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News Release

Singapore

Prime River Valley Residential Site up for Collective Sale

Jones Lang LaSalle appointed sole marketing agent for rare District 9 freehold site




SINGAPORE, 30 September 2013 – Riviera Point, a 33-unit residential development located at the junction of Kim Yam Road and River Valley Road, has been launched for sale by public tender by sole marketing agent Jones Lang LaSalle Singapore. The owners of Riviera Point are seeking offers in excess of $68 million, which translates to approximately $1,379 psf per plot ratio on the potential GFA.
“About 12 months ago, the Urban Redevelopment Authority (URA) introduced new guidelines that set minimum average sizes of 70 sq m or 100 sq m for new dwelling units in non-landed residential developments located outside the Central Area,” said Mr Nicholas Ng, Local Director of Investments at Jones Lang LaSalle. URA’s definition of Central Area comprises generally areas close to Orchard Road and Marina Bay.
“As Riviera Point is located within URA’s definition of Central Area, developers would find this very attractive as they could effectively build compact-sized units for which supply has been curtailed following the measure. Also, there have been very few development sites available for sale within Central Area over the last year or so. The last one was URA’s Mount Sophia site which was hotly contested earlier this month.”
“Potentially, the site could yield 100 units of one or two bedroom units,” continued Mr Ng, “With its central location, the site is expected to be popular amongst owner-occupiers and investors, and should also appeal to families with school-going children due to its proximity to River Valley Primary School and the Overseas Family School.”
He added: “Situated near Somerset MRT Station, the site’s accessibility has also been enhanced with the announcement of the Thomson Line, located within walking distance from the site. The new line will have an entrance to Great World MRT Station, which is accessible from River Valley Road. The Fort Canning MRT is also estimated to be up and running in 2017.”
Since Chateau Eliza at Mount Elizabeth was sold at $1,743 psf per plot ratio in September 2012, there has not been a freehold collective sale site offered for sale in District 9. Jones Lang LaSalle was the consultant which secured the buyer for the vendors of Chateau Eliza.
“Other than redeveloping the site immediately, potential buyers may also choose to refurbish the existing development and apply for conversion to serviced apartments, subject to approval from the relevant authorities given that the building has been built to its maximum gross floor area potential” said Mr Ng.
The District 9 freehold site, with a land area of approximately 14,580 sq ft, is zoned “Residential” with a gross plot ratio (GPR) of 2.8 in the 2008 Master Plan. The existing development is a 12-storey apartment built in the early 1990s, and has an as-built Gross Floor Area (GFA) of 49,303 sq ft or an equivalent plot ratio of 3.38.
More than 80% of the owners, by share value and strata floor area, have consented to the collective sale, with each owner standing to receive approximately $1.94 million to $2.14 million.
The tender for Riviera Point closes at 2.30 pm on Thursday, 31 October 2013.
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About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.7 billion of real estate assets under management.
Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 26,100 employees operating in 79 offices in 14 countries across the region. The firm was named ‘Best Property Consultancy’ in three Asia Pacific countries at the International Property Awards Asia Pacific 2013, and won nine Asia Pacific awards in the Euromoney Real Estate Awards 2013. www.ap.joneslanglasalle.com
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