Business

Riverside Piazza near Clarke Quay up for sale with $198m reserve price

The Riverside Piazza near Clarke Quay is up for sale at a reserve price of $198 million, it was announced yesterday.

The complex comprises 40 apartments and 24 shops, with sizes ranging from 58 sq m to 333 sq m (624 sq ft to 3,584 sq ft).

Each owner could stand to receive between $2.23 million and $9.47 million from the collective sale, depending on the size of their unit.

The prime District 1 site spans 2,940 sq m and is zoned "commercial and residential", with a plot ratio of 2.8 and a maximum gross floor area of 8,260 sq m.

The reserve price for the 99-year leasehold property at 11 Keng Cheow Street works out to a land rate of $2,602 per square foot per plot ratio (psf ppr), including the estimated differential premium to convert to hotel use, marketing agent Colliers International said.

Alternative development options, including a hotel, will be entertained by the Urban Redevelopment Authority.

Colliers said a hotel would be suitable, given the site is on the fringe of the central business district (CBD) and near the Clarke Quay entertainment hub and Chinatown.

It is also close to Fort Canning Country Club, Clarke Quay Central, Liang Court and Chinatown Point and is served by three MRT stations: Clarke Quay on the North East Line (NEL), Fort Canning on the Downtown Line (DTL) and Chinatown interchange.

Ms Wendy Tan Siew Cheng, chairman of The Riverside Piazza collective sale committee, said: "This is our first attempt at a collective sale and we are hopeful of garnering a positive response... owing to the site's attractive location."

Tenders close at 3pm on Dec 19. - THE STRAITS TIMES

Property