Special Feature

Rivière: Luxury riverfront lifestyle with potential returns

By Frasers Property

/ EdgeProp Singapore |

January 6, 2022 12:27 AM SGT

All units at the Rivière come with a view of the Singapore River. (All photos: Frasers Property)

SINGAPORE (EDGEPROP) -- Jiak Kim Street, off Kim Seng Road, was home to an iconic institution, Zouk Club, for 25 years before the site was put up for sale by tender. Singapore-listed Frasers Property beat nine others to win the coveted site.

Today, a new luxury condominium with 455 residential units across twin 36-storey towers has risen on the 145,117 sq ft riverfront site. Set to obtain its temporary occupation permit (TOP) in 1H2023, Rivière will be the latest icon in the Robertson Quay neighbourhood. Given the location of the site along a 300m bend of the Singapore River, all units are guaranteed uninterrupted river views.

Rivière is set to obtain its TOP in 1H2023

Frasers Promenade, mixed-use development

Rivière is part of a mixed-use development named Frasers Promenade. Adjacent to the residential towers is a new four-storey block with 72 serviced apartments, Fraser Residence, managed by Frasers Property’s hospitality arm, Frasers Hospitality. Guests will get to enjoy perks such as roundthe-clock concierge service, housekeeping, in-residence catering, limousine service and dog-walking service.

Residents at Rivière can enjoy the same perks and privileges as the guests at the serviced apartment

Residents at Rivière will be able to enjoy the same perks and privileges as the guests, including complimentary membership under the Fraser World Programme. To top it off, residents will enjoy preferential rates at the serviced apartments, which will be an added convenience when friends and family from out of town pay a visit.

The three adjoining century-old warehouses that formerly housed Zouk have been conserved. They will be transformed into a 24/7 lifestyle hub where Frasers Property has envisioned an upscale market hall that will contain a roastery, lounge bar, dining and social kitchen, where residents can enjoy breakfast, lunch, high tea and dinner. Other amenities include meeting rooms and co-working space, which is ideal in the current hybrid work era.

Prime location, attractive entry price

Nestled in the heart of Robertson Quay, Rivière is well situated between the CBD and Orchard Road. It is also located within a three- to four-minute walk of two MRT stations on the Thomson-East Coast Line, namely Havelock and Great World respectively.

The three adjoining century-old warehouses will be transformed into a 24/7 lifestyle hub

The proximity to two new MRT stations, the amenities at Frasers Promenade, as well as the F&B and lifestyle amenities at Robertson Quay, shopping malls such as Great World and Valley Point make Rivière very attractive to both residents and tenants alike, notes Kelvin Thong, Branch District Director at PropNex. “Rivière’s location therefore ticks all the boxes for residents and tenants seeking a convenient location,” he adds.

Since its launch in May 2019, about 43% of units at Rivière have been taken up at an average price of $2,697 psf. Frasers Property is releasing the latest phase of 40 units at attractive promotional prices starting from $2,413 psf. “This price point makes Rivière a compelling buy,” says PropNex’s Thong.

Recent launches of 99-year leasehold projects near the riverfront have sold at average prices of about $3,000 psf, while those of prime freehold projects have been launched at an average of $3,200 psf over the past year, notes Thong.

With housing inventory reduced to a new low of 15,000 units, and strong demand for new and bigger homes, developers have snapped up development sites via government land sales and collective sales at record prices in 2021.

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.

Compelling returns

After all, real estate is generally regarded as the best safeguard against inflation. As such, those buying units at Frasers Property’s latest promotional prices are likely to have greater opportunity for higher capital appreciation and rental growth.

At the new promotional price, an 818 sq ft, two-bedroom unit on the 20th floor of Rivière has an asking price of $2.24 million ($2,740 psf). Meanwhile, a 1,173 sq ft three-bedroom unit on the fourth floor of Rivière will have a price tag of $2.85 million ($2,431 psf) after the promotional discount.

Based on prevailing average market rents of $8,000 a month for newly completed, three-bedroom condominium units in the Robertson Quay neighbourhood, annual projected rental income for a three-bedroom unit at Rivière is likely to be $96,000 a year. Assuming a holding period of five years, the total gross income earned over that time frame is equivalent to $480,000, estimates Frasers Property.

This bodes well for Rivière as the project is expected to be completed in 1H2023, well ahead of other newer project launches. After all, property consultants reckon that rental rates will continue to rise next year as more foreigners return to Singapore with the expanded vaccinated travel lanes (VTLs). This translates to an increase in demand for rental property, which should lead to higher rental rates too.

Buying alternatives, buying in trust

The latest property cooling measures may have led to a lull in buying activity. However, it has coincided with the traditional year-end holidays too. Veteran property industry observers believe homebuyers will use this period as a break to take stock of their options.

“Home buying activity should resume after this pause as there appears to be strong underlying demand,” says Lee Liat Yeang, Dentons Rodyk Senior Partner of its Real Estate Practice Group. “Potential buyers who are affected by the higher additional buyer’s stamp duty [ABSD] will look at legitimate options such as decoupling, buying under their children’s name or buying in trust for children.”

To learn more about investing in property through fractional ownership or decoupling, please register for our talk. Date: Jan 15, 2022
Time: 3pm
Email: chinyee.foo@frasersproperty.com
Tel: +65 9850 1893
Venue: Riviere’s sales gallery, 88 Zion Road.
Sales gallery opening hours: Open daily 10am to 6pm
Viewings by appointment only
*Prices stated here are accurate as at the time of print.

Tags:

Follow our channels to receive property news updates 24/7 round the clock.

Subscribe to our newsletter