Yesterday, the Cairnhill and Riviera point were 2 properties in District 9 that were sold via En Bloc Sales. The Cairnhill was sold for $362 million while the Riviera Point went for $72 million.
The Cairnhill Road development was bought by Low Keng Huat, a property developer listed in Singapore, while the Macly Group, another Singapore property developer bought the Riviera Point development at Kim Yam Road.
The Cairnhill Mansions is situated on approx. 43,103 square feet of land area and the structure is an storied building of 18 blocks of 61 apartments. Its selling price amounts to $ 2,311 per sq. ft. per plot ratio (psf ppr).
According to Low Keng Huat, the aim is to renovate this property into residential apartment blocks and anticipates that the projected restoration will result in roughly 200 units of new launch condos.
The most appealing feature of Cairnhill Mansions is its position. The property is sited in a tranquil and serene environment in this major neighborhood and located just a few minutes to Orchard Road. The Newton MRT station is also within close distance.
This sale happens to be the fifth endeavor at performing a combined sale for the Cairnhill Mansions property.
The Riviera Point structure sits on 14,579 square feet of land area.
According CBRE, responsible for brokering the sale, the property has been marked for “residential” use, having a 2.8 plot ratio and 36-storey height control. They, however, stated that the certified obtainable gross space area is approx. 49,265 square feet, which amounts to a 3.379 plot ratio.
The property’s cost price translates to approx. $ 1,461 psf ppr.
Located on a junction within District 9, Riviera Point boasts a dual road outlook measuring about 30m along River Valley Road and a further 35m along Kim Yam Road. The site is located about 600m away from the yet-to-be-completed Great World MRT station.
According to CBRE, the upper floor apartments of the planned development will have clear sights towards Singapore skyline and the Orchard Road, while the lower floor apartments will have views of Oxley area.
This sale bid happens to be the fourth for Riviera Point.
http://www.straitstimes.com/business/property/cairnhill-mansions-and-riviera-point-sold-en-bloc
Upcoming new launches that were acquired via collective sales
New launch Singapore Condos that are launching soon and were acquired via government land sales previously
