Riviere Prices

Site History

Riviere Condo is sited on the fomer Zouk Nightclub, which has a history that dates back a few decades. Situated by the Singapore River, the 20,000-square-feet (1,858 sq m) premises at Jiak Kim Street was originally three abandoned warehouses. In 1990, Zouk successfully won the lease for the land on which the warehouses stood and began renovations. Couched as an S$8-million entertainment complex, Zouk opened in March 1991 with a discotheque, restaurant, café, wine bar and a pub – the last of which became the MTV Bar at the end of the year, a room that showed music videos from American cable television channel MTV. The Zouk enterprise was run by Zouk Holdings Pte Ltd, which was then made up of an international consortium comprising five partners.

In June 2014, Zouk announced that the club would close at the end of the year, as it was unable to secure a further extension of its lease from the Urban Redevelopment Authority. The land that Zouk sits on is zoned for residential development, and Zouk’s function is viewed as incompatible with the residential nature of the area. Property analysts also stated the nightspot was sitting on prime land that is underutilised in terms of economic value
c. On 22 August, it was announced that the government has acceded to a conditional extension of the lease on Zouk. The nightclub will be allowed to stay at Jiak Kim Street until 31 December 2017, provided that it finds a new location by 30 June 2015; otherwise, the lease will end on 31 December 2015.

Riviere Jiak Kim Street GLS

• In Dec 2017, FRASERS Centrepoint Ltd’s (FCL’s) winning bid earlier this month for the Jiak Kim Street plot was completed
• The S$1,732.55 per square foot per plot ratio (psf ppr) is some 40 per cent higher than the S$1,239 psf ppr that GuocoLand paid in June last year for a nearby site which it is developing into the Martin Modern condo.
• FCL’s bid set a new high for a 99-year leasehold pure private residential site or residential site with first storey commercial use sold at a state tender.
• On 5^th Dec 2017, Jiak Kim Street closed on Tuesday (Dec 5), with FCL receiving a top bid of S$955.4 million, according to the Urban Redevelopment Authority (URA).
• The land parcel at Jiak Kim Street, which is the former site of popular nightclub Zouk, drew a total of 10 offers.
• Land Experts estimates Frasers Centrepoint’s breakeven cost for the Jiak Kim project at around S$2,450 psf. Assuming FCL needs a profit margin of, say, 10 per cent, it would be eyeing an average selling price of around S$2,700 psf.
• The Jiak Kim plot, which also includes three conserved warehouse buildings that once used to house the Zouk nightspot, is superior location-wise. For one, the Jiak Kim site fronts the Singapore River, Riviere condo will enjoy views of the river. The Jiak Kim Street plot siting Riviere is also seen as being accessible – as it is just off Kim Seng and Havelock roads in addition to being closer to an MRT station (the future Great World and Havelock stations on the Thomson-East Coast Line).

For Riviere PSF and price details please read below pricing advice.
Read more at https://www.channelnewsasia.com/news/singapore/former-zouk-site-at-jiak-kim-street-gets-bid-of-s-955-4m-for-9471114