12/03/2019
As part of Government Land Sales, URA has sold former Zouk a world-class entertainment institution now officially named as Riviere to be exact RIVIÈRE pronounced as riˈvye(ə)r,ˌrivēˈe(ə)r , Riviere will be built as a residential cm commercial site situated at Jiak Kim Street next to Kim Seng Road. The sale comes after Frasers Property defeated other nine bidders with a high offer of $955.4 million for the Riviere condominium. See news here : https://www.ura.gov.sg/Corporate/Media-Room/Media-Releases/pr17-84
Riviere Singapore occupies an area of approximately 145,120 sq ft, and it is expected to be developed into about 525 units with commercial space of around 16,146 sq ft. This translates to S$1,732.55 psf ppr.
Riviere Condo was originally reserved by on the GLS programme with a 99-lease period. The site at Jiak Kim Street also enjoys a high unit land price on a psf basis for all the GLS sold except white and commercial sites.
According to real estate experts, Riviere might have a breakeven cost of around S$2,450 psf. So, assuming that Frasers property needs a profit margin of 5-10 per cent then the average selling price will be around S$2,700 psf. And, with the prevailing buoyant sentiment, the Riviere could enjoy up to 10% price appreciation within 1 year which would result in a price of S$2,727 psf for the site.
The upcoming Riviere condo is well located at the heart of Robertson Quay zone along Singapore river. Besides it is situated next to prominent developments such as Martin Place Residences, The Tiara, Rivergate, RV Residences, The Trillium, Mirage Tower and more.
Apart from being just off Havelock road and Kim Seng roads, the Riviere site is also a few distance walk from the future Havelock MRT station and Great World City MRT station. Once completed, Riviere condo will be part of the attractive cluster of waterfront developments packed with F&B and lifestyle outlets to make living here more comfortable for its future residents.
-Source: URA
