Riviere at Jiak Kim Street is 100% sold, says Frasers Property
The twin, 36-storey Riviere with 455 residential units attained TOP in January 2023 (Photo: Frasers Property)
SINGAPORE (EDGEPROP) - On May 12, Singapore-listed Frasers Property announced that its 455-unit, luxury condo Riviere, is sold out. "It's a testament to its popularity with homebuyers looking for a signature and luxurious residential development along the Singapore River," says Soon Su Lin, CEO of Frasers Property Singapore.
The 455-unit, 99-year leasehold condo at 3 Jiak Kim Street in District 3 attained Temporary Occupation Permit (TOP) on January 17, 2023. Riviere has two 36-storey residential towers with a mix of one- to four-bedroom units ranging from 560 to 2,002 sq ft.
Besides the residential towers of Riviere, the mixed-use development houses a four-storey serviced apartment block with 72 units branded Fraser Residence and managed by Frasers Property's hospitality arm, Frasers Hospitality. Three adjoining century-old warehouses on the site that formerly housed Zouk nightclub have been conserved and converted into a 24/7 lifestyle hub.
The 145,117 sq ft, 99-year leasehold site has a 300m frontage along the river bend. Given its prominent location on the Singapore River, the site saw keen interest from developers when URA launched it for sale. Frasers Property outbid nine other developers to win the coveted site with a bid of $955.4 million or $1,733 psf per plot ratio in December 2017.
The design architect for Riviere is Chan Soo Khian, founding principal and design director of SCDA Architects, who was the designer behind luxury projects such as Leedon Residence, Nassim Park Residences and The Marq on Paterson Hill.
Riviere has a 300m frontage along the river bend (Source: EdgeProp Landlens)
Launched in May 2019, Riviere saw 49 units sold by year-end at an average price of $2,891 psf, based on caveats lodged. In 2020, during the Covid pandemic, another 42 units sold at an average price of $2,628 psf. Many of these units were in the low- to mid-floors.
An exception was a 2,002 sq ft, four-bedroom unit on the 36th floor that achieved an all-time high of $3,346 psf when a buyer paid $6.7 million for it in July 2020. Another exception occurred in December 2020, when a buyer paid $6.3 million ($3,147 psf) for a 2,002 sq ft, four-bedroom unit on the 33rd floor.
Transaction volume accelerated in 2021 with 109 transactions at Riviere, at an average price of $2,664 psf. In early 2022, transaction volume doubled to 209, and average transacted prices increased to $2,858 psf.
The second highest psf price of $3,344 psf at Riviere was set in September 2022 when a 1,216 sq ft, three-bedroom apartment on the 36th floor fetched $4.07 million. Another 2,002 sq ft, four-bedroom unit went for close to $6.64 million ($3,316 psf) in early September 2022 and is also one of the top five highest psf prices achieved to date.
From January to April 2023, the last 47 units sold at an average price of $3,049 psf. The final unit sold was a 560 sq ft one-bedroom unit on the 35th floor transacted for $1.788 million ($3,131 psf) on April 30, according to a caveat lodged then.
In March 2023, a 1,507 sq ft, three-bedroom unit on the 30th fetched $5.02 million or $3,331 psf, the third-highest psf price at Riviere.
According to Squarefoot Research, the average rent achieved at Riviere is $10.09 psf per month, which is on par with Martin Modern, where the average monthly rent is $9.95 psf.
Residents of Riviere can walk across Jiak Kim Bridge to Kim Seng Park on the other side of the Singapore River. From there, they can walk to the Great World shopping mall, Great World MRT station or the F&B and lifestyle establishments of Robertson Quay. Riviere is also within a 3-4 minute walk to Havelock MRT station and a 5-10 minute drive to the CBD and Orchard Road.
Check out the latest listings near Rivière, Leedon Residence, Nassim Park Residences, The Marq on Paterson Hill, Jiak Kim Street, Great World MRT station, Havelock MRT station
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