An opportunity to create a signature hotel near Singapore's vibrant entertainment and lifestyle hub, Clarke Quay is on offer through Colliers International.

The Riverside Piazza at 11 Keng Cheow Street is being put up for collective sale at a reserve price of SGD198 million reserve price, reflecting a land rate of SGD2,606 per square foot per plot ratio (psf ppr).

The site in prime District 1 – which spans 2,940.4 square metres (approximately 31,650 square feet) in size - has a leasehold tenure of 99 years with effect from 2 October 1992.

According to the Master Plan 2014, the site is zoned Commercial and Residential with a plot ratio of 2.8 and a maximum Gross Floor Area of 8,260 sq m (approximately 88,910 sq ft).

Following the submission of an outline application, the Urban Redevelopment Authority (URA) said it was supportive of alternative development options for the site, including hotel development.

Strategically located on the fringe of the central business district (CBD) and a stone’s throw from the vibrant Clarke Quay entertainment hub and the heritage district of Chinatown, the site is well-suited to be redeveloped into a signature hotel property, amid the bright outlook for the tourism sector in Singapore and the region.

Colliers International Managing Director Tang Wei Leng said the site presented a unique opportunity to create a contemporary riverfront hotel in an area thriving with activity, buzzing nightlife, and rich history.

"We believe the excellent site attributes should appeal to developers who are looking to tap growing opportunities in the hospitality real estate sector," she said.

“Prime development sites do not come up very often, especially near the Singapore River which has played an important role as a lifeline for generations of people in the country’s storied past.

The site is situated in an amenity-rich area with a wide range of retail, recreation and relaxation options, including the Fort Canning Country Club, Fort Canning Park, Clarke Quay, Clarke Quay Central, Liang Court, Havelock II, and Chinatown Point. 

It is also a 9-minute drive to the famed Orchard Road Shopping Belt - Singapore’s premier shopping street that boasts luxury retail brands and world-renowned international cuisines.

The Riverside Piazza  is well-served by public transport being near three MRT stations: Clarke Quay station on the North East Line (NEL); Fort Canning station on the Downtown Line (DTL); as well as Chinatown interchange station which connects the NEL and DTL.

The site also enjoys easy access to the CBD and other parts of Singapore via major roads and the Central Expressway.

The area surrounding the site is experiencing a revitalization, with the nearby State Court Towers which is set to open in 2020. 

The Riverside Piazza comprises 40 apartments and 24 commercial shops, with sizes ranging from 58 sq m to 333 sq m (approximately 624 sq ft to 3,584 sq ft).

Depending on the size of their property, each owner could stand to receive between SGD2.23 million and SGD9.47 million from the successful sale of the development.

The Riverside Piazza Collective Sale Committee Chairman Wendy Tan Siew Cheng the redevelopment of The Riverside Piazza could help to further transform the area, alongside ongoing placemaking efforts to revamp riverfront offerings.”

“This is our first attempt at collective sale and we are hopeful of garnering a positive response for the tender owing to the site’s attractive location near the Singapore River, Chinatown, and the CBD," shes said.

The collective sale tender for The Riverside Piazza will close at 3pm on 19 December 2019.

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