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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.
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