Riverfront Residences sales volume lower than previously announced: Developer

The actual number of Riverfront Residences units sold is lower than previously announced, said KSH Holdings – one of the project developers.

The former Rio Casa estate in Hougang has moved “more than 45 per cent” of its 1,472 homes – which works out to at least 662 units – and not 52 per cent, or about 765 homes, as disclosed on Aug 24.

Construction and real estate player KSH Holdings, which has a 35 per cent stake in the development consortium, issued an amended filing on the Singapore Exchange website on Monday. No explanation was given for the change.

Riverfront Residences was launched for sale in July 2018 and sold 628 apartments that month amid a panic-buying frenzy, after the authorities unveiled surprise cooling measures for the property market.

Developers Oxley Holdings and Lian Beng Group, along with Apricot Capital, the private investment arm of the Super Group’s Teo family, are the other members of the consortium that bagged Rio Casa in a S$575 million collective sale in May 2017.

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