Rivière is a 455-unit mixed-use development located along Singapore River. Due to its convenient location, this property is becoming a hot cake among buyers. It sits on a site that Zouk occupied for 26 years before closing down in December 2016 and reopening at Clarke Quay after a short while. In 2018, Zouk emerged position 3 in the list of top 100 clubs in the world.
Due to the nostalgia factor, the property attracted many serious buyers when the government launched it for sale in 2017. In December 2017, Frasers Property parted with a whopping $955.4 million to outshine other buyers and acquire the land.
Although Frasers Property has not revealed the dates for launching the new property, it is likely to be within the first six months of 2019. The property will consist of private residences and the warehouse called the Fraser Residence Promenade. “Rivière occupies a special site,” observes the head of the luxury team at PropNex Realty, Mr. Dominic Lee. “It brings a nostalgic feeling to those born back in the 70s and 80s and clubbed there during their youth,” he says. “They want to purchase what is akin to a trophy home,” Lee added.
PropNex will collaborate with ERA Realty as well as Huttons Asia in marketing the new property. Going by the site buying price and its strategic waterfront location together with its District 9 postcode, Rivière has a high possibility of attaining a record price, states Lee.
The forthcoming launch seems to influence the transaction prices of its neighboring properties. For instance, average resale prices at the nearby 545-unit Rivergate development have increased by 11.3 percent, from approximately $1,981 psf to $2,205 psf in the fourth quarter of 2017 and fourth quarter of 2018 respectively. Mirage Tower is another property near Rivière that has enjoyed the spillover effect. The development, which was completed over two decades ago, has seen units sold at between $1,720 psf and $1,791 psf as per the caveats lodged late last year.