Site located less than 600m from Great World MRT Station.
Singapore, 15 November 2017 – CBRE is pleased to announce the launch of the public tender of Riviera Point, located at 2 Kim Yam Road.
Situated on a corner location in the heart of District 9, the Site enjoys dual road frontage spanning 35 meters along Kim Yam Road and 30 meters along River Valley Road. The site is located within the Central Area, and is not affected by the ’70 sqm’ rule in the calculation of maximum number of dwelling units.
The site area is approximately 14,579 sq ft. Based upon the Masterplan 2014 zoning, the use is “residential” with plot ratio 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.
High floor units of the proposed development will be able to enjoy unblocked views towards Orchard and the Singapore skyline while the lower floor units will overlook the lush greenery of the Oxley area which is predominantly low density residential developments.
The asking price of the development is $75m, which works out to approximately $1,522 psf ppr.
Owners representing more than 80% of the development have signed the Collective Sale Agreement (CSA). It is noteworthy that owners took only 10 days to achieve the required 80% consensus, unlike previous attempts.
This is Rivieria Point’s fourth collective sale attempt, with previous attempts in 2007, 2011 and 2013.
Situated less than 600m away from Great World MRT Station (TE15), the site is well served by various modes of public transportation. The Somerset MRT Station is within a 10-minute walk. It is also equidistant from the CBD at Raffles Place and the bustling Orchard Road, Singapore’s world-renowned main shopping belt.
The area is well served by lifestyle and F&B amenities conveniently located at Robertson Quay and Killiney Road. Nearby residential developments include Martin Place Residences, Martin 38, Martin Modern and Rivergate. In addition, the popular River Valley Primary School is located less than 400m away.
A comparable land sale transaction is TS21-99606T on River Valley Road which was bought by a subsidiary of Roxy Pacific Holdings in August 2017 for $110 million which works out to $1,600 psf ppr.
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.”
“We expect strong interest from developers. This is a premium location with abundant lifestyle amenities and is extremely popular with locals and expats. The quantum is extremely manageable for many developers wanting to participate in the residential market.” Galven added.
The Public Tender for 2 Kim Yam Road will close at 3pm on 18 December 2017.
CBRE is the exclusive marketing agent for 2 Kim Yam Road.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
