Riviera Point sold to Macly Group for S$72m

THE Riviera Point property along Kim Yam Road has been sold for S$72 million to the Macly Group, a Singapore property developer.

The site area is some 14,579 square feet (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.

However, CBRE added, the verified existing gross floor area is approximately 49,265 sq ft, which translates to a plot ratio of 3.379.

The sale price of the development works out to approximately $1,461 psf ppr (per square foot per plot ratio).

Riviera Point, located at 2 Kim Yam Road - a corner location in the heart of District 9 - enjoys dual road frontage spanning 35 metres along Kim Yam Road and 30 metres along River Valley Road.

CBRE said the high floor units of the proposed development will be able to enjoy unblocked views towards Orchard Road and the Singapore skyline, while the lower floor units will overlook the Oxley area.

This is Rivieria Point's fourth collective sale attempt, with previous attempts in 2007, 2011 and 2013.