Luxury Riverfront Living with the tranquility of Singapore’s waterfront
This is a detailed review of this new development by the Singapore River. Read to discover what fond memories it reminds you. Also get an insight into what you can expect from this redevelopment when it is completed.
A Little Background Of The Development
Riviere now stands at the mouth of this symbol, occupying the last plot of land here. Riviere’s Jiak Kim Street location also brings back many fond memories for the young and not-so-young among us. Between 1991 and 2016, Zouk occupied the three restored warehouses for 25 years, during which time they established a reputation as one of the world’s top clubs.
A Little About The Transformation
Having said that, I’m sure the nearby condos breathed a sigh of relief when it was announced that the site would be redeveloped. Needless to say, the 99-year leasehold site was hotly contested due to the aforementioned reasons and its central location before Frasers Property clinched the plot for $955.4m ($1,733 psf), which was a bullish bid at the time. Frasers Property will restore the three warehouses originally built in 1919 and occupied by Zouk as part of the bid. They will also construct an 80-unit serviced apartment and two 36-story residential apartment towers, totaling 455 units.
A Little About The Location
Interestingly, one of the points that was constantly emphasized during the launch in 2019 was that Riviere is located in the less prestigious District Three, rather than the District Nine that all of its neighbors appear to be in. I’m not one to comment on zoning methodology, but it could have contributed to their low initial sales figures, especially since the average psf remains at $2,591 psf. However, I’m not sure how important districts will be to the next generation of buyers in 2021, especially since its actual location is nearly identical to that of its District Nine neighbors.
Luxuriously built with quality and thoughtful finishes
Given that someone actually paid $2,116 psf for a District 18 property at Pasir Ris 8, I’m guessing the prime districts of nine, ten, and eleven may not be as appealing as they once were. Other factors that may have also played a role in its poor initial take-up are its larger unit sizes, resulting in higher overall quantums and its 99-year tenure as many of Riviere’s neighbours are freehold in nature. However, as my review would reveal, Riviere’s units are luxuriously built with quality and thoughtful finishes throughout the unit. Its downward revision of prices in 2021 also makes this project worth a second look in today’s red hot market.
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