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Interest picks up in Robertson Quay

timothy.tay@edgeprop.sg

Robertson Quay, the enclave on the Singapore River, has traditionally been more idyllic and residential compared with Clarke Quay and Boat Quay, which are more commercial, with bars, clubs and restaurants.

The opening of new F&B concepts, including those at RB Capital’s revamp of the former Quayside retail podium, has brought a livelier buzz to the area. The latest debut is Intercontinental Singapore Robertson Quay last December.

When URA announced that it was going to launch the former Zouk site on Jiak Kim Street, it stirred further interest. The site, which is zoned for a new residential development, was sold to Frasers Centrepoint, which submitted the highest bid of $955.4 million, or $1,733 psf per plot ratio, beating nine others to win the site.

The Jiak Kim Street site is “a rare location”, according to Frasers Centrepoint Singapore CEO Christopher Tang, upon winning the site. It sits right on the edge of the Singapore River.

It is not just GuocoLand’s 450-unit Martin Modern located at Martin Place across the road that has benefited. The sale of the site has also stoked interest in other condominiums in the Robertson Quay area.

The week of Jan 2 to 9 saw a 1,507 sq ft, three-bedroom unit on the 19th floor at the Rivergate condominium sold for $3.06 million ($2,029 psf) on Jan 5. The 545-unit, freehold condo developed by CapitaLand and Hwa Hong Corp was completed in 2009. Rivergate is the only high-rise condo in the Robertson Quay area fronting the Singapore River and contains three 43-storey towers, dwarfing the shorter towers, which that are typically 10 storeys.

Since October, two- and three-bedroom units at Rivergate have changed hands at prices above $2,000 psf. The last transaction of a similar-sized three-bedder at Rivergate was last October. The unit was sold for $2.9 million ($1,897 psf), according to a caveat lodged on Oct 26.


The condos in the Robertson Quay area have seen a jump in interest with the surge in real estate activity in the vicinity, including the opening of two hotels. (Picture: Samuel Isaac Chua/The Edge Singapore)

Nearby on Martin Road is a boutique nine-unit development, Martin Edge, developed by Macly Group and completed in 2006. The latest transaction at Martin Edge was that of a 517 sq ft, one-bedroom unit that changed hands for $850,000 ($1,645 psf) on Jan 2. The last transaction prior to that was that of a 936 sq ft, one-bedroom unit located on the sixth floor that was sold for $1.46 million ($1,555 psf) in November 2012.

On Tong Watt Road, just off Mohamed Sultan Road is The Wharf Residence, a 186-unit, 999-year leasehold development by CapitaLand. Completed in 2012, the development contains 13 retrofitted terraced houses and four 10- to 23-storey condominium blocks.

Two units at The Wharf Residence changed hands recently. One was a 1,475 sq ft, three-bedder on the 10th floor that fetched $2.78 million ($1,885 psf) when it was sold on Jan 3. The other unit sold was a 1,066 sq ft, two-bedder for $2.11 million ($1,975 psf) on Jan 8.

On the other side of the Singapore River is Kim Seng Road. The Trillium, a 237-unit freehold condo by Lippo Realty, was completed in 2010. Located just across the road from Great World City mall, the development is also popular with potential buyers, as it will be directly across the road from the upcoming Great World MRT station as well.

A 1,399 sq ft, two-bedroom unit on the 21st floor of one of the three towers at The Trillium was sold for $2.88 million ($2,055 psf) on Jan 4. The unit fetched $2.55 million ($1,821 psf) when it was launched by the developer in May 2007.

 

This article appeared in EdgeProp Pullout, Issue 814 (Jan 22, 2017)

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