Riviera Point up for en bloc sale - for 5th time

Riviera Point, a 33-unit freehold residental development at the junction of Kim Yam Road and River Valley Road, was yesterday re-launched for collective sale by public tender - for the fifth time.

This time around, Riviera Point's owners are seeking offers in excess of $68 million - no different from what they sought in the previous tender launch. This translates to about $1,379 psf per plot ratio on the gross floor area (GFA).

Back in September 2011, the asking price was $70 million, or $1,420 psf ppr.

The site, near River Valley Primary School and the Overseas Family School, is expected to appeal to both owner-occupiers and investors, he added. It is also within walking distance of Somerset MRT stations and the upcoming Great World and Fort Canning stations.

The site, zoned "residential", has a land area of approximately 14,580 sq ft and a gross plot ratio of 2.8, according to the 2008 Master Plan. The 12-storey Riviera Point, built in the 1990s, has a verified GFA of 4,576.93 sq m and a plot ratio of 3.379.

More than 80 per cent of the owners, by share value and strata floor areas, have consented to the collective sale. The tender closes at 2.30pm on April 8.

Source: Business Times – 25 February 2014