Riviera Point in District 9 (pictured) has been re-launched for collective sale by public tender, according to marketing agent Jones Lang LaSalle.
The 33-unit residential development located at the junction of Kim Yan Road and River Valley Road has an asking price of more than $68 million.
This translates to about $1,379 psf ppr on the potential gross floor area.
Nicholas Ng, Local Director of Investments at Jones Lang LaSalle, said: “Riviera Point sits within the Central Area, whereby 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.
“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,” added Ng.
The site is within walking distance to Somerset, Great World and Fort Canning MRT stations.
More than 80 percent of the owners have consented to the collective sale, with each owner standing to receive approximately $1.94 million to $2.14 million.
The tender will close on 8 April.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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