TLDR

Located at the end of the Singapore River opposite Kim Seng Park, Rivière is poised for discerning cosmopolitans to relish in riverside views and highly commendable accessibility. The modernity and sophistication resonates throughout the upscale development, prioritising privacy for residents.

Jiak Kim was a 90s clubber’s familiar haunt once upon a time, with its three unique conservation warehouses that were Zouk premises (#irememberjiakkim). As part of the development, it will be restored to enrich the heritage in the precinct with F&B dining, groceries and wellness/lifestyle concepts.

Revière’s conveniences ranges from the upcoming Great World and Havelock MRT Station, Great World City Mall to catch a movie or do errands, to comfort hawker food that can be found at Zion Riverside Food Centre. The development is just a 5-minute drive to the Central Business District and is 10 minutes away from Orchard Road. And if town is not your jam, a therapeutic walk along the river to Robertson Quay will surely enliven your mood.

A decent assortment of unit types focusing on the 3-bedders for mid-size families and sophisticated couples, totalling 455 units. For car owners, you will be pleased to know the three-level basement carpark prioritises the residents, offering some lots for the service apartments and warehouse visitors.

Project Details

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• Exclusive Riverfront View

• Premium fittings for the units

• Prime location in District 09

• Conveniences to upcoming MRT locations and provisions

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• Prices may seem a little steep compared to surrounding Freehold

• No dual key units

• Facilities not as extensive compared to larger developments

• Service apartments and warehouse may change the otherwise quieter environment

About the Developer

Frasers Property Ltd (FPL) was hard hit by the latest pandemic, expecting fair-value losses on a portion of its portfolio of properties, primarily hospitality. Despite this news in October 2020, the group has assured sufficient liquidity, maintaining a high level of business and financial discipline. This can be substantiated with their latest news:  FPL has boldly begun “Build Neutral”, an initiative to offset carbon when building a home starting with Minnippi Quarter in Brisbane, Australia.

Frasers Property Limited, is one of the top residential and mall developers in Singapore,  spread throughout Southeast Asia, Australia, Europe and China, shaping industries from residential, hospitality, retail, commercial and business parks, and logistics & industrial properties, totaling $33.2 bil in 2019..

In Singapore alone, they have developed and sold more than 20,000 homes, owning/managing 12 shopping malls, not including office space properties. As a sponsor of four vehicles listed on SGX-ST, their residential portfolio ranges from nearby Martin Place Residences to Seaside Residences at Siglap.

Purchase and Breakeven Price

Record Bid (and high expectations)

The land sale drew a lot of interest from the public due to the site’s former owners — the popular music entertainment institution, Zouk, which has since been relocated to Clarke Quay. The 13,482 sqm began up for sale with a minimum bid for $689.4 mil.  Top bidder was Frasers Centrepoint Limited, with a mindblower $955.4 mil. This trumped nine other bidders, with only 0.6% above the bid from Hong Leong Holdings and Hong Realty (controlled by Singapore tycoon Kwek Leng Beng). This toppled the last high of $1,239 psf ppr for Martin Modern.

Prior to the bid, the Singapore government warned of excessive exuberance for the property market. Strong demand was previously anticipated based on Parc Rivière’s reception that was fully sold within a year. Retaining and restoration of the three warehouses were also compulsory for the tender.

The purchase for the site brings the land cost to $1,733 PSF PPR, and based on estimated costs of construction, marketing and taxes, to a breakeven of $2,376 PSF PPR. This, if you are unaware, is indication of the development’s potential growth. Notably, nearby land sales such as Martin Modern were going at a breakeven of $1,799 PSF PPR, which is the only other 99-year leasehold site among the sea of Freeholds. By the way, PropertyLimBrothers are extremely current in the market trends, analysing information that will be beneficial to a more informed purchase for your family. If you’re keen, do contact us here.

More analysis can be found in our comparative section below, and why Rivière is a prime choice in the current market.

Accessibility and Conveniences

The Singapore River was the epicentre of the country’s wealth and progress back in the day; anywhere near the river was considered a place for trading and the wealthy Europeans and Chinese merchants began to build their homes in the up river in the 1830s. This was probably why District 03 maintained its high value, along with its accessibility to many conveniences, most of them within walking distance.

Rivière is sited at a prime spot at the meander of the river, and in the near future will be within walking distance to three MRT stations, namely Great World City, Havelock and Fort Canning MRT stations. Havelock MRT is due for completion in 2022, while the completion of the rest of the Thomson-East Coast Line will be open in a few years’ time. Fort Canning MRT station is already functional. As the completion date of the development is expected mid-2023, these accessibilities will be beneficial.

From Havelock Road, CTE and AYE expressways are just 3 minutes and 5 minutes away respectively, connecting to the north and west sides of the island. ECP is just 11 minutes away, and for frequent travellers, Changi Airport is 20 minutes away, via ECP expressway.

Here are the consolidated essential working areas, including the MRT stations. Alternatively, you could go for the River Taxi (Water B) which stops at Rivière, connecting all the way to Esplanade via Clarke Quay and Boat Quay.

Now that’s something you can really boast about to your coterie of friends: a stroll back home from Robertson Quay, Clarke Quay and Boat Quay. The cafés and bar selections are aplenty, with a vibrant bustle throughout the day as promoted from the brochures. If culture is what you’re seeking for, and increasing your social circle, live by the river is where you ought to be. If you’re keen on checking out the latest updates and units of Riviére, do get in touch with us here.

Pretty sure these photos were taken before COVID-19. For daily needs and more, Great World shopping mall is a favourite for locals (some even travelling just to experience the upscale crowd). There’s a popular GV cineplex, Toys”R”Us, Cold Storage, Meidi-Ya Japanese supermarket, True Fitness, Uniqlo, Zara and more. More than ample to stock up for the week. Currently, the place is undergoing intense renovations, in preparation for the Great World MRT Station.

To entice your taste buds, popular joint Zion Riverside Food Centre caters to local delights, especially the famous Char Kway Teow. As of time of writing, the food centre will be undergoing renovations. Towards the west side, Valley Point Shopping Centre is just a 5-min drive away for more dining options.

Don’t forget that the town is just a short 10-min drive away, and some hidden gem cafes are along Havelock Rd, Jalan Bukit Ho Swee and other nearby roads. Personal recommendation would be the renowned Hainanese curry rice at Havelock and Beo Crescent.

Schools
River Valley Primary School lies within the 1km radius, definitely to parents’ delight. 

Primary Schools
Alexandra Primary School – 1.245 km 
Cantonment Primary School – 1.861 km
CHIJ (Kellock) – 2.010 km
St Margaret’s Primary School – 1.838 km
Zhangde Primary School – 1.302 km


All of these reputable schools lie within the Central Core Region (CCR). Within the vicinity, lies top secondary schools such Hwa Chong Institution and Singapore Chinese Girls’ School, among many others.

Schools

The schools in the table above are reputable, and are highly sought-after for residents within the CRC region.

River Valley Primary School lies within the 1km radius, definitely to parents’ delight.

Upcoming Development / Master plan

There is a high probability that Rivière might be the last residential plot to be built along the Singapore River. If this is the case, then the purchase of a unit here will have a heightened exclusivity.

Upcoming MRTs

Great World MRT station (as mentioned above), is slated for completion next year. This, along with the facelift of Great World Mall (previously Great World City), will be revitalising the whole locale. If you have recently been to the area, you would have seen all the upgrades in progress, which will directly affect the land worth that Rivière is sited on, due to its immediate vicinity.

The MRT station is on the Thomson-East Coast line, and will have up to five MRT exits.

This places Orchard within just one stop away, and key business areas such as Maxwell and Shenton Way within close reach. Marina Bay, a happening tourist attraction and Marina Bay Financial Centre, is a stone’s throw away.

Add that to Havelock’s similar completion in 2021, and it is guaranteed the revitalisation will not stop there.

Don’t forget the warehouse conservation areas within Rivière of which will definitely be used by the developers to capitalise on its historical uses, and its more recent Zouk experiences.

Facilities

Rivière surrounds the site in greenery, and although not as large as 600< unit developments, have a wide range of facilities.

• Library Lounge

• Kid’s Playground

• River Lawn

• Clubhouse

• Gym

• Dining Area

• Entertainment Lounge

• 50m Lap Pool

• Sun Deck

• Heritage Walk

Sky Deck


• Dining Pavilion

• BBQ Pits

• Sky Bridge

• Trampoline

• Sky Lawn

• Spa

• Teppanyaki Dining Pavilion

• Patio Lounge

• Water Feature

• Reading Pavilion

If you’re a veteran to new launches, you’ll realise Frasers have focused on lounging areas, hosting areas and verdurous walks. Those are great for social events and self-healing, but if you were to exclude all those and look at the other facilities, you’re really looking at just the gym, dipping pool and 50m lap pool. I think the rooftop bbq pits, spas and sky bridge will probably have some scenic views.

Premium Interiors

Fraser spared no expense on the interior appliances and finishing. They will be fitting European brands like Gaggenau for built-in kitchen appliances and renowned kitchen Poggenpohl from Germany. All the sanitary fittings done by Gessi from Italy, and sanitary wares are by Duravit from Germany.

If you are unsure on what these mean, they are the top-of-the-line appliances that you could ask for.

Smart Home and Community equipped

State-of-the-art tech connects your home to your phone. Enjoy proximity card access systems, camera doorbells, mobile access, A/C control, visitor invites, facial recognition and more.

For those quiet days, the development comes with hospitality services.

• Concierge

• Housekeeping

• Laundry Services

Site Plan and Units

Frasers have their eyes set on maximising their locality, adding 80 serviced apartments to the fray. I foresee that these will be well-utilised, catering to the affluent professionals and individuals who can capitalise on the locale’s connectivity. This may also have an internal price contest among investors intending to rent out.

If you are keen to learn more about PropertyLimBrothers’s in-depth analysis, do reach out here.

The layout is evenly spread out between the two towers, with a walkway demarcating the warehouses and serviced apartments from the private residences. The drop-off point is privatised and notably, the 50m lap pool is sited beyond. Three basements of car park are allocated as well.

From the unit spread table above, there is a decent balance of 1-,2-,3- and 4-bedders, with deluxe private lifts units. The typology spread for 3-bedders range from from 1411 sqft to 1711 sqft for the deluxe, with a layout that pleases most modern families. The living room height measures 2.85m for most units, with the exception of the penthouses, which have a spacious height of 3.6m, corresponding with its price as well. Also, maintenance fee ranges from $465 to $621.

Let’s dive down to the orientation.

Do note that the prices stated below are not final, and may defer slightly.

1 Bedroom (click for walkthrough)

Editor’s note: There’s currently one last bedroom promo for the 1-bedders. If you are keen to know if it is worth your interest, do contact PropertyLimBrothers here.

The 1-bedders are located in Stack 03 and 09 facing south-east towards the city view and a top pick for renting out or investment. For your own stay, Stack 09 is nearer to the waterbody, but if you’re looking at investing for future rental, stack 03 from the 2nd-15th floor should be a decent choice. Comparing Stack 03 to Stack 09’s 6th floor units, you are paying $16,900 less for stack 03.

The 1-bedder is atypical, but we like the island washing area in the kitchen. It’s a more modern approach compared to say, a kitchen cabinet flushed against the whole wall. The open kitchen is luxuriously Poggenpohl. The ID in the show flat features a full wall mirror in the living room, making it larger than it actually is. Bedroom is of a decent size and is breathable around the bedspace, bringing it to an overall sleek and practical layout.

Except for the master ensuite, which doesn’t include cabinet shelves behind the large mirror; that would have been a decent spot to keep more toiletries.

2-bedroom (click for walkthrough)

Editor’s note: Stack 06 has some units available that are ripe for the taking. With the promotional discounts, you might be able to save a fair bit.

Three of the layouts B1-1,B1-2 and B1-3 are 818 sq ft, while the B2 is 840 sq ft. Located on stacks 02, 06, 11 and 12, all of them faces the north-west except for stack 02, which faces south-east. What this means is that the premium stack is $15,000 more comparing stack 12 to stack 02’s second floor unit — $2.14X mil vs $2.15X mil.

There’s a significant price hike for stack 02 compared to stack 12.

E.g. Mid-floor at stack 12 is going at $2.17X mil, you’re paying almost $40,000 less compared to stack 02’s mid-floor at $2.21X mil. This makes sense for people to invest in stacks 11 and 12 instead. Currently, the status for the mentioned stacks are 20% sold compared to stacks 02 and 06.

The 2-bedders are not dumbbell units. The space is well-maximised, with the kitchen design, layout and size relatively similar to the 1-bedder. If you so prefer an enclosed kitchen, try stack 11.

The dining area is a tad small, but the balcony space could be repurposed for outdoor dates/ chill out sessions.

3-bedroom (click for walkthrough)

The four variations of layouts for 3-bedders are 1173 sq ft for type C1-1, 1141 sq ft for C1-2, 1216 sq ft for C2-1 and 1249 sq ft for C2-2.

The developer places the classic collection 3-bedder of 1173 sq ft in stack 01 facing north-east which has a better view, but close to the neighbouring block. Comparing the 1141 sq ft in stack 05, where you have the corner view of the south-west towards the Mirage Tower, it’s not really an amazing view, considering the quantum is more than $3 mil per unit. Other classic collection 3-bedders is 1216 sq ft in stack 10 and 1249 sq ft in stack 04, which is the show flat unit. Regardless of the 1249 sq ft’s great layout, though partially blocked by the Grand Copthorne, stack 10 will give you a better stack in terms of the frontage.

The layout for the standard 1173 sqft and 1141 sqft 3-bedder has a long foyer that provides privacy before entering the kitchen and living room, but personally, we feel it is wasted space.

The kitchen is rather small for its 3-bedder vs the bigger 3-bedder. The master bedroom is large and spacious, with extra wardrobes installed.

3-bedder premium

Both the 1507 sq ft in stack 13 and 1711 sq ft in stack 07 come with your own private lift to the unit. As you enter, there’s a foyer before the living and dining area. But if you are paying for more than $4 mil for a 3-bedder, you expect view and layout. This puts stack 13 on your choice stack as compared to stack 07 with the bigger unit. The 1507 sq ft makes more sense with the bedrooms flushed to one side and separating the kitchen and living on the other side. The 1711 sq ft layout does have some plus points if you’re keen on entertaining visitors, with a dry kitchen in front of the dining and living. The balcony is framed into view upon entering the unique, which can be lined with some landscaping or gardening for that visual.

A final observation is how the second door to the master bedroom goes directly to the yard area. This will compromise your privacy if you have a domestic helper at the back, but will bode well if you would like to smell what’s cooking daily.

4-bedroom premium (click for walk through)

At 2002 sq ft for the units, the 4-bedder penthouses on the 36th floor was sold in July at $6-7 mil. So far, there has been four transacted units, including the lucky unit number #08-08, going for $4.56X mil. The layout is almost like a dream, with the big living, dining and huge balcony. The master bedroom comes with a balcony and walk-in closet, and the bathrooms are fitted with the Gessi and Durvit, with all marble vanity tops. More like a dream suite with impressive views.

Update as of 22nd Jan

There are currently 27 promo units left, with revised prices that save you almost $500k. There are even options to exclude the ID packages. Is it worth it though? With about 50 units left on promo, you might want to contact PropertyLimBrothers here for the best recommendations that will suit your needs, be it investment or for a forever home.

Price Cushioning

Also, there’s a decent chance that the developer will raise prices incrementally as their breakeven price is about $2376 psf ppr (according to EdgeProp.sg). So obviously, they will not be able to go to the point of making a loss, unless they dare make that gutsy move.

Recent Transactions

Here are the recent transactions in December 2020, courtesy of SquareFoot.

The trend for recent sales are the 2-bedders and 3 Bedroom Deluxe, with one 4 Bedroom Deluxe. Comparing this to the take-up rate above, this might be a good time to purchase before the prices goes up. In fact, there’s promotional prices ongoing which can shave off a significant amount (up to $520k). If you are keen to learn more, do drop PropertyLimbrothers a message here and we will be able to guide you further.

Exit Strategy

When you look at the surrounding of Rivière, it’s encircled by freehold developments. If the return of investment buying a leasehold is the same as buying a freehold in 10 years’ time, the dated freehold developments would have been gone past the 20-year period, whereas the 99-year leasehold would have hit its first decade. Imagine the vibrancy and transformation of the lifestyle around the riverside would have been matured further by then, and the implemented tech stuff which will be obsolete. Here is the list of the surrounding units.

As an investor, if you are looking for a place to rent out, your future tenant isn’t affected be it freehold or leasehold. They will be more concerned with the market rate for rentals.

Comparative Analysis

Now let us compare against the nearest 99-year leasehold, Martin Modern. It has a lower breakeven price of $1799 psf ppr, has a similar range of 450 units, and is developed by Guocoland.

While the vicinity is close by, Martin Modern assumes a similar setting — surrounded by residences. Rivière definitely holds a better vantage point, and connectivity to the MRT, Havelock Rd and the added advantage that no new developments will be built at the north and east.

Tenant Pool

If you are looking to buy it as an investment, competition is aplenty around the area. But observing the overall rental yield, the average is at $4.2 PSF and the maximum is as high as $6.8 PSF. It is estimated that by end 2021, the new Great World MRT station will open along with the Thomson-Coastal Line’s completion, which may push rental to go as high as $8 PSF.

Now compare Rivière to the rest of the older freeholds in the vicinity.

Rivière caters to modern families, from the well-travelled individuals, cosmopolitans relishing in city life, fast-paced couples and tech savvy. With the services available to residents, tenants will enjoy their stay here, without batting an eyelid.

Our Verdict

It is a 99-year leasehold, and you’d expect that the apartment’s facilities will include more than the usual pool, gym clubhouse and bbq areas. Well, a great rooftop infinity spa pool does satisfy those quiet days, but given the breakeven price, it will only make the stacks more expensive and farther from potential buyers. But we get it — when purchasing a stack in this vicinity, the target buyer will be appreciating more of the entertainment spots, accessibility with a posh place to come home to, and an exclusive Singapore River experience that some can only dream of having. As mentioned above, there are some major price drops that buyers like you can capitalise on. Do approach PropertyLimBrothers here and we can fill you in.