A Prime District 1 Site With “Hotel Use” Redevelopment Option
The success of mixed development Min Yuan en bloc with conversion to hotel use transpires a series of en bloc again, not just the relaunches but new ones like The Riverside Piazza via public tender through Marketing Agent, Colliers International today (November 5, 2019).
The Economist (Intelligence Unit) 2019 Bleisure Barometer that ranked Singapore #2 best destination for bleisure travel had essential ingredients like ease of transportation, safety, business and lodging facilities, digital connectivity plus popular ways for the business traveller to unwind like dining, heritage sites, art gallery, amusement parks etc. in the vicinity.
Most of the participants, especially the millennial age group, strongly agreed that ‘cities should do more to integrate business and leisure opportunities’ and ‘the best cities for leisure are also typically the best cities for business’ setting the trend for the future.
In Terms of Connectivity, Prime Location and Nearby Attractions, It Has Everything Inside a Developer Checklist
The Riverside Piazza presents an ideal choice for developers and hotel operators with its strategic location on CBD fringe near Clarke Quay entertainment zone, historical Chinatown, Orchard Road shopping belt etc.
It is close to three MRT Stations namely Clarke Quay MRT Station (North East Line), Fort Canning MRT Station (Downtown Line) and Chinatown Interchange Station, all within 400 to 850 meters about 5 to 10 minutes walking distances maximum.
It is also well connected through major roads and the Central Expressway, and twenty minutes drive from Changi International Airport.
With URA’s connector parks envisioned in 2019 Draft Master Plan, a huge attraction linking Fort Canning Park and Pearl’s Hill City Park along the Singapore River is in the pipeline, yet another way for bleisure travellers to unwind in the urban jungle after a busy day of conferences and brainstorming sessions.
The immediate buzz within the next quarter includes the expanded State Courts Towers located 400 meters from the en bloc site that handles 300,000 cases or about 90% of Singapore’s cases annually along with Family Justice Courts to be operational from 2023, another promise for a better RevPAR should The Riverside Piazza gets transformed into a hotel.
The attractive site Riverside Piazza is located at 11 Keng Cheow Street with excellent dual frontage along Merchant Road has an area of about 31,650 sq ft with plot ratio 2.8 and a maximum GFA of 88,910 sq ft.
With a 99-year leasehold tenure effective from October 2, 1992, it has a balance land tenure of 72 years.
Riverside Piazza is situated in prime District 1, Singapore River local planning area and Clarke Quay subzone
The Riverside Piazza is a medium-rise of seven floors with 40 residential apartments, 60% of the units being double bedroom and the rest triple bedroom yielding a minimum S$2,900 per month based on size.
As URA has consented outline application for alternate development options including hotel use, the reserve price of S$198 million or S$2,606 psf ppr includes the estimated differential premium.
The last individual sales transaction recorded in 2017 was priced S$1.78 million for a floor area of 1,475 sq ft at 1,207.06 sq ft.
Built by Kingston Development Pte Ltd. in 1996, the owners of the 40 apartments and 24 commercial shops of The Riverside Piazza possessing a wide range of sizes from 624 sq ft to 3,584 sq ft are likely to receive between S$2.23 million to S$9.47 million from the successful en bloc proceeds.
While Tang Wei Leng, Managing Director of Colliers International envisions the opportunity for an awesome riverfront hotel, the Chairman of The Riverside Piazza Collective Sale Committee, Wendy Tan Siew Cheng hopes to receive great response from developers banking on the strategic location.
With URA open to alternate options, the close proximity to CBD presents more options amidst the tight office supplies and the flocking global MNCs towards Singapore as a safe haven destination for international businesses.
Tender for The Riverside Piazza closes at 3 pm on December 19, 2019.