Riviera Point sold to Macly Group for S$72m
Riviera Point at 2 Kim Yam Road was bought by Niche property developer Macly Group for the price value of $72 million. This freehold site covers the area of 14,579 sq ft and as per Singapore’s Master plan 2014, the plot ratio should be 2.8 with maximal height of 36-storeys.
The verified existing gross floor area however could be 49,265 sq ft, with plot ratio being 3.379. The purchase price therefore in total translated to price value of $1,461 psf ppr.
As per CBRE, who did brokerage for the sale of Riviera Point, high floor units in the planned development would have clear views for the Orchard Road, whilst the lower floor would overlook Oxley area, that is predominantly low-density residential development.
This is Marks Rivieria Point’s 4th collective sale attempt. Previous 3 attempts were in the years 2007, 2011 and 2013. The tender for Riviera Point closed during Dec 18 and was put up then for private treaty sales by CBRE, the marketing agent.