Luxury Riverfront Lifestyle with potential returns
Luxury Riverfront Lifestyle with potential returns. Read this news article to discover how the former well loved icon Zouk Club will be redeveloped into a new luxury twin towers condo with 455-units by the Singapore River.
Jiak Kim Street, off Kim Seng Road, was home to an iconic institution, Zouk Club, for 25 years before being put up for tender sale. Frasers Property, which is listed in Singapore, beat out nine other bidders for the prized site.
On the 145,117 sq ft riverfront site today, a new luxury condominium with 455 residential units spread across twin 36-story towers has risen. Rivière will be the latest icon in the Robertson Quay neighborhood when it receives its temporary occupation permit (TOP) in 1H2023. Because of the site’s location along a 300m bend of the Singapore River, all units have uninterrupted river views.
Frasers Promenade, mixed-use development
Rivière is part of the Frasers Promenade mixed-use development. A new four-story block with 72 serviced apartments, Fraser Residence, is adjacent to the residential towers and managed by Frasers Property’s hospitality arm, Frasers Hospitality. Guests will have access to 24-hour concierge service, housekeeping, in-residence catering, limousine service, and dog-walking service.
Residents at Rivière will have access to the same amenities and benefits as guests, including complimentary membership in the Fraser World Programme. To top it all off, residents will receive preferential rates at the serviced apartments, which will be a huge help when visiting friends and family from out of town.
The three century-old warehouses that once housed Zouk have been preserved. They will be transformed into a 24-hour lifestyle hub, complete with an upscale market hall, roastery, lounge bar, dining and social kitchen, where residents can enjoy breakfast, lunch, high tea, and dinner. Meeting rooms and co-working space are also available, which is ideal in today’s hybrid work environment.
Prime location, attractive entry price
Rivière is located in the heart of Robertson Quay, between the CBD and Orchard Road. It is also a three- to four-minute walk from two MRT stations on the Thomson-East Coast Line, namely Havelock and Great World.
Rivière is very appealing to both residents and tenants due to its proximity to two new MRT stations, the amenities at Frasers Promenade, as well as the F&B and lifestyle amenities at Robertson Quay, and shopping malls such as Great World and Valley Point, according to Kelvin Thong, Branch District Director at PropNex. “Rivière’s location thus checks all the boxes for residents and tenants looking for a convenient location,” he continues.
Since its debut in May 2019, approximately 43 percent of the units at Rivière have been sold at an average price of $2,697 psf. Frasers Property has released the most recent phase of 40 units at attractive promotional prices beginning at $2,413 psf. “At this price point, Rivière is a compelling buy,” says Thong of PropNex.
Recent launches of 99-year leasehold projects near the riverfront have sold for an average of $3,000 psf, while prime freehold projects have sold for an average of $3,200 psf over the past year, according to Thong.
With housing inventory at a new low of 15,000 units and strong demand for new and larger homes, developers have snapped up development sites at record prices in 2021 through government land sales and collective sales.
It is not just land prices that have been on an upward trajectory; construction costs too, largely owing to the Covid-19 related global supply chain disruptions and shortage of workers and materials. The result is that construction costs are 30% higher today compared to the pre-Covid era.
Despite the latest property cooling measures introduced on Dec 16, PropNex is still projecting that private housing prices would grow by about 3% to 5% in 2022, which is in line with the GDP forecast.
After all, real estate is widely regarded as the best inflation hedge. As a result, those who purchase units at Frasers Property’s current promotional prices are more likely to benefit from higher capital appreciation and rental growth.
An 818 sq ft, two-bedroom unit on the 20th floor of Rivière is now available for $2.24 million ($2,740 psf) at the new promotional price. Meanwhile, after the promotional discount, a 1,173 sq ft three-bedroom unit on the fourth floor of Rivière will cost $2.85 million ($2,431 psf).
Based on current market rents of $8,000 per month for newly completed three-bedroom condominium units in the Robertson Quay neighborhood, the annual projected rental income for a three-bedroom unit at Rivière is likely to be $96,000. Frasers Property estimates that assuming a five-year holding period, the total gross income earned over that time period is $480,000.
This bodes well for Rivière, as the project is expected to be completed in the first half of 2023, far ahead of other newer project launches. After all, property analysts predict that rental rates will rise further next year as more foreigners return to Singapore thanks to the expanded vaccinated travel lanes (VTLs). This means that there will be more demand for rental property, which should lead to higher rental rates.
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