Freehold site Riviera Point up for en bloc sale

Asking price starts at $75m.

The public tender for the en bloc sale of Riviera Point, 2 Kim Yam Road has been launched, CBRE said.

According to a press release, the owners, which achieved an 80% consensus in 10 days, set an asking price of $75m or $1,522 psf ppr.

The site area is located in the Central Area. It has a land area of 14,579 sqft and a gross floor area of 45,265 sqft. It was marked for residential use and allowed to have 36 storeys.

This is Riviera Point’s fourth collective sale attempt, with previous attempts in 2007, 2011 and 2013.

The site is 600m away from Great World MRT Station (TE15).

A comparable land sale transaction is TS21-99606T on River Valley Road which was bought by a subsidiary of Roxy Pacific Holdings in August 2017 for $110m which works out to $1,600 psf ppr.

The tender for 2 Kim Yam Road will close on 18 December 2017 at 3 p.m.