Riviera Point up for sale

[reporter2]

http://www.straitstimes.com/premium/...-sale-20131001

Riviera Point up for sale

Published on Oct 01, 2013

By Dennis Chan Deputy Money Editor


RIVIERA Point, a 33-unit residential development at the junction of Kim Yam and River Valley roads, is being put up for sale by public tender at an asking price of more than $68 million.

This translates to about $1,379 per square foot per plot ratio (psf ppr) for the District 9 freehold site, which has a land area of about 14,580 sq ft. The site, zoned residential, has a gross plot ratio of 2.8 under the 2008 Master Plan. It houses a 12-storey apartment block built in the early 1990s, and has an as-built gross floor area (GFA) of 49,303 sq ft, or an equivalent plot ratio of 3.38.

Sole marketing agent Jones Lang LaSalle Singapore noted that the plot is not subjected to guidelines on minimum unit sizes for redevelopment introduced about 12 months ago.

The Urban Redevelopment Authority (URA) guidelines set minimum average sizes of 70 square metres or 100 sq m for new dwelling units in non-landed residential developments located outside the central area.

"As Riviera Point is located within URA's definition of the central area, developers... could effectively build compact-sized units," said Jones Lang LaSalle local director of investments Nicholas Ng.

He estimated the site could potentially yield 100 units of one- or two-bedders.

More than 80 per cent of the owners have consented to the collective sale, with each owner standing to receive about $1.94 million to $2.14 million.

Separately, Colliers International has put up a tender for two freehold, landed residential sites with a total land area of 32,606 sq ft at Tung Po Avenue, with an asking price of above $30 million.

The tenders close on Oct 31.

[email protected]

[reporter2]

http://www.businesstimes.com.sg/brea...e-68m-20130930

Published September 30, 2013

Riviera Point goes on collective sale for $68m

By Mindy Tan


Riviera Point has been launched for sale by public tender, with a minimum asking price of $68 million.

This translates to about $1,379 per square foot per plot ratio (psf ppr) based on the potential gross floor area of the site, which is located at the junction of Kim Yam Road and River Valley Road, said Jones Lang LaSalle, the sole marketing agent.

According to Nicholas Ng, local director of investments at Jones Lang LaSalle, the site could yield about 100 one-bedroom and two-bedroom units.

"As Riviera Point is located within the Urban Redevelopment Authority's definition of Central Area, developers would find this very attractive as they could effectively build compact-sized units for which supply has been curtailed following the measure," said Mr Ng.

"Also, there have been very few development sites available for sale within the Central Area over the last year or so. The last one was URA's Mount Sophia site which was hotly contested earlier this month," he added.

The District 9 freehold site has a land area of about 14,580 sq ft, and gross plot ratio of 2.8. The existing 33-unit residential development is spread over 12-storeys.

More than 80 per cent of the owners have consented to the collective sale. Each owner stands to receive about $1.94 million to $2.14 million assuming the collective sale goes through.

The tender for Riviera Point closes on Thursday, Oct 31, at 2.30pm.

[Hamilton]

Anyone here knows if Riveria Point enbloc successful?

[princess_morbucks]

http://www.businesstimes.com.sg/brea...-sale-20140224

Riviera Point, a 33-unit residential development located at the junction of Kim Yam Road and River Valley Road, has been re-launched for collective sale via public tender on Monday, by sole marketing agent Jones Lang LaSalle.
Owners of Riviera Point are seeking offers in excess of S$68 million, which translates to about S$1,379 per sqft per plot ratio on the potential gross floor area (GFA), said Jones.
The property sits on a District 9 residential freehold site with a land area of about 14,580 sqft and a gross plot ratio of 2.8 in the 2008 Master Plan.
The existing development is a 12-storey apartment built in the early 1990s, with a verified GFA of 4,576.93 sqm or an equivalent plot ratio of 3.379.

[Amber Woods]

Published February 24, 2014


Riviera Point re-launches en-bloc sale

By: Jacquelyn Cheok [email protected]



Riviera Point, a 33-unit residential development located at the junction of Kim Yam Road and River Valley Road, has been re-launched for collective sale via public tender on Monday, by sole marketing agent Jones Lang LaSalle.

Owners of Riviera Point are seeking offers in excess of S$68 million, which translates to about S$1,379 per sqft per plot ratio on the potential gross floor area (GFA), said Jones.

The property sits on a District 9 residential freehold site with a land area of about 14,580 sqft and a gross plot ratio of 2.8 in the 2008 Master Plan.

The existing development is a 12-storey apartment built in the early 1990s, with a verified GFA of 4,576.93 sqm or an equivalent plot ratio of 3.379.

According to Jones, more than 80 per cent of the owners, by share value and strata floor area, have consented to the collective sale, with each owner standing to receive about S$1.94 - S$2.14 million.

"Riviera Point sits within the Central Area, where there is no stipulated minimum average unit size for non-landed residential developments. Potential developers would therefore be free to build small units with a manageable quantum, for which supply has been curtailed," said Nicholas Ng, local director of investments at Jones Lang LaSalle.

URA's definition of Central Area generally comprises areas near Orchard Road and Marina Bay.

"Other than redeveloping the site immediately, potential buyers may also choose to refurbish the existing development and apply for conversion to serviced apartments, subject to approval from the relevant authorities, given that the building has been built to its maximum GFA potential. Another alternative is to buy over the entire apartment block as a rental-yield investment asset. The tenancy take-up rate is expected to be high given its central location," said Mr Ng.

The tender for Riviera Point will close at 2:30 p.m. on Tuesday, April 8, 2014.

[Abunn]

Published February 24, 2014


Riviera Point re-launches en-bloc sale

By: Jacquelyn Cheok [email protected]



Riviera Point, a 33-unit residential development located at the junction of Kim Yam Road and River Valley Road, has been re-launched for collective sale via public tender on Monday, by sole marketing agent Jones Lang LaSalle.

Owners of Riviera Point are seeking offers in excess of S$68 million, which translates to about S$1,379 per sqft per plot ratio on the potential gross floor area (GFA), said Jones.

The property sits on a District 9 residential freehold site with a land area of about 14,580 sqft and a gross plot ratio of 2.8 in the 2008 Master Plan.

The existing development is a 12-storey apartment built in the early 1990s, with a verified GFA of 4,576.93 sqm or an equivalent plot ratio of 3.379.

According to Jones, more than 80 per cent of the owners, by share value and strata floor area, have consented to the collective sale, with each owner standing to receive about S$1.94 - S$2.14 million.

"Riviera Point sits within the Central Area, where there is no stipulated minimum average unit size for non-landed residential developments. Potential developers would therefore be free to build small units with a manageable quantum, for which supply has been curtailed," said Nicholas Ng, local director of investments at Jones Lang LaSalle.

URA's definition of Central Area generally comprises areas near Orchard Road and Marina Bay.

"Other than redeveloping the site immediately, potential buyers may also choose to refurbish the existing development and apply for conversion to serviced apartments, subject to approval from the relevant authorities, given that the building has been built to its maximum GFA potential. Another alternative is to buy over the entire apartment block as a rental-yield investment asset. The tenancy take-up rate is expected to be high given its central location," said Mr Ng.

The tender for Riviera Point will close at 2:30 p.m. on Tuesday, April 8, 2014.

Where is the windfall, if any?

[leesg123]

Lousy price. They cant get similar size units in D9 ever for the same price.

[ecimbew]

Close to 2 million. Ok la just diversify and buy mm

[Royston8H]

Better than nothing for the owners if they can en bloc successfully at this time. If not, it will be even worse in the next few yrs.

[reporter2]

http://www.businesstimes.com.sg/arch...-time-20140225

Published February 25, 2014

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.

For the second time, Jones Lang LaSalle (JLL) is the sole marketing agent. Nicholas Ng, the local director of investments at JLL, said this sale follows JLL's first sale attempt last October, when the changes in the Total Debt Servicing Ratio had given prospective buyers pause.

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, when Knight Frank was the marketing agent, the asking price was $70 million, or $1,420 psf ppr.

JLL said that the site, being located in the central area, is exempted from the regulation that new dwelling units in non-landed residential developments outside the central area have to have a minimum average unit size.

Mr Ng said: "Potential developers would therefore be free to build small units with a manageable quantum, for which supply has been curtailed."

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.

Mr Ng said: "Other than re-developing the site immediately, potential buyers may also choose to refurbish the existing development and apply for conversion to serviced apartments, subject to approval from the relevant authorities, given that the building has been built to its maximum gross floor area potential. An alternative is to buy over the entire apartment block as a rental-yield investment asset."

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.

[bargain hunter]

so did anybody bid?