On May 12 The Singapore-listed Frasers Property announced that its 455-unit luxury condominium Riviere Riviere is now completely sold out. “It’s an indication of the popularity of the property among home buyers seeking a distinctive and upscale residential development in the Singapore River,” says Soon Su Lin, CEO of Frasers Property Singapore.
The 455-unit 99-year leasehold condominium at 3 Jiak Kim Street in District 3 was granted a the Temporary Occupation Permit (TOP) on 17 January 2023. Riviere is home to two 36-story residential towers that comprise of one-to four-bedroom apartments ranging from 560 to 2,002 square feet.
Alongside the residential towers that make up Riviere The mixed-use development is home to a four-storey apartment block that has 72 units that are branded Fraser Residence and administered by the Frasers Property’s catering department, Frasers Hospitality. Three adjacent warehouses from the past on the site which used to house Zouk nightclub are being preserved and turned into a 24 hour life-style hub.
The 145,117 square feet, 99-year leasehold site features a frontage of 300m along the river’s bend. Because of its location along the Singapore River, the site was a hot topic for developers when URA put it up for auction. Frasers Property outbid nine other developers to secure the sought-after site by submitting an offer of $955.4 million, or $1,733 per square foot by plot percentage in December of 2017.
The architect responsible for the design of Riviere The design architect for Riviere is Chan Soo Khian, founding principal and design director at SCDA Architects, who was the designer behind luxurious projects like Leedon Residence, Nassim Park Residences and The Marq on Paterson Hill.
Riviere was launched in May of 2019. Riviere was sold out of 49 units in the year’s end at an average cost of $2,891 psf in accordance with caveats filed. In 2020 in the Covid pandemic 42 units were sold for an average of $2,628 per square foot. The majority in these were located in the lower-to-mid-floors.
A notable exception was the 2,002 square feet four-bedroom apartment located on the 36th floor, which was the highest ever recorded at $3,346 per square foot when a customer was able to pay $6.7 million to purchase it back in. Another notable exception took place in December 2020 when buyers made $6.3 million ($3,147 per square foot) for the 2,002 square feet, four-bedroom apartment located on the 33rd floor.
In 2021, the volume of transactions grew exponentially with 109 transactions in 2021 at Riviere, with an average cost of $2,664 per psf. In the early 2022 period the volume of transactions doubled, reaching 209 and the average transaction prices jumped to $2,858 per sf.
The second-highest psf value of $3,344 per square foot at Riviere was achieved in September 2022, when a 1,216 sq ft, three bedroom apartment located on the 36th floor was sold for $4.07 million. A 2,002 square foot four-bedroom apartment was sold for just $6.64 million ($3,316 per square foot) in the beginning of September 2022. It’s also among the top five most expensive psf prices in the past.
From January through April 2023, the final 47 units were sold for an average of $3,049 per square foot. The unit that sold the most was a 560 square foot one-bedroom apartment located at the 35th floor, which was purchased to the value of $1.788 million ($3,131 per square foot) the 30th of April as per an order lodged at the time.
The property was sold in March of 2023. 1,077 square foot, three-bedroom property on the 30th was sold for $5.02 million, or $3,331 per square foot which was the third highest price for a psf at Riviere.
As per Squarefoot Research, the average rent in Riviere is $10.09 per month. which is in line the rent of Martin Modern, where the average rent per month is $9.95 per sq. ft.
Residents of Riviere have the option of walking across the Jiak Kim Bridge to Kim Seng Park located on the opposite part of the Singapore River. There, you could take a walk towards The Great World shopping mall, Great World MRT station or the F&B and the lifestyle establishments in Robertson Quay. Riviere is also 3-4 minutes walking distance from Havelock MRT station, and 5-10 minutes into The CBD or Orchard Road.