More sites launched for collective sale

On Nov 15, the freehold Riviera Point on Kim Yam Road was launched for collective sale, marking its owners’ fourth collective sale attempt. Riviera Point is one of four collective sale sites launched in just two days — Nov 15 and 16.
The other sites include the freehold Derby Court in Novena, where owners launched a second collective sale attempt on Nov 15. A day later, owners of the freehold Parkway Mansion launched the development’s third collective sale attempt. The 99-year leasehold Pearl Bank Apartments was also launched for sale on Nov 16, in its fourth collective sale attempt.
All four sites will see their tenders closing in December, alongside that of freehold development Jervois Green. In the meantime, Crystal Tower, How Sun Park, 11 Balmoral Road and Royalville will see their tenders closing between Nov 28 and 30.
Riviera Point
According to marketing agent CBRE, the asking price for Riviera Point is $75 million, or $1,522 psf per plot ratio (psf ppr).
Located at the junction of Kim Yam Road and River Valley Road, Riviera Point consists of 33 units in a 12-storey apartment block. The 14,579 sq ft site is located less than 600m from the upcoming Great World MRT station on the Thomson- East Coast Line and less than 400m from the sought-after River Valley Primary School, says CBRE.
Under the 2014 Master Plan, the site is zoned Residential, with a plot ratio of 2.8 and a height control of 36 storeys. The verified existing gross floor area (GFA) is about 49,265 sq ft, which works out to a plot ratio of 3.379, according to CBRE.
Riviera Point’s tender closes on Dec 18.
Credit: CBRE
Parkway Mansion
Parkway Mansion has a guide price of $138 million, according to marketing agent Colliers International. After factoring in an estimated development charge of $21 million for intensification of land use, the land cost works out to be $1,454 psf ppr.
Located within the Katong-East Coast district, the 17-storey freehold Parkway Mansion comprises 32 units sized between 1,819 sq ft and 1,948 sq ft. If the collective sale...