Riverside Piazza up for aggregate deal at $198m

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The complex comprises 40 apartments and 24 stores, with dimensions ranging from 58 sq m to 333 sq m.

Each proprietor could stand to get between $2.23 million and $9.47 million in the collective sale of their growth, based on how big the unit.

The reserve price for its 99-year leasehold land at 11 Keng Cheow Street works out into a land rate of $2,602 per sq feet per plot ratio, such as the estimated differential premium to convert hotel usage, marketing agent Colliers International said.

Alternative development choices, including a resort, will probably be entertained by the Urban Redevelopment Authority.

Colliers said a resort will be suitable, provided that the website is at the fringe of the Central Business District and near the Clarke Quay entertainment hub and Chinatown.

It’s also near Fort Canning Country Club, Clarke Quay Central, Liang Court and Chinatown Point, and is served by three MRT stations: Clarke Quay about the North East Line, Fort Canning on the Downtown , and the Chinatown interchange.

The Riverside Piazza Delivers dual frontage in Merchant Road and Keng Cheow Street.

Colliers International managing director Tang Wei Leng said prime development land doesn’t appear quite frequently, especially near the Singapore River.

She added:”This website presents a special chance to create a contemporary riverfront resort in an area thriving with activity and a history.”

Colliers said the areas surrounding the site are being revitalised, starting with all the nearby State Court Towers, which can be set to start in 2020.

It added:”(This) are the tallest government construction in Singapore and will allegedly provide spaces for law firms, technology companies, academics and students.

Meanwhile, the Singapore River area has been earmarked for rejuvenation, together with enhancements such as improved pedestrian links.

Ms Wendy Tan Siew Cheng, chairman of The Riverside Piazza collective sale ministry, said:”This is our first attempt at a collective sale and we are optimistic of garnering a favorable response for its tender due to the website’s attractive location.”