*This article was written on 19 Apr 2023 and does not reflect data and market conditions beyond.
Located in the serene and picturesque neighbourhood of Hougang, Riverfront Residences boasts stunning views of the tranquil Serangoon River and lush greenery. Situated in the vibrant northeastern region of Singapore, Hougang is a bustling residential town known for its diverse population and well-planned infrastructure. With excellent transportation links, residents enjoy easy connectivity to various parts of Singapore, making it one of the notable heartlands on the island.
In this opinion piece, we will take an objective look at Riverfront Residences, a well-regarded condominium development located in the vibrant neighbourhood of Hougang in Singapore. We will examine key factors such as location, pricing, floor plans, and notable amenities, to provide valuable information for those seeking resale options in the northeastern region of Singapore.
Whether you are a family searching for a comfortable and convenient living space or an investor looking for a property with good potential, this review can help you make an informed decision about Riverfront Residences. As an OCR (Outside Central Region) condo on the resale market, we’ll discuss who stands to benefit the most from this development. So without further delay, let’s delve into the specifics and see what makes Riverfront Residences an attractive and sought-after option in the competitive Singapore real estate market.
Location Analysis
Riverfront Residences is strategically located along Hougang Avenue 8, just 800 metres away from the bustling Hougang MRT station. With a quick 15-minute bus ride or a leisurely walk, residents can easily access the public transportation network and reach various parts of Singapore. The surrounding area is a harmonious blend of private and public residences, providing a diverse and inclusive community that caters to a broad range of potential buyers or renters.
Riverfront Residences is located in a serene environment, with a view of the picturesque Serangoon River and lush greenery. The development is strategically situated near several reputable schools in the neighbourhood, making it an attractive option for families with school-going children.
The development’s location offers easy access and convenience for residents to commute to and from school. The availability of larger units provides ample living space, which may be appealing to families. Riverfront Residences presents a well-rounded living experience that caters to the needs of families seeking convenience, comfort, and proximity to quality education for their children.
Approximately 22% of the units in this mega development are sized above 1,000 sqft. While there are other mega developments like Kingsford Waterbay and large developments like Riversails, Riverfront Residences still has a competitive offering of large units in comparison. The mega-project status of the development could still provide promising opportunities for prospective buyers looking to own a unit at Riverfront Residences.
Although Riverfront Residences may have a higher price point compared to older projects in the Hougang area, it appeals to a group of buyers who value being the first occupant of a property. Despite this, the development offers a reasonable and palatable price per square foot, providing better value for money in terms of living space compared to new launches and other resale condos closer to the central region. The larger unit sizes available in the development also contribute to its value proposition, making it an attractive option for buyers seeking ample living space. Ultimately, the development offers a competitive pricing strategy that balances the appeal of being the first occupant with its value proposition for buyers.
Families with school-going children will find Riverfront Residences an attractive option due to its proximity to reputable schools within a 1 km radius of the development, including Serangoon Secondary School, CHIJ Our Lady of the Nativity (OLN), Holy Innocents’ High School, and Holy Innocents’ Primary School. Moreover, the larger Hougang neighbourhood offers even more schooling options for primary and secondary school students. This convenient location near reputable schools ensures that families have easy access to quality education, making Riverfront Residences an ideal choice for those with school-going children.
Residents of Riverfront Residences can enjoy a wide range of amenities located in the surrounding neighbourhood. For shopping, Hougang Mall is situated just 800m away from the development, while the upcoming Sengkang Grand Mall near Buangkok MRT (1.5km away) is also within easy reach. There are several other shopping malls in the district as well, including Hougang 1, Buangkok Square Mall, Hougang Green Shopping Mall, and Rivervale Plaza, offering plenty of options for residents. Groceries can be conveniently purchased at the nearby FairPrice in Hougang Mall.
For those who prefer an active lifestyle, the Serangoon Park Connector is located along the Serangoon River, providing a peaceful environment with green and blue surroundings. Additionally, Punggol Park, located just 500m away from Riverfront Residences, offers a great alternative for residents looking to exercise. With such a diverse range of amenities and recreational options in the area, residents can enjoy a comfortable and fulfilling lifestyle at Riverfront Residences.
Site Plan & Unit Distribution
Riverfront Residences boasts a wide range of unit layouts, with options ranging from 1 to 5 bedrooms. The development is made up of 1,451 residential units across 9 blocks, with each block featuring between 8 to 14 stacks, depending on the unit sizes. One of the standout features of the project is the inclusion of strata landed terraces, adding an exciting element to the development. While units facing the river might have some morning sun exposure (stacks 3 to 8, 76, 77, 82, 83, and terraces 59 to 77), those facing west in block 43, 45, 47, 49, and 51 may experience some exposure to the afternoon sun.
Riverfront Residences prioritises the offering of 1 and 2 bedroom units, which is in line with the current trend for new apartments and condominiums. However, the development also offers a selection of 4 and 5 bedroom units that are available in limited numbers. The 4-bedroom units can be found in only 5 stacks, located on blocks 45, 47, 55, and 57, while the 5-bedroom options are limited to stack 77 of block 55. This wide range of unit sizes, layouts, and block orientations provides potential homebuyers with a diverse selection to choose from, catering to their individual needs and preferences.
Price Analysis
The average price per square foot (psf) of Riverfront Residences has increased by around 18% between 2018 and 2023Q1, reaching an average price of $1,550 psf in 2023Q1. Based on the increase in average psf, the simple annualised gain for Riverfront Residences within this timeframe is about 4.2%. For comparison, the average psf of Kingsford Waterbay and Riversails in 2023Q1 was $1,363 and $1,249, respectively.
Upon analysing the data, it can be observed that Riversails had the highest growth rate of 20% between 2018 and 2023Q1, whereas Riverfront Residences grew by 18% and Kingsford Waterbay even declined by 1% during the same period. Although each project has different TOP years (Riverfront Residences in 2024, Kingsford Waterbay in 2018, and Riversails in 2016), it is generally expected that newer projects have a higher growth rate. However, Riversails performed remarkably well during this period despite being an older project.
MOAT Analysis
In order to provide a thorough and unbiased evaluation of Riverfront Residences, we conducted a rigorous MOAT Analysis that considers the property from multiple perspectives. As part of our assessment, we evaluated Riverfront Residences as a resale condominium and compared it to four similar options in the surrounding area of comparable age. Our MOAT Analysis examines Riverfront Residences across ten different dimensions, providing a comprehensive and impartial evaluation of the property. For more details on our MOAT Analysis, please refer to our informative article, which can be accessed through the link provided.
To provide a detailed comparison, we have selected four nearby resale options of similar age and size to Riverfront Residences. These properties include Kingsford Waterbay, a 1,157 unit apartment that was completed in 2018 and has a 99-year leasehold from 2014. Boathouse Residences, a 493 unit condominium that was completed in 2015 and has a 99-year leasehold from 2011. Riversails, a 920 unit condominium that was completed in 2016 and has a 99-year leasehold from 2011. Lastly, Riversound Residence, a 590 unit condominium that was completed in 2015 and has a 99-year leasehold from 2011. Riverfront Residences, on the other hand, is a 1,451 unit condominium that is estimated to complete in 2024 and has a 99-year leasehold from 2018.
You can see that their MOAT profiles are largely similar, with some slight variations in Parents’ Attraction Effect. Almost all of the condos in this area perform exceptionally well in Quantum Effect and Exit Audience. The final MOAT scores are as follows: Riverfront Residences (62%), Boathouse Residences (64%), Kingsford Waterbay (60%), Riversails (62%), and Riversound Residence (62%).
After conducting our MOAT Analysis, Riverfront Residences has achieved high scores in the Bala’s Curve Effect and Exit Audience dimensions. However, the Quantum Effect score is slightly lower than other projects, likely due to its status as the newest condo in the area. Despite this, the development’s mega-project status, with over 1,000 units, will likely help it maintain a decent Volume Effect even years after its TOP. We anticipate that the MOAT score of Riverfront Residences will increase with some Rental Demand after its TOP year. Overall, Riverfront Residences has shown strong growth and performance in key dimensions evaluated by our MOAT Analysis.
Floor Plan Analysis
Our aim in this section is to provide you with a thorough overview of Riverfront Residences’ floor plans, catering to every available bedroom size from 1-bedroom to 5-bedrooms as well as their strata terrace offering. Our team has taken great care to showcase each unique layout to help you identify the best living option that meets your requirements. With this comprehensive information, you can make an informed decision on the floor plan that best suits your needs, ensuring your living experience at Riverfront Residences is enjoyable and tailored to your preferences. The Type A1 layout (~463 sqft) for 1-bedroom units features a classic and efficient design that is typical of 1-bedroom units. This 463 sqft 1-bedroom apartment is designed to maximise every inch of space, offering a comfortable and efficient living experience. As you enter the apartment, you will find yourself in a compact yet functional living area that seamlessly blends with a well-equipped kitchenette, complete with a countertop and a sink. The bedroom, located adjacent to the living area, is cosy yet spacious enough to accommodate a queen-sized bed and a wardrobe. The apartment also features a compact bathroom with modern fixtures, including a shower and a sink. Overall, the layout of this 1-bedroom apartment is designed to provide a practical and comfortable living space for single occupants or couples who value efficient use of space.
You can check out the home tour of a successful sold 1-bedroom unit in the home tour here.
The Type B1 floor plans for 2-bedroom units at Riverfront Residences offer a living space measuring approximately 603 square feet. The 603 sqft 2-bedroom apartment is a good choice for small families, couples, or individuals who need some extra space. Upon entering the unit, you are welcomed into an open plan living and dining area that is connected to the kitchen. The living room is spacious and can easily accommodate a sofa, coffee table, and TV unit. The balcony space next to the living room allows ample natural light to flood the space, creating a bright and airy ambience. The kitchen is located near the entrance of the unit and is designed to maximise functionality. It is equipped with modern appliances and offers plenty of counter space and storage cabinets for all your cooking needs.
The two bedrooms in this apartment are located side by side, with one slightly larger than the other. Both bedrooms can comfortably fit a queen-size bed and a wardrobe, and they are well-ventilated with windows that let in natural light. The larger bedroom even has a built-in wardrobe that provides ample storage space for clothes and other personal items. The bathroom is situated between the two bedrooms and comes fitted with modern fixtures, including a toilet, shower area, and a sink with a vanity mirror. It is well-ventilated and has adequate lighting.
You can also check out our home tour of the dumbbell layout variation of the 2-bedroom unit in the link here. We also have a second home tour of a different 2-bedroom unit in the link here.
The Type C3 3-bedroom unit at Riverfront Residences is an attractive option. This 915 sqft 3-bedroom apartment features a spacious and well-thought-out layout. As you enter the unit, you’ll find yourself in the foyer area, which leads to the main living space. The living area is rectangular and is great for entertaining guests. There is enough space to place a sofa, armchair, coffee table, and TV console. The living area opens up to a balcony, which is an ideal spot to relax and enjoy the view. Next to the living area, you will find a C-shaped kitchen that is designed for maximum efficiency. The kitchen is well-equipped with modern appliances and has plenty of counter space, making meal preparation a breeze. There is also a dining area adjacent to the kitchen, providing ample space for a dining table and chairs.
The apartment has three bedrooms, with the master bedroom being the largest. It can easily fit a king-sized bed and has an ensuite bathroom. The second and third bedroom can also fit a queen-sized bed and comes with a built-in wardrobe. The apartment also features a second bathroom located next to the common area, ensuring privacy for the master bedroom occupants. Overall, this 915 sqft 3-bedroom apartment is perfect for families or those who want to have extra space for guests or a home office.
The Type D1 4-bedroom layout offers a spacious 1,410 sqft 4-bedroom apartment, which features a private foyer area leading to a large and inviting living room. The apartment boasts a wet and dry kitchen, perfect for cooking and entertaining guests. The kitchen leads to a yard, storeroom, and washroom at the back, offering ample storage space and convenience for household chores. The apartment features two ensuite bedrooms, including a master bedroom and a junior master bedroom. Both bedrooms come with built-in wardrobes, providing plenty of space for storage. The other two bedrooms share a common bathroom, which is conveniently located near the living area.
The balcony is a highlight of this apartment, as it connects the master bedroom with bedroom 3 and the living area. It offers a beautiful view and is perfect for relaxing and enjoying the fresh air. Overall, this apartment is an excellent option for families or those who value space and privacy. The layout is well-designed to accommodate a comfortable and modern lifestyle, with ample space for all residents. Multi-generational families and families with live-in helpers would be attracted to this particular layout, which has a premium and spacious feel.
Riverfront Residences offers a rare 5-bedroom option, with only one stack of units available. The Type E1 unit measures around 1,679 sqft and boasts an impressive river-facing view. As you enter the apartment through the private lift lobby, you’ll be greeted by a spacious foyer area that leads to the dry kitchen, expansive living and dining areas. The kitchen is located adjacent to the dining area and features both a wet and dry kitchen. A yard, storeroom, and washroom are situated at the back of the apartment.
The master bedroom is generously sized and features a walk-in closet and an ensuite bathroom. The junior master bedroom also has an ensuite bathroom, while another two bedrooms share a common bathroom with the living area. Bedroom 4 also has an ensuite bathroom. The living space has a protruding balcony space that gives this large apartment a good balance of outdoor space, and opens up the apartment to the nice river view. This apartment’s well-designed layout provides ample space for a large family or anyone who needs extra room for guests or a home office. The private lift lobby adds an element of exclusivity, and the river-facing view and balcony space make this apartment an ideal oasis for relaxation after a long day.
The Strata Landed options at Riverfront Residences are a highly sought-after feature that sets this development apart in the property market. These units provide residents with the best of both worlds, offering the spacious living experience of a landed home with the added benefits of modern condo facilities and maintenance services. This unique combination is a rare gem that offers unparalleled comfort, convenience, and value for money.
The Strata Terrace House is the Type T1 layout, with an offering of 2,110 sqft and 4-bedrooms. This spacious terrace house offers comfortable living across three levels. The basement level comprises a private car park and porch area for the residents’ convenience. Upon entering the foyer, residents will find the powder room and home shelter. The living and dining areas are situated on the first floor, providing a cosy space to relax or entertain guests. The modern kitchen is also located on the first floor, featuring ample counter space and storage cabinets. The first floor also includes a bathroom and one bedroom, making it ideal for guests or as a study room.
The second floor houses the luxurious master bedroom, complete with an ensuite bathroom, private balcony, and walk-in closet. Two more bedrooms are also located on this level, sharing a common bathroom. The spacious bedrooms feature large windows that allow natural light to flood the rooms, creating a bright and airy atmosphere. With a thoughtful layout and ample space, this terrace house offers a comfortable living experience for families.
Riverfront Residences offers a wide variety of floor plans to cater to different preferences and needs. There are compact 1-bedroom apartments, spacious 2-bedroom apartments, family-sized 3 and 4-bedroom apartments with balconies and private areas, as well as larger 5-bedroom units with a private lift lobby and a great view of the river. For those looking for more space and privacy, the development also features strata landed options that offer the best of both worlds. The terrace houses have a basement car park and porch area, a living and dining area, kitchen, bathroom, and 1 bedroom on the first floor. On the second floor, there is a master bedroom with an ensuite bathroom and a private balcony, as well as two other bedrooms that share a common bathroom. With such a diverse range of options, there is something for everyone at Riverfront Residences.
Growth Potential
Riverfront Residences is situated on the boundary of Hougang and the upcoming developments in Paya Lebar, offering a good growth potential for the future. This is largely driven by the nearby Paya Lebar Air Base (PLAB) development, which is set to bring about the creation of several amenities such as parks, play areas, connectivity, and retail and commercial spaces. As the area develops, the residents of Riverfront Residences can look forward to the many conveniences and opportunities that will be made available. Moreover, given the rising costs of land and inflation, it is likely that future residential developments in PLAB will be more expensive, making Riverfront Residences an even more attractive investment option as a resale condo in the future. The appreciation potential of Riverfront Residences’ property value makes it a compelling option for those seeking a long-term investment. As the area continues to expand and improve, there’s a strong possibility that the value of properties in Riverfront Residences will surge over the coming decades, which may make it an appealing investment opportunity for astute buyers looking to take advantage of the growth potential in this promising area. However, prospective buyers would need to know that the PLAB development will take decades to complete, and will also have large supply implications due to its large size.
Riverfront Residences’s potential for price growth in the future is strongly supported by the upcoming Cross Island Line (CRL). The nearby Hougang MRT station will be connected to the CRL, which is only three stops away from Pasir Ris. This connection will serve as a crucial link between the East and West sides of Singapore, significantly reducing travel times to previously less connected areas. As a result, Riverfront Residences residents will enjoy enhanced accessibility to the Jurong Lake District and the Aviation Park in Changi, opening up new opportunities for work, leisure, and commerce. With this added connectivity, Riverfront Residences becomes an even more attractive location for potential buyers and investors seeking long-term growth and returns.
Riverfront Residences and its surrounding area show promising growth potential with continued development and improved connectivity through upcoming projects such as the Paya Lebar Air Base (PLAB) and Cross Island Line (CRL). While Riverfront Residences present a strong investment opportunity, it is important to note that other residential projects in the area may also benefit from these developments. Thus, it is essential for potential buyers to conduct extensive research and analysis of available options to make informed decisions that align with their needs and preferences. By comparing and evaluating different properties, buyers can maximise their investment potential and ensure a suitable investment for the long term.
