Enbloc news: Riviera Point

Riviera Point, a freehold site located along River Valley Road, was yesterday launched for sale by tender.

The site, which has a land area of 14,580sqft, can be redeveloped into a new project that could yield gross floor area (GFA) of 49,303sqft and a gross plot ratio of 3.38.

Given a guide price of $70 million, marketing agent Knight Frank said this works out to $1,420psf ppr.

With an additional 10% balcony area, the land price could be lowered to $1,353psf ppr, based on the potential GFA of about 54,233sqft.

No development charge is payable.

Ian Loh, associate director of Investment for Knight Frank, said: “With its close proximity to the main shopping belt at Orcahrd Road, the new financial hub at the Marina Bay Financial Centre and the entertainment hotspots along the Singapore River, the site is ideal for boutique city living developments.”

Riviera is within walking distance to Somerset MRT Station; prominent developments in the vicinity include Devonshire Residences, The Boutiq, 313 @Somerset, Orchard Central and Triple One Somerset.

The tender for Riviera Point closes on Sept 29, 2011 at 3pm.

Source: The Business Times

Given its location, the “bite size” price ($70 million) and zero development charge, the wife and I reckon that we will probably hear from the marketing agent on the status of this collective sale after the tender closes.

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