Riverside Piazza to be put for collective sale tender for $195m

The prime District 1 site can be converted for hotel use.

The Riverside Piazza at Keng Cheow Street near Clarke Quay will be put up for collective sale via tender for $198m on 5 November until 19 December, Colliers International announced.

This translates a land rate of $2,606 psf ppr, including the estimated differential premium to convert to hotel use at the existing balance land tenure of 72 years. Each owner could receive $2.23m to $9.47m from successfully selling the development.

The site in prime District 1 spans 2,940.4sqm in size and has a leasehold tenure of 99 years starting 2 October 1992. Zoned Commercial and Residential with, it has a maximum gross floor area of 8,260 sqm and a plot ratio of 2.8.

Currently, The Riverside Piazza comprises 40 apartments and 24 commercial shops, with sizes ranging from 58 sqm to 333 sqm. The Urban Redevelopment Authority (URA) has expressed support for an alternative development options for the site, including hotel development.

It is located on the fringe of the central business district (CBD) and situated near the Fort Canning Country Club, Fort Canning Park, Clarke Quay, Clarke Quay Central, Liang Court, Havelock II, and Chinatown Point, as well as the Orchard Road Shopping Belt. It is also located near Clarke Quay, Fort Canning and Chinatown interchange MRT stations.

The nearby State Court Towers is also set to open in 2020 and will reportedly provide spaces for law firms, tech companies, academics, and students.