The RiverGate estate condominium in Robertson Quay has now 80 apartments, a project by one of Indonesia’s Lippo Group’s investors, Ferrell Asset Management. An exclusive sneak peek was initiated a few days back. The joint developers of this 545-unit villa, CapitaLand and Hwa Hong Corporation, have acquired a Temporary Occupation Permit last March.
Three-bedder, four-bedder and penthouse apartments are dispersed throughout numerous floors. Their prices range from $1,450 to $1,550 psf. Units found at lower levels cost lesser; prices start at $1,380 psf.
Fund manager Ferrell Asset is assumed to be the retailer of the said apartments. Two disassociated tranches, 20 and 80 units, were paid for over $180 million in 2005 by one of Ferrell Asset Management’s funds, Ferrell Premier Real Estate Investment Fund.
Per-square-foot price of the fund’s units were not brought up by earlier reports. In 2006, units costs up to $1,600 psf, on the other hand, in 2005, when RiverGate was first commenced, the units were priced at $1,080 only.
Through their website, it was discovered that the funds of Ferrell Premier Real Estate Investment Funds devotes to “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.”
Savills and affiliates of DTZ and Knight Frank are putting the units into market.