Riviera Point, a freehold property along River Valley, has been launched for sale with an indicative price of S$70 million.
This translates to around S$1,420 psf ppr with no development charge (DC) payable. With an additional 10 percent balcony area, the psf price for the site could be reduced to S$1,353 psf ppr, based on the potential gross floor area (GFA) of approximately 54,233 sq ft.
Knight Frank, which is marketing the site, said the 14,580 sq ft land site can be redeveloped into a new project that could yield a GFA of 49,303 sq ft and a gross plot ratio of 3.38.
“With its close proximity to the main shopping belt at Orchard Road, the new financial hub at the Marina Bay Financial Centre and the entertainment hotspot along the Singapore River, the site is ideal for boutique city living developments,” said Ian Loh, Associate Director of Investment for Knight Frank.
Riviera Point is located near Somerset MRT station, with prominent developments in the vicinity, such as Triple One Somerset, 313@Somerset, Orchard Central, Devonshire Residences and The Boutiq.
Knight Frank said the tender for the site will close on 29 September 2011.
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