 3-bedroom unit.
The master bedroom is much bigger and can fit a king-sized bed.
Both bedrooms share a bathroom in this unit.
The kitchen in the studio section of the 3-bedroom Dual Key unit is an open kitchen backed against the wall. Residents will get a built-in microwave oven and induction cooker instead.
The master bedroom can fit a king-sized bed and comes with a balcony or private enclosed space (PES), depending on the unit type.
Lastly, the bathroom in the studio section.
Buyers are likely to be a mix of owner-occupiers and those looking to lease. Singaporeans and permanent residents account for an estimated 85% of sales currently.
Fernvale is the newest neighbourhood of Sengkang New Town, a satellite residential town in north-east Singapore.
Getting there: Rivertrees Residences 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 Rivertrees Residences 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 an 8-minute walk away. The 6-storey mall boasts 132 stores and services.
Retail and lifestyle hub Greenwich V is a 3-minute drive away. The mall features alfresco dining and casual outdoor spaces. This may be a good option for residents looking for a relaxed evening out.
Waterway Point next to Punggol MRT, is a 5-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 Rivertrees Residences at time of writing (Mar 2016) stands at 393. Recorded transaction prices range from $552K to $1.77M (see Chart 1).
Rivertrees Residences’ closest competitor would be Riverbank @ Fernvale, located just next to it. Its current median price is $995 psf to Rivertrees’ median of $1,084 psf. Residents at Riverbank @ Fernvale are also likely to be a good mix of owner-occupiers and tenants who like the project’s location.
Units at Riverbank @ Fernvale range from 1- to 5-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, Rivertrees Residences’ 3-bedroom units have a median price of $1,047 psf while Riverbank @ Fernvale’s is $956 psf. Transactions for the units at Rivertrees Residences range from $908K to $1.309M, and are between $851K and $1.138M at Riverbank @ Fernvale.
Before deciding based on these numbers alone, we should look at unit sizing as well. Units at Rivertrees Residences are slightly larger with the 3-bedroom ones between 947 sqft and 1,216 sqft. At Riverbank @ Fernvale, they are between 947 sqft and 1,012 sqft.
Future Rental Potential
To understand what rental prices will be like for Rivertrees Residences, 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 1,000 sqft at Rivertrees Residences would go for around $3,600 a month, after factoring a 20% premium for its new build. With the median price for the unit being around $1.175M, the annual gross rental yield at the current rate would be an estimated 3.7%.
The median unit size of a 3-bedroom at Riverbank @ Fernvale, on the other hand, would probably fetch around $3,500 a month at today’s rental rates. This translates to around 4.6% in annual gross rental yield.
According to the estimated figures, rental yield for Riverbank @ Fernvale seems to be 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 Rivertrees Residences being a bit larger.
With the upcoming Seletar Aerospace Park, rental prices could increase further, so rental yield could also possibly be even higher.
Rivertrees Residences 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. For buyers who like to consider ‘feng shui’ before making a decision, the project is C-shaped facing the reservoir, and this is supposed to be very good.
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 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.
Rivertrees Residences has a variety of unit types, thus catering to a wider pool of buyers. Overall, the units are pretty decent-sized and come with good quality fittings. With the exciting upcoming developments in the vicinity, it may be worthwhile going down to the show flat to take a look at the units.