River Green – Richmond’s Coal Harbour?

February 15, 2010

in Richmond condos

River Green,  phase 1 – 458 condos and townhouses

According to the developer’s news release, River Green’s phase 1 development is consisted of 458 homes ranging in sizes from 700 sq ft 1 bedroom to 3,640 sq ft 4 bedroom + den villas. The new homes to be completed in the summer of 2013 were reported to be priced well over $800 a sq ft. Some prices quoted were; 1-bed from $542,000; 2-bed from $613,000; townhouses from $829,000; 4-bed + den villas from $3.2 million

River Green marketer George Wong of Magnum Projects predicted “about $90 million sales when 120 of the homes are released for sale to the public on Friday, June 18, 2010”. He adds “they’re embracing the idea that this is the Richmond equivalent of Coal Harbour – and trying to get in on the ground level”.

This is the first push for an ambitious 2,600-unit master-planned community on 11.2 acres of waterfront development in Richmond near to the Olympic Oval. Developer ASPAC is expecting completion of the entire project to take between 10 and 15 years. Construction will be rotated between the left and right ends of the huge land parcel, to minimize noise and disruption for residents.

Is there a high-end market in Richmond?

There are a lot or marketing buzz whether Richmond is ready for such a project in Richmond. “It’s not Coal Harbour in downtown Vancouver; it’s Richmond”. When compared to new condo sales in Richmond City Center, recent selling price per sq ft worked out to be from $515 to $570 range.

River Green’s super-luxurious condos selling at $800 or more a sq ft will be a test for “Coal Harbour Price” in Richmond!

Styled as a waterfront “village”, residents will have easy access to extensive health and wellness facilities in theformer Olympic oval, trails and park land throughout the development.  Architect James Cheng and Wong believe River Green will fill a void in the market: a demand for high-end multi-family housing in Richmond.

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