Owners of Riviera Point asking for S$75m in fourth collective sale attempt

Owners of Riviera Point asking for S$75m in fourth collective sale attempt

Riviera Point. (Photo: CBRE)

SINGAPORE:  The owners of Riviera Point, a district 9 freehold condominium at 2 Kim Yang Road, are making a fourth attempt at a collective sale.

The previous collective sale attempts were in 2007, 2011 and 2013.

This time, they are asking for S$75 million, a press statement from CBRE said.

CBRE, which is the exclusive marketing agent for the sale, said this works out to about S$1,522 psf per plot ratio.

The development sits on an area of about 14,579 sq ft.

Based upon the Masterplan 2014 zoning, the use is “residential” with a plot ratio of 2.8 and a height control of 36 storeys. However, the verified existing Gross Floor Area is approximately 49,265 sq ft, translating to a plot ratio of 3.379.

Galven Tan, Director, Capital Markets, CBRE said: “The elevated site allows a developer to
build an exclusive development with units benefiting from the unblocked views of the city. The proximity to the upcoming Great World MRT Station further improves the connectivity and convenience of the site.”

A comparable land sale transaction  on River Valley Road was bought by a subsidiary of Roxy Pacific Holdings in August 2017 for S$110 million which works out to S$1,600 psf ppr.

Source: CNA/ms

Bookmark