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Riverwalk, Cairnhill Mansion and site next door up for sale

(SINGAPORE) Three prime sites – one zoned for commercial use and two for residential use – went on the market yesterday.

The Riverwalk near Clarke Quay is offered through a collective sale, said property firm Jones Lang LaSalle (JLL) which is marketing the project.

Market watchers reckon that the project could fetch about $700 million or $1,735 per square foot (psf).

The 82,317 sq ft site has a 4.9 plot ratio. It can be redeveloped into a commercial building with a gross floor area of 403,351 sq ft, subject to approval and payment of development charge (DC) of about $3 million and premium for topping up the lease.

The Riverwalk is now zoned for residential and commercial use. It comprises 181 commercial units ranging from 54 sq ft to 20,161 sq ft, 118 apartments ranging from 818 sq ft to 3,821 sq ft and 290 parking lots.

‘The potential purchaser may redevelop the property into a part commercial/part residential development or a Soho development,’ said JLL regional director Lui Seng Fatt. ‘The options available for this site are extensive.’

Elsewhere, Cairnhill Mansion and a separate adjoining site are being offered for sale. Cairnhill Mansion is being offered through a collective sale and the adjoining site is being offered by an individual owner, said Knight Frank, which is marketing both sites.

The guide price for Cairnhill Mansion is $443.6 million. As there is no DC payable, the price works out to $2,800 psf per plot ratio (ppr). The guide price for the adjoining site is $139.4 million. Including a DC of about $16 million, this works out to $2,800 psf ppr. Together, the sites add up to 62,903 sq ft.

The successful developer of the combined sites could build 100 units averaging 2,000 sq ft each, Knight Frank said.

‘Strong demand for high-end, luxury condominium developments coupled with the rosy outlook for the property market, should increase the site’s attractiveness to developers.’

The Cairnhill area, being a stone’s throw from Orchard Road, is attracting super-luxury developments like The Hamilton and Ritz Carlton Residences.

Selling prices for these projects are expected to start from at least $4,000 to $4,500 psf, said Knight Frank.

Recent launches like Hilltops are already achieving prices in the mid to high $4,000s psf, it said.

The tenders for both sites closes at 4pm on Jan 15 next year. The tender for The Riverwalk closes at 3pm on Jan 22.


Source: Business Time 27 Nov 07

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