Rio Vista penthouse sold before auction for $1.5 mil

timothy.tay@edgeprop.sg

A penthouse unit at Rio Vista on Upper Serangoon View was sold before its scheduled auction on Feb 26. It would have been the second time that the property was put up for auction by Edmund Tie & Company (ET&Co).


Rio Vista was completed in 2004, and the 99-year leasehold development comprises 716 units (Pictures: ET & Co)


Offered for mortgagee sale, the 2,271 sq ft unit was first put up for auction by ET&Co in January at an opening price of $1.55 million ($683 psf), but was withdrawn when it did not receive any bids. The three-bedroom-plusstudy unit, however, recently found a buyer at $1.5 million ($660 psf), with the option to purchase exercised on Feb 19, according to Joy Tan, ET&Co’s head of auction.

The purchase price is on a par with that of another three-bedroom penthouse of 2,153 sq ft, which was sold in January last year (see table) for $1.5 million ($697 psf).


The 716-unit Rio Vista is a 99-year leasehold condo developed by MCL Land, a unit of Hongkong Land. Rio Vista, completed in 2004, was one of the earliest projects in the Upper Serangoon View area. It contains 11 blocks of up to 17 storeys each, and most of the units enjoy unblocked views of the Serangoon River.


The penthouse unit has unblocked views of the Serangoon River towards Paya Lebar Air Base (Picture: EdgeProp SG)


Units at Rio Vista are a mix of two- to four-bedroom apartments with sizes from 1,055 sq ft to 2,583 sq ft. Based on caveats lodged, the most recent transaction there was for a 1,378 sq ft, three-bedroom unit on the seventh floor of one of the blocks, which changed hands for $1.15 million ($835 psf) on Jan 29.

According to ET&Co’s Tan, the penthouse at Rio Vista attracted more than 10 potential buyers. They were drawn to the unit because of its unblocked riverfront views on one side, and the land around Paya Lebar Air Base that has yet to be developed, she says. Another draw was the unit’s generous size and the number of rooms available.


The three-bedroom-plus-study penthouse changed hands for $1.5 million ($660 psf) on Feb 19


“District 19 will remain a popular area for buyers. It is easily accessible via expressways like the Kallang-Paya Lebar Expressway, and it is near amenities such as Hougang Mall,” says Tan.

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