Riverside Piazza up for en bloc sale with S$198m reserve price

Riverside Piazza up for en bloc sale with S$198m reserve price

This works out to a land rate of S$2,606 psf ppr for the leasehold site near Clarke Quay

Tue, Nov 05, 2019

RACHEL MUI


THE RIVERSIDE Piazza near Clarke Quay will be put up for collective sale via tender at a reserve price of S$198 million on Nov 5, marketing agent Colliers International said on Monday.

The Riverside Piazza comprises 40 apartments and 24 commercial shops, with sizes ranging from 58 sq m to 333 sq m (624 sq ft to 3,584 sq ft). Upon completion of the sale, each owner could stand to receive between S$2.23 million and S$9.47 million, depending on the size of their unit.

The reserve price for the 99-year leasehold property works out to a land rate of S$2,606 per square foot per plot ratio (psf ppr), inclusive of the estimated differential premium to convert to hotel use, at its existing balance land tenure of about 72 years, Colliers said.

Located at 11 Keng Cheow Street, the site in prime District 1 spans 2,940 sq m. Under the Urban Redevelopment Authority's Master Plan 2014, the site is zoned "commercial and residential" with a plot ratio of 2.8, and a maximum gross floor area of 8,260 sq m. URA is supportive of alternative development options for the site, including hotel development, Colliers said.

The site is located on the fringe of the central business district (CBD) and near the Clarke Quay entertainment hub, as well as the Chinatown heritage district.

Tang Wei Leng, managing director at Colliers International, noted that prime development sites do not come up very often, especially near the Singapore River. Said Ms Tang: "This site presents a unique opportunity to create a contemporary riverfront hotel in an area thriving with activity, buzzing nightlife, and rich history. We believe the excellent site attributes should appeal to developers who are looking to tap growing opportunities in the hospitality real estate sector."

Amenities in the vicinity include Fort Canning Country Club, Liang Court and Chinatown Point. The Riverside Piazza is also near three MRT stations: Clarke Quay station on the North East Line (NEL); Fort Canning station on the Downtown Line (DTL); and Chinatown interchange station, which connects the NEL and DTL.

Colliers added that the areas surrounding the site are being revitalised, starting with the nearby State Court Towers, slated to open in 2020. "When completed, the State Court Towers will be the tallest government building in Singapore, and will reportedly provide spaces for law firms, tech companies, academics, and students. This is expected to inject more buzz as businesses and the legal fraternity converge on the area," Colliers said.

Meanwhile, the Singapore River area has also been earmarked for further rejuvenation by the URA.

Wendy Tan, chairman of The Riverside Piazza collective sale committee, said: "This is our first attempt at collective sale, and we are hopeful of garnering a positive response for the tender owing to the site's attractive location. We believe the redevelopment of The Riverside Piazza could help to further transform the area, alongside ongoing placemaking efforts to revamp riverfront offerings."

Tender for The Riverside Piazza will close at 3pm on Dec 19.