News: The Riverside Piazza up for sale for S$198m

Nov 5, 2019

The property occupies an area measuring 2,940.4 sq m (31,650 sq ft), and sits on a site zoned Commercial and Residential under the 2014 Master Plan. Photo: Colliers International 

The Riverside Piazza at 11 Keng Cheow Street has been put up for collective sale by Colliers International, for a reserve price of S$198 million.

The price works out to S$2,606 per square foot per plot ratio (psf ppr), which is inclusive of the estimated differential premium to convert to hotel use at the current balance land tenure of around 72 years.

This property occupies an area measuring 2,940.4 sq m (31,650 sq ft) with a 2.8 plot ratio and has a 8,260 sq m (88,910 sq ft) gross floor area. It also sits on a site zoned Commercial and Residential under the 2014 Master Plan.

After the submission of an online application, the Urban Redevelopment Authority (URA) indicated that it will support alternative development options for the sale, which includes hotel development.

Riverside Piazza comprises 24 commercial shops and 40 apartments, with sizes ranging anywhere from 58 sq m to 333 sq m (624 sq ft to 3,584 sq ft). Each owner could potentially receive S$2.23 million to S$9.47 million from the sale, depending on their property’s size.

The building is near the Fort Canning MRT station on the Downtown Line (DTL), Clarke Quay MRT station on the North East Line (NEL) and the Chinatown MRT interchange station connecting the DTL and NEL. It is also accessible to the CBD and other areas of Singapore via the Central Expressway and other major roads.

The development is also a nine-minute ride away from Orchard Road Shopping Belt and is near the heritage district of Chinatown and the Clarke Quay entertainment area.

“Prime development sites do not come up very often, especially near the Singapore River which has played an important role as a lifeline for generations of people in the country’s storied past,” said Tang Wei Leng, Colliers International managing director.

“This site presents a unique opportunity to create a contemporary riverfront hotel in an area thriving with activity, buzzing nightlife, and rich history. We believe the excellent site attributes should appeal to developers who are looking to tap growing opportunities in the hospitality real estate sector.”

The Riverside Piazza’s collective sale tender closes on 19 December.

Home buyers looking for Singapore Properties may like to visit our ListingsProject Reviews and Guides.

 

Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg

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