Cairnhill Mansion and Riviera Point finally sold | ON TRACK
Forgot your password?
or

Don't have an account? Create An Account

For agents interested in participating on SRX, please contact us at +65 6635 3388 or write to us at feedback@srx.com.sg

ON TRACK

Achieve the life you want, in the home you love
Property News15 Feb 2018

Cairnhill Mansion and Riviera Point finally sold


CAirnhill Mansions

Riviera Point, at 2 Kim Yam Road, was sold for S$72 million to the Macly Group, a Singapore property developer.

Cairnhill Mansions, at 69 Cairnhill Road, was sold to Singapore-listed property developer Low Keng Huat for S$362 million. This was the fifth time it was put up for an en bloc sale.

The freehold development in prime district 9 had been launched for collective sale in October, at the asking price of S$362 million, which works out to S$2,311 per sq ft per plot ratio (psf ppr). The development, an 18-storey block sitting on a carpark podium and comprising 61 apartments, sits on a land area of about 43,103 sq ft.

Low Keng Huat said on Wednesday that it intends to redevelop Cairnhill into a high-rise residential condominium with facilities. It expects the proposed redevelopment to yield approximately 200 residential units.

It added that this would enable the group to replenish its land bank for residential developments in Singapore. Low Keng Huat incorporated a new wholly-owned subsidiary, Glopeak Development, for the purposes of purchasing and redeveloping the Cairnhill Mansions development.

Cairnhill Mansions' key selling point is said to be its location. It enjoys privacy and tranquility within a prestigious district, yet is a few minutes' walk to the Orchard Road shopping belt. It is also some 400m from Newton MRT Station.

Low Keng Huat said the proposed purchase and redevelopment will be financed by internal resources and external borrowings, and is not expected to have material impact on the group's net tangible assets or earnings per share for the financial year ending Jan 31, 2019.

For Riviera Point, it was fourth time lucky. The property was sold for S$72 million to Macly Riveria, a wholly-owned subsidiary of the Macly Group.

The site area is some 14,579 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.

But CBRE added that 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 S$1,461 psf ppr.

Riviera Point is on a corner location in district 9, and enjoys dual road frontage spanning 35m on Kim Yam Road and 30m on River Valley Road. CBRE said the high floor units of the proposed development will get unobstructed views of Orchard Road and the Singapore skyline, while the lower floor units will overlook the Oxley area.

It is situated some 600m from Great World MRT Station and is served by lifestyle and F&B amenities at Robertson Quay and Killiney Road.

Riviera Point's previous collective sale attempts were in 2007, 2011 and 2013.
Like this article? Share it.
MY PROPERTY
TRACKER
The free, personalized advice, advocacy, and guidance for buying or renting property in Singapore
ON TRACK
Property News 15 February
Condo rents up 0.5%; HDB rents fall 0.2% in January: SRX
In January, rents in the core central region (CCR) decreased by 1.3 per cent, but those in the rest of central region (RCR) and outside central region (OCR) increased by 2.7 per cent and 0.2 per cent respectively.
Property News 15 February
Cairnhill Mansion and Riviera Point finally sold
Riviera Point, at 2 Kim Yam Road, was sold for S$72 million to the Macly Group, a Singapore property developer. Cairnhill Mansions, at 69 Cairnhill Road, was sold to Singapore-listed property developer Low Keng Huat for S$362 million. This was the fifth time it was put up for an en bloc sale.
Property News 14 February
Condo resale prices up 1% in Jan 2018: SRX
The recent trend of island-wide increases was sustained: The core central region (CCR) was up 1.2 per cent month-on-month; with the rest of the central region (RCR) advancing 1.4 per cent; and the outside central region (OCR) rising 0.6 per cent.
Property News 13 February
Pearl Bank Apartments sold for S$728m
The 37-storey development was sold following the close of its collective sale tender on Dec 19, 2017. The building comprises a total of 288 units (280 apartments and eight commercial units), and has a 99-year leasehold tenure with effect from June 1970.

Contact Us

Hello Singapore! I'm Sevi. Ask me any property question.
Chat with Sevi
Sevi - AI Bot
Replies in seconds
Need to speak to someone? 6635-3388
Sevi
I'm Sevi, your personal assistant.

You can ask me basic property questions about transactions, listings, project info and X-value.

Some Examples:

1. Where is Gem Residences located?
2. Are there listings in Hillview Regency for 3 bedrooms and budget of $1.5m?
3. For how much can I sell my property?
4. What are the latest transactions in Bayshore Park?
5. Is it cheaper to buy HDB in Tampines or Jurong East?
6. What is the plot ratio for The Sail?
7. How many blocks are there in Ang Mo Kio Ave 3?

Type RESET or HELP whenever you need.