Riviere closing in on sales completion as project reaches new price high of $3,386 psf

The remaining one-bedders at Riviere are now moving for at least $3,000 psf, such as the sale of a 560 sq ft unit for $1.69 million ($3,023 psf) on Nov 21, 2022.

SINGAPORE (EDGEPROP) - One of the last few transactions of 2022 saw a new psf-price high being set at the upcoming Riviere in District 3. The sale of a 560 sq ft, one-bedroom unit fetched $1.89 million ($3,386 psf) when the developer sold it on Dec 31, 2022. This is higher than the previous record high that was set by the sale of a 2,002 sq ft, four-bedroom unit for $6.7 million ($3,346 psf) back in July 2020. It is also the highest psf price among all condos that achieved psf-price highs in Singapore for the period of Dec 27 to 31, 2022.

Riviere is a future landmark mixed-use development by Frasers Property Singapore. The 455-unit development is on the site of the former Zouk nightclub at Jiak Kim Street, on the bank of the Singapore River. The project has a pair of 36-storey residential towers; a low-rise, four-storey building with 80 serviced apartments; and conserved riverside warehouses that have been converted for commercial use and for amenities.

The project was launched for sale in June 2019. Given the upmarket positioning of the entire project, sales at Riviere have been steady over the past 3½ years. According to developer sales data submitted to URA, at least 411 units (90%) have been sold as of end-December 2022.

Prices have also risen in tandem with sales progress at the new project. When it was first launched, one-bedroom units were priced from $2,580 psf, or about $1.53 million. The remaining one-bedders are now moving for at least $3,000 psf, such as the sale of a 560 sq ft unit for $1.69 million ($3,023 psf) on Nov 21, 2022.

Psf-price records were also breached at Nassim Mansion in prime District 10 when a 2,852 sq ft, four-bedroom unit changed hands for $9.28 million ($3,253 psf) on Dec 29, 2022. Prior to this, the reigning record psf-price was for a 3,412 sq ft four-bedder that fetched $10.6 million ($3,107 psf) in June 2018.

Nassim Mansion is a freehold development that was completed in 1977, which means the development turns 46 years old this year. Located on Nassim Hill, the development is in an exclusive residential enclave close to the Singapore Botanic Gardens, the Orchard Road shopping belt and other luxury neighbourhoods.

Its central location means that Nassim Mansion enjoys proximity to key amenities, services and institutions. For example, the condo is less than 400m from Gleneagles Medical Centre and Hospital, and is close to major embassies along Napier Road and Tanglin Road.

The attractiveness of the development means that units there are tightly held. Based on URA caveats, only 11 units at Nassim Mansion have changed hands in the past five years. During this period, the largest unit sold and the unit with the highest absolute price was a 7,115 sq ft penthouse that was sold for $14.88 million ($2,091 psf) in April 2019.

However, Nassim Mansion does not command the highest average price in the Nassim Road area. Based on caveats, the development has an average price of $2,923 psf. According to property data compiled by EdgeProp Singapore, the average prices at some of the newer developments easily trump the ageing 46-year-old condo.

For example, The Nassim, completed in 2015, sees an average price of $4,663 psf; while Nassim Park Residences, completed in 2011, has recorded an average price of $3,885 psf. The uncompleted, ultra-luxury project Les Maisons Nassim commands an eye-watering average price of $5,496 psf.

New projects One Pearl Bank and The Landmark in District 3 rounded out the year by setting new psf-price highs. Coincidentally, both projects are situated on Pearl’s Hill, with the former launched in July 2019 and the latter in November 2020.

A 700 sq ft, two-bedroom unit set a psf-price high at One Pearl Bank, when the developer sold it for $2.1 million ($3,009 psf) on Dec 27 last year. This is marginally higher than the previous high which involved a 560 sq ft, one-bedroom unit that transacted for $1.66 million ($2,973 psf) in August 2022.

One Pearl Bank is a 774-unit development by property giant CapitaLand. About 25% of the units at the project were snapped up during the initial sales launch, and the project is about 94% sold as of end-2022.

At the same time, the nearby new project, The Landmark, also notched a record psf price when two 678 sq ft, two-bedroom units were each sold for $1.89 million ($2,802 psf) on Dec 29 last year. Previously, the record high was briefly held by a 495 sq ft unit that was transacted for $1.37 million ($2,787 psf) on Dec 18, 2022.

The Landmark is jointly developed by a consortium of developers comprising MCC Singapore, SSLE Development and ZACD Group. The whole project consists of 396 units. Developer sales at The Landmark have performed moderately well, selling about 27.5% of units during its first month of sales, and this has increased steadily to about 53% as of end-2022.

No psf-price lows were recorded for the period of Dec 27 to 31, 2022.

Check out the latest listings near Rivière, Nassim Mansion, One Pearl Bank, The Landmark, The Nassim, Nassim Park Residences