Riviere is located along Singapore river at Jiak Kim street, the former location of Zouk, Singapore’s most popular night club.The site has been generating a lot of interest recently. Given its nostalgic factor, Riviere was put up for sale by the government in October 2017.
Riviere 10 Bids for Plot at Singapore River
According to Singapore’s Urban Redevelopment Authority (URA), Riviere Singapore River drew a total of 10 bids. Frasers property won the site with a bid of $955.4 million, beating nine other bidders. Frasers property is a multinational company that owns and manages property across Australia,Singapore, China, South East Asia and Europe.The multinational company is yet to announce when its going to commence the project but it’s likely going to be in the First Half of this year.
Riviere Residential Project 455 Units
Riviere Jiak Kim Street is a residential project of 455 units. It is a Mixed-use development (a live Work area) that includes apartments by Fraser property such as Promenede and the warehouse (Zouk’s location before moving to Clarke Quay). Riviere is marketed by Propnex Realty,Huttons Asia and ERA Realty agencies. Dominic Lee of PropNex Realty (largest Real Estate Agency in Singapore) said Riviere was a nostalgic site especially for people born in the 70s and 80s who recall clubbing in the area when they were youths. He also said that the project will most likely achieve a record price given the price purchase for Jiak Kim Street and its waterfront location. The development is a new development by Frasers Property.
Riviere Spillover Effect to Other New Launches
Riviere’s upcoming launch at Jiak Kim Street has also had a spillover effect on transaction prices of nearby sites. Rivergate (545 units), has experienced increment in average sales (11.3%) from $ 1980 psf in the 4th quarter of 2017 to a whopping 2205 psf in the 4th quarter of 2018-according to Caveats Lodged with Singapore’s Land Authority. Guocoland (450 units), is the latest project launched in Martin Place-Martin Road area. Construction of the project has already been launched-308 units were sold as at December 2018.The latest transaction was at a median price of $2931. In December, units in the area even hit the 3200 psf mark.
Mirage Tower is adjacent to Riviere. It’s a freehold with 248 units. The private condo was completed in 1997. Its transactions have picked up since last year-units have been changing hands at prices of $1720 to$1790. Located further is 8 Rodyk, a 50 unit completed last year.There has been no transaction at 8 Rodyk for close to a year now-last transaction was of a 3 bedroom unit which came in February last year. However, the spotlight will be on the launch of Fraser’s Promenade Residence with a prominent frontage in the coming months.