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On May 12 the the Singapore listed Frasers Property announced that its luxury condo, with 455 units Riviere Riviere has already sold out. “It’s an indication of the popularity of the property among home buyers seeking a distinctive and upscale residential development on the Singapore River,” says Soon Su Lin, CEO of Frasers Property Singapore.
The 455-unit 99-year leasehold condo on 3 Jiak Kim Street in District 3 was granted a temporary occupation permit (TOP) on the 17th of January 2023. Riviere is home to two 36-story residential towers, each with a mix of one-to four-bedroom units that range from 560 to 2,002 square feet.
In addition to the residential towers that make up Riviere the mixed-use project includes a four-storey serviced apartment block, which has 72 units that are branded Fraser Residence and administered through Frasers Property’s hotel division, Frasers Hospitality. Three warehouses that are located on the site that were once home to Zouk nightclub have been preserved and transformed into a 24-hour living space.
The 145,117 square feet, 99-year leasehold site features a frontage of 300m along the river’s bend. Because of its location along the Singapore River, the site was a hot topic for developers when URA put it up for auction. Frasers Property outbid nine other developers to secure the sought-after site by submitting the highest bid of $955.4 million, or $1,733 per square foot for each plot in the month of December 2017.
The designer for Riviere The design architect for Riviere is Chan Soo Khian, founding principal and director of design at SCDA Architects, who was the designer behind luxury developments like Leedon Residence, Nassim Park Residences and The Marq on Paterson Hill.
The launch of Riviere took place in May 2019. Riviere was sold out of 49 units in the year’s end at an average of $2,891 per pound, basing on caveats that were lodged. In 2020 in the Covid pandemic 42 units were sold at an average of $2,628 per square foot. A majority in these were located in the mid-to-low-floors.
A notable exception was the 2,002 square feet four-bedroom apartment located on the 36th floor, which was the highest ever recorded at $3,346 psf. The purchaser made $6.7 million in the month of July. Another notable exception took place in December 2020 when the buyer was able to pay $6.3 million ($3,147 per square foot) for the 2,002 square feet, four-bedroom home located on the 33rd floor.
The volume of transactions increased in 2021 with 109 transactions in 2021 at Riviere, for an average cost of $2,664 per psf. By the beginning of 2022 the volume of transactions doubled to 209 and average prices jumped to $2,858 per sf.
The second-highest psf value of $3,344 per square foot at Riviere was recorded in September 2022. A 1,216 sq ft, three bedroom apartment on the 36th level was $4.07 million. A 2,002 square foot four-bedroom apartment was sold for just $6.64 million ($3,316 per square foot) in the beginning of September 2022. It’s also among the top five most expensive psf prices in the past.
Between January and April 2023, 47 units were sold for an average of $3,049 per square foot. The unit that sold the most was a 560 sq. ft one-bedroom apartment at the 35th floor, which was purchased at $1.788 million ($3,131 per square foot) in April 30 as per an order lodged at the time.
A property in the month of March, 2023 1,077 square feet, three-bedroom apartment on the 30th was sold for $5.02 million, or $3,331 psf which was the third highest price for a psf at Riviere.
Based on Squarefoot Research, the average rent paid for Riviere is $10.09 per month. that’s on par to Martin Modern, where the average rent per month is $9.95 per square foot.
Residents of Riviere have the option of walking across the Jiak Kim Bridge to Kim Seng Park located on the opposite part of the Singapore River. Then, residents could stroll to Great World. Great World shopping mall, Great World MRT station or the F&B and life-style establishments of Robertson Quay. Riviere is also 3-4 minutes walking distance from Havelock MRT station, and 5-10 minutes into Orchard Road, the CBD as well as Orchard Road.