A 33-unit residential development at the junction of River Valley Road and Kim Yam Road has been launched for collective sale by public tender, with its owners expecting offers above S$68 million, which translates to about S$1,379 psf ppr, according to marketing agent Jones Lang LaSalle.
The freehold Riviera Point (pictured) has a land area of 14,580 sq ft and is zoned residential with a gross plot ratio of 2.8 under the 2008 Master Plan. Built in the early 1990s, the existing development is a 12-storey apartment that has a gross floor area (GFA) of 49,303 sq ft, or an equivalent plot ratio of 3.38.
Nicholas Ng, Local Director of Investments at Jones Lang LaSalle, said: “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.”
He added: “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.”
The property could be redeveloped into a project of 100 one- or two-bedroom units. Prospective buyers can also refurbish the existing development and apply for conversion to serviced apartments, subject to approval from the relevant authorities.
More than 80 percent of the homeowners, by strata floor area and share value, have consented to the sale, with each owner likely to receive around S$1.94 million to S$2.14 million.
The tender for the site will close on 31 October.
Image source: Jones Lang LaSalle
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email email@example.com