This article first appeared in The Straits Times on 14 Feb 2018.
Two District 9 properties – Cairnhill Mansions and Riviera Point – were sold in collective sales yesterday for $362 million and $72 million, respectively.
The development in Cairnhill Road was sold to Singapore-listed property developer Low Keng Huat, while Riviera Point in Kim Yam Road went to Macly Group, a Singapore property developer.
Cairnhill Mansions, an 18-storey block comprising 61 apartments, sits on a land area of about 43,103 sq ft. The price tag works out to $2,311 per square foot per plot ratio (psf ppr).
Low Keng Huat said it intends to redevelop it into a high-rise residential condominium and expects the proposed redevelopment to yield about 200 residential units.
Cairnhill Mansions’ key selling point is said to be its location. It enjoys privacy and tranquillity within the prime district and yet is just minutes away from Orchard Road. It is also near Newton MRT station.
This was Cairnhill Mansions’ fifth attempt at a collective sale.
Riviera Point’s site area stands at 14,579 sq ft.
CBRE, which brokered the sale, said the use of the land has been zoned as “residential” with a plot ratio of 2.8 and a height control of 36 storeys. But it added that the verified existing gross floor area is about 49,265 sq ft, which translates to a plot ratio of 3.379.
The sale price of the development works out to about $1,461 psf ppr.
Riviera Point is on a corner location in District 9 and enjoys dual road frontage spanning 35m along Kim Yam Road and 30m along River Valley Road. It is situated some 600m from the upcoming Great World MRT station.
CBRE said the high-floor units of the proposed development will have unblocked views towards Orchard Road and the Singapore skyline, while the lower-floor units will overlook the Oxley area.
This was Riviera Point’s fourth collective sale bid.