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ABOUT THE EN BLOC SALES
Riviera Point en bloc went into a successful sale which closed on December 18, 2017. This en bloc property spans a land area of 14,579 square feet with a 12-storey residential building housing a total of 33 units.
The property was successfully sold to Macly Group with a final bid of $72 million. The final amount translates into $1,461 per square foot per plot ratio (psf ppr) which is an excellent price for the then current owners of the 33-unit residence.
Riviera Point is a residential property that is built to provide an excellent home to property-seekers. The en bloc has been into three sale attempt on the previous years. During its attempt in 2007, 2011 and 2013, the site didn’t successfully attract potential developers.
Though the original asking price was $75 million, the owners have decided to close the deal at $72 million, 4% lower than their reserved price.
The site is zoned for residential use with a 2.8 plot ratio according to the 2014 Master Plan. The property is one of the prime residences in District 09.
RIVIERA POINT LOCATION
The Riviera Point is located at 2 Kim Yam Road, Singapore. This area is only about a 13-minute drive to country’s Central Business District (CBD). The property is also close to leisure parks like AA Recreation Centre, Amped trampoline Park – River Valley, and Somerset Skate Park.
Located just right in the middle of various amenities, the Riviera Point’s location is truly a stunning and attractive for home-seekers.
The schools within the immediate range of the residence are known to be commendable due to their dedication to delivering excellent educational service to their students. Schools on the list include River Valley Primary School, ISS, Chatsworth International School, FZD School of Design, Gan Eng Seng School, Cambridge @ Robinson, Crescent Girls’ School, Tanglin School and Little Raindrops to mention some.
The renowned Orchard Shopping District can be easily reached within a 4-minute drive. Here, shopping malls like ION Orchard, Cineleisure Orchard, 313 @ Somerset, Scotts Square, Wisma Atria, and Ngee Ann City lined up the roads for a fabulous time of fun and shopping.
A nice network of roads and streets connects these amenities to the residence. Drive through the River Valley Road to reach the shopping district in a few minutes. Going to CBD, take the routes like Alexandra Road or Ayer Rajah Expressway (AYE).
MRT Stations like Somerset MRT, Fort Canning MRT and Dhoby Ghaut MRT assist to the travel convenience of the commuters.
MODE OF TRANSPORT
- Dhoby Ghaut MRT
- Somerset MRT
- Ayer Rajah Expressway (AYE)
- ION Orchard
- Cineleisure Park
- AA Recreation Centre
- NTUC Fairprice
POTENTIAL OF THE SITE
The Riviera Point though failed to be sold in its last three attempts on collective sale, macly Group has a great potential for the site. The developer who successfully acquired the site on its fourth attempt is planning to develop the area into a residential development.
The site has an original gross plot ratio of 2.8 but can increase to 3.379 with a maximum gross floor area of 49,265 square feet. With this gross floor area, the property can yield up to a 36-storey residence.
The area has an excellent front view along River Valley Road which has the same sight along Kim Yam Road. Its unblocked view of the prestigious Orchard Road provides a stunning scene for the future occupants of the upcoming development.
The site has a freehold tenure that the future inhabitants can take advantage of.
With the location that the site is in, there is a good chance of getting a high selling potential for the upcoming housing units. A competitive potential selling price is also estimated to get the interest of various property-seekers and investors.
The New Condo known as The Iviera will likely be launch in 2019.
RIVIERA POINT NEW CONDO REGISTRATION OF INTEREST
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