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News Release


Riviera Point re-launched for collective sale

No stipulation on average minimum dwelling size on new units built

SINGAPORE, 24 February 2014 – Riviera Point, a 33-unit residential development located at the junction of Kim Yam Road and River Valley Road, has been re-launched for collective sale by public tender, by sole marketing agent Jones Lang LaSalle. 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. 

“Riviera Point sits within the Central Area, whereby there is no stipulated minimum average unit size for non-landed residential developments. Potential developers would therefore be free to build small units with a manageable quantum, for which supply has been curtailed,” said Mr Nicholas Ng, Local Director of Investments at Jones Lang LaSalle. URA’s definition of Central Area generally comprises areas near Orchard Road and Marina Bay. 

He added: “With its central location and proximity to public transport, the site is expected to appeal to both owner-occupiers and investors, and should also attract families with school-going children due to its proximity to River Valley Primary School and the Overseas Family School.” The site is also situated within walking distance to Somerset, Great World and Fort Canning MRT Stations. 

“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. Another alternative is to buy over the entire apartment block as a rental-yield investment asset. The tenancy take-up rate is expected to be high given its central location,” 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 verified Gross Floor Area (GFA) of 4,576.93 sqm or an equivalent plot ratio of 3.379. 

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 Tuesday, 8 April 2014. 

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