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reporter2
22-02-18, 18:19
Cairnhill Mansions and Riviera Point sold en bloc

Cairnhill Mansions has been sold to Singapore-listed property developer Low Keng Huat for $362 million.

Feb 15, 2018


Two District 9 properties - Cairnhill Mansions and Riviera Point - were sold in collective sales yesterday for $362 million and $72 million, respectively.

The development in Cairnhill Road was sold to Singapore-listed property developer Low Keng Huat, while Riviera Point in Kim Yam Road went to Macly Group, a Singapore property developer.

Cairnhill Mansions, an 18-storey block comprising 61 apartments, sits on a land area of about 43,103 sq ft. The price tag works out to $2,311 per square foot per plot ratio (psf ppr).

Low Keng Huat said it intends to redevelop it into a high-rise residential condominium and expects the proposed redevelopment to yield about 200 residential units.

Cairnhill Mansions' key selling point is said to be its location. It enjoys privacy and tranquillity within the prime district and yet is just minutes away from Orchard Road. It is also near Newton MRT station.

This was Cairnhill Mansions' fifth attempt at a collective sale.

Riviera Point's site area stands at 14,579 sq ft.

CBRE, which brokered the sale, said the use of the land has been zoned as "residential" with a plot ratio of 2.8 and a height control of 36 storeys. But it added that the verified existing gross floor area is about 49,265 sq ft, which translates to a plot ratio of 3.379.

The sale price of the development works out to about $1,461 psf ppr.

Riviera Point is on a corner location in District 9 and enjoys dual road frontage spanning 35m along Kim Yam Road and 30m along River Valley Road. It is situated some 600m from the upcoming Great World MRT station.

CBRE said the high-floor units of the proposed development will have unblocked views towards Orchard Road and the Singapore skyline, while the lower-floor units will overlook the Oxley area.

This was Riviera Point's fourth collective sale bid.

reporter2
22-02-18, 18:27
Cairnhill Mansions, Riviera Point finally sold in en bloc deals

The condos, which had some failed sales attempts, will be redeveloped for residential purposes

Thu, Feb 15, 2018

Michelle Quah


WEDNESDAY saw the successful en bloc sales of two prime Singapore property developments.

Riviera Point, at 2 Kim Yam Road, was sold for S$72 million to the Macly Group, a Singapore property developer.

Cairnhill Mansions, at 69 Cairnhill Road, was sold to Singapore-listed property developer Low Keng Huat for S$362 million. This was the fifth time it was put up for an en bloc sale.

The freehold development in prime district 9 had been launched for collective sale in October, at the asking price of S$362 million, which works out to S$2,311 per sq ft per plot ratio (psf ppr). The development, an 18-storey block sitting on a carpark podium and comprising 61 apartments, sits on a land area of about 43,103 sq ft.

No development charge is payable as the maxmum allowable gross floor area of the site of some 156,581 sq ft does not exceed the development baseline for the property.

Low Keng Huat said on Wednesday that it intends to redevelop Cairnhill into a high-rise residential condominium with facilities. It expects the proposed redevelopment to yield approximately 200 residential units.

It added that this would enable the group to replenish its land bank for residential developments in Singapore. Low Keng Huat incorporated a new wholly-owned subsidiary, Glopeak Development, for the purposes of purchasing and redeveloping the Cairnhill Mansions development.

Cairnhill Mansions' key selling point is said to be its location. It enjoys privacy and tranquility within a prestigious district, yet is a few minutes' walk to the Orchard Road shopping belt. It is also some 400m from Newton MRT Station.

Low Keng Huat said the proposed purchase and redevelopment will be financed by internal resources and external borrowings, and is not expected to have material impact on the group's net tangible assets or earnings per share for the financial year ending Jan 31, 2019.

For Riviera Point, it was fourth time lucky. The property was sold for S$72 million to Macly Riveria, a wholly-owned subsidiary of the Macly Group.

The site area is some 14,579 sq ft. CBRE, which brokered the sale, said the use of the land has been zoned as "residential" with a plot ratio of 2.8 and a height control of 36 storeys.

But CBRE added that the verified existing gross floor area is approximately 49,265 sq ft, which translates to a plot ratio of 3.379.

The sale price of the development works out to approximately S$1,461 psf ppr.

Riviera Point is on a corner location in district 9, and enjoys dual road frontage spanning 35m on Kim Yam Road and 30m on River Valley Road. CBRE said the high floor units of the proposed development will get unobstructed views of Orchard Road and the Singapore skyline, while the lower floor units will overlook the Oxley area.

It is situated some 600m from Great World MRT Station and is served by lifestyle and F&B amenities at Robertson Quay and Killiney Road.

Riviera Point's previous collective sale attempts were in 2007, 2011 and 2013.