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.