Three residential sites up for collective sale

Three residential sites up for collective sale

Three residential plots are up for sale by tender, with one located at the Kim Yam Road-River Valley Road junction and the other two sitting off Yio Chu Kang Road.

This is the fourth time that Riviera Point, a 33-unit residential development along River Valley, has been launched for collective sale by public tender. Its owners are now asking for offers in excess of $68 million - or $1,379 per square foot per plot ratio (psf ppr) - for the 14,580-sq-ft plot, which has a gross plot ratio of 3.38.

In late 2011, Riviera Point's owners were asking for $70 million, or $1,420 psf ppr.
The land is zoned "residential". The existing development is a 12-storey apartment block built in the early 1990s and has an as-built gross floor area of 49,303 sq ft, or an equivalent plot ratio of 3.38.

Since Chateau Eliza at Mount Elizabeth was sold at $1,743 psf ppr in September 2012, there has not been a freehold site available for en bloc sale in District 9.

Situated near Somerset MRT Station, Riviera Point's accessibility has also been enhanced with the announcement of the Thomson Line, which will be 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. Fort Canning MRT Station is also estimated to be up and running in 2017.

The tender for Riviera Point closes on Oct 31 at 2.30pm.
The owners of the two freehold landed residential sites located off Yio Chu Kang Road are looking to sell them collectively for $30 million. This translates to a cost of $920 psf of land area for the vacant sites, which are located at Tung Po Avenue and have a total land area of about 32,606 sq ft.

The plots are being sold collectively because one lot alone is more than 32,000 sq ft, while the other is a much smaller plot akin to a splay corner. Under the 2008 Master Plan, the sites are zoned for "residential - three-storey mixed landed" use.

The two sites are located in a residential neighbourhood which comprises mainly landed and cluster housing, with CHIJ St Nicholas Girls' School located within a one-kilometre radius. The tender for the two sites closes on Oct 31 at 2pm.

Source: Business Times –1 October 2013