The Riverside Piazza up for sale at $198 mil

SINGAPORE (EDGEPROP) - The 99-year leasehold The Riverside Piazza will be up for collective sale via tender on Nov 5 at $198 million. According to the marketing agent Colliers International, the reserve price works out to a land rate of $2,606 psf per plot ratio (psf ppr). This is inclusive of the estimated differential premium to convert the development to hotel use, at the existing balance land tenure of about 72 years.

The Riverside Piazza comprises 40 apartments and 24 commercial shops, with sizes ranging from about 624 sq ft to 3,584 sq ft. Depending on the size of the units, each owner could stand to receive between $2.23 million and $9.47 million from the successful sale of the development.

Located at 11 Keng Cheow Street, near Clarke Quay in prime District 1, The Riverside Piazza spans about 31,650 sq ft and has a maximum gross floor area of about 88,910 sq ft. It sits on a regular-shaped plot, and has dual frontage along Merchant Road and Keng Cheow Street.

Zoned “commercial” and “residential” according to the Master Plan 2014, it has a plot ratio of 2.8. Following the submission of an outline application, the URA is supportive of alternative development options for the site, which include hotel development.

The site is also near three MRT stations, namely Clarke Quay station on the North-East Line, Fort Canning station on the Downtown Line, as well as Chinatown interchange station. The site also has access to the CBD and other parts of Singapore via major roads and the Central Expressway.

The collective sale tender will close on Dec 19, 3pm.