Project Spotlight: The priciest condo in the city fringe
Among 99-year leasehold RCR condos, Riviere has recorded the highest average resale price. (Photo: Albert Chua/EdgeProp Singapore)
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At the time of writing, Riviere tops the price chart for 99-year leasehold completed condos in the Rest of Central Region (RCR) (see Table 1). Riviere also topped the chart last year.
District 3 dominates the price chart with five condos, namely Riviere, Stirling Residences, Highline Residences, Artra and Alex Residences. District 14, represented by Parc Esta and Park Place Residences at PLQ, is the only other district with more than one entrant on the list. Districts 5, 13, and 20 each have one representative.
Furthermore, the average resale price of Riviere ($2,942 psf) is 41.7% higher than the overall average resale price of 99-year leasehold condos in the RCR ($2,076 psf), and 73.2% higher than that of their peers islandwide ($1,699 psf) (see Chart 1).
Source: EdgeProp Market Trends (as at 27 August 2025)
Popular since launch
In addition to 455 homes, Riviere also features three conserved warehouses that formerly housed Zouk. These warehouses have been transformed into a lifestyle hub. The mixed development also includes a 72-unit serviced apartment, named Fraser Residence River Promenade, which opened in September 2023.
The popularity of Riviere was evident from its launch in May 2019, when it drew a crowd of approximately 1,000 potential buyers. Strong interest boosted sales, leading the developer to announce in May 2023 that the development was fully sold.
Riviere achieved an average price of $2,894 psf in 2019 at its launch. Since then, its average price has risen by 1.7% to $2,942 psf, indicating that the condo has held its value well in the resale market (see Chart 2).
Source: EdgeProp Market Trends (as at 27 August 2025)
Given that its launch price of $2,894 psf was higher than the average new sale price for 99-year leasehold condos in District 3 ($1,969 psf) in the same year (see Chart 3), the increase in Riviere’s price is even more notable. Riviere’s launch price in 2019 was also higher than the average new sale prices of its counterparts in the RCR ($1,812 psf) and islandwide ($1,684 psf) during the same year.
So far this year, the average new sale prices for leasehold condos in District 3 and the RCR have risen to $2,967 psf and $2,703 psf, respectively. Meanwhile, the average price for similar condos across the island has also increased to $2,564 psf.
Source: EdgeProp Market Trends (as at 27 August 2025)
Youth has its advantages
A contributing factor to Riviere’s high resale prices could be its youth. It obtained its temporary occupation permit (TOP) in 2023, making it only two years old and one of the newest condos among the properties in Table 1. Notably, all 10 condos in Table 1 are less than 10 years old, with Alex Residences (TOP in 2017) being the oldest. The relative youth of these condos may have helped stave off the negative effects of lease decay and contributed to their high prices.
Unsurprisingly, the average resale price for 99-year leasehold RCR condos that are 10 years old or younger ($2,232 psf) is significantly higher than that of similar condos aged 11 to 20 years ($1,947 psf) and 21 to 30 years ($1,931 psf) (see Chart 4). Notably, however, the average resale price of $2,232 psf for the newest condos remains significantly lower than Riviere ($2,942 psf).
Source: EdgeProp Market Trends (as at 27 August 2025)
Central location by the Singapore River
Another contributing factor to Riviere’s high prices could be its central location overlooking the Singapore River. The condo is also within a 500m radius of various amenities, including Great World City, New Bahru, Zion Riverside Food Centre, Tan Boon Liat Building and River Valley Primary School. The Central Expressway, Orchard Road and the CBD are also a short drive away.
Additionally, the condo is a short walk from Havelock and Great World MRT Stations (see Map 1). Both stations are part of Stage 3 of the Thomson-East Coast Line (TEL), which was completed in 2022; a year before Riviere received its TOP. The new MRT stations have brought significant convenience to residents in the area.
Source: EdgeProp LandLens (as at 22 August 2025)
Wide variety of units
Riviere features 455 units, comprising a mix of one-bedroom to four-bedroom homes that measure 560 sq ft to 2,002 sq ft (see Table 2). The condo also offers units in two different styles, namely Viva and Prive. With such a variety of unit types and layouts, buyers have the opportunity to select a unit that best fits their household’s housing requirements.
The majority of units in Riviere have three bedrooms. Among the different unit types, only the three-bedroom units are available in both styles. Furthermore, the three-bedroom units come in the largest number of different sizes.
Read also: What do buyers want in their dream home?
The key difference between Viva and Prive units is the presence of a private lift in the Prive units, which will add to their appeal for those who value privacy (see Floor Plan 1). Additionally, Prive units are larger than their Viva counterparts. For example, the largest three-bedroom Viva unit is 1,249 sq ft, while the smallest three-bedroom Prive unit is 1,507 sq ft.
The larger size of the Prive units also means they cost more. The average new sale price of Prive units (1,507 sq ft) ranged from $3.84 million to $5.02 million, averaging $2,896 psf. In comparison, their Viva counterparts (1,249 sq ft) were sold by the developer at an average price of $2,665 psf, or $3.009 million to $3.93 million.
Both types of three-bedders feature an en-suite master bedroom, two additional bedrooms, and a common bathroom. However, the master bedroom in the Prive unit has a walk-in wardrobe (see Floor Plan 1), which is not available in its Viva counterpart (see Floor Plan 2).
However, the Viva three-bedroom unit has a study near the main door, accessible via a common corridor and the yard (see Floor Plan 2). The two entrances allow the study to be used as a helper’s room. However, the Prive three-bedroom unit does not have a study. Instead, it has a utility room near the yard and kitchen (see Floor Plan 1), which can also be used as a helper’s room.
Limited comparable developments
While there are 28 condos within walking distance of Riviere, only five are 99-year leasehold developments (see Map 2), with the remaining 23 being freehold. Of the five leasehold condos, only three are completed, namely Harvest Mansions, Up@Robertson Quay and Martin Modern.
The other two leasehold condos, River Green and Promenade Peak, are still under construction. Both uncompleted condos were recently launched for sale and achieved take-up rates of 88% and 54%, respectively, during their launch weekend.
Of the three completed leasehold condos, Harvest Mansions is the only development located in District 3, the same district as Riviere. Up@Robertson Quay and Martin Modern are in District 9 (see Table 3). Unlike Riviere, which received its TOP only two years ago, Harvest Mansions is the oldest condo in the vicinity, having obtained its TOP in 1996. Up@Robertson Quay and Martin Modern are newer, having obtained their TOP in 2015 and 2021, respectively.
Notably, Riviere’s average price is above that of its nearest completed neighbours but below that of the two nearby uncompleted condos. Despite its high price, it could be a more affordable option for buyers seeking relatively new leasehold condos in this well-connected and convenient neighbourhood.
12 profitable transactions
As Riviere only obtained its TOP in 2023, it has a limited number of transactions in the resale market. Nevertheless, it has still managed to achieve 12 profitable transactions, with profits ranging from approximately $89,000 to $622,000. The condo has only two unprofitable transactions with losses of approximately $135,000 and $297,600.
The transaction yielding the highest profit of $622,000 concluded earlier this month, when the seller sold the 2,002-sq ft unit for $6.05 million ($3,022 psf). The seller had purchased the four-bedroom unit from the developer in March 2022 for $5.428 million ($2,711 psf).
The transaction yielding the second-highest profit for Riviere also took place this year. In April, the seller sold the 1,173-sq ft unit for $3.35 million ($2,855 psf), resulting in a profit of $550,000. The seller had bought the three-bedroom unit from the developer in August 2021 for $2.8 million ($2,386 psf).
These two transactions are the only ones from Riviere that resulted in profits exceeding $500,000 (see Table 4).
Source: EdgeProp Buddy (as at 27 August 2025)
Conclusion
Based on prices at the time of writing, Riviere has the highest average resale price among completed 99-year leasehold RCR condos. As the condo only received its TOP in 2023, its youth could be a contributing factor to its high prices. Furthermore, Riviere’s land lease started in 2018, leaving it with a long remaining lease of 92 years. Notably, all 10 leasehold RCR condos with the highest average resale prices received their TOP less than 10 years ago.
Despite not being in a prime district, Riviere’s location in District 3 places it just outside prime District 9, making Orchard Road and the CBD a short drive away. There are also numerous amenities near Riviere, offering a central and convenient location for residents. The popularity of the neighbourhood is evident from the demand for units in Riviere during its launch and the strong take-up rates for nearby River Green and Promenade Peak.
However, options are limited for homebuyers seeking a 99-year leasehold condo in the neighbourhood, as there are only three completed developments within walking distance of Riviere. While Harvest Mansions, Up@Robertson Quay and Martin Modern are more affordable compared to Riviere, they are also older and have shorter remaining leases.
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