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  • DISTRICT 9 FREEHOLD RIVIERA POINT SOLD FOR $72M

DISTRICT 9 FREEHOLD RIVIERA POINT SOLD FOR $72M

Singapore | February 14, 2018
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Singapore, 14 February 2018 – CBRE is pleased to announce that Riviera Point, located at 2 Kim Yam Road has been sold for S$72 million to Macly Riveria Pte Ltd, a wholly owned subsidiary of Macly Group.

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 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 sale price of the development is $72m, which works out to approximately $1,461 psf ppr. This is Rivieria Point’s fourth collective sale attempt, with previous attempts in 2007, 2011 and 2013.

The Public Tender for Riviera Point closed on 18 December 2017. According to the laws governing collective sales, the owners may enter into a private treaty contract with a buyer within 10 weeks from the close of the public tender. 

Macly Group is a Singapore based real estate developer, with a track record residential and commercial developments in Singapore.

Galven Tan (陈威礽), Director, Capital Markets, CBRE said, “Riviera Point, situated on an elevated plot and within a neighbourhood with abundant amenities, presents an excellent opportunity for the buyer to develop a high quality boutique development catered for young urbanites wanting to live within the cosmopolitan neighbourhood of River Valley and Robertson Quay.”

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.

Disclaimer:

Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.

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 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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 https://www.cbre.com.

Media Contacts

Geraldine Cheong
Geraldine Cheong
Associate Director
Singapore
Marketing & Communications
+65 63261246
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