Riverside Piazza, your views
Hi, I noticed that there is a mixed development that is half the price of Soho @ The Central. Last transacted price is $978 psf. The Central was transacted at around $1800 psf. The other project that is nearby is Riverwalk which transacted at around $1350 psf.
Riverside is at the quieter side of Riverwalk. There is a hotel called St Regis which will also have office space, completing in 3Q 2010. THere is another parcel of land for hotel use, sold by the government in 2Q 2010.
Riverside has an apartment status, no facilities other than a small pool. Only 44 units. The rest are offices. It is located within the CBD area. Rental yield is around 4 - 5% and is easy to get corporate leases.
I am curious why this project is priced so cheaply and if it is another gem that will be noticed when St Regis is completed. Business around the area may improve at the end of the year if there are more offices and tourists.
I welcome your opinions.
I Told You So.... Now 1280 psf!
Quote:
Originally Posted by jeffreyghong
There are 2 hotels that will be completed. It's a ghost town, that's why it's selling at half the price of Soho @ Central, at 1000psf. I suspect once Parc Regis is completed, the place will be liven up and its price will rise to around 1200psf. Rental yield is 4.8% at Piazza.
My theory is always to go for the cheapest and look at what it could potentially become, not what it is now. Latest transaction 1280 psf!