Riveria Point sold to niche developer Macly Group for $72 million

Niche property developer Macly Group acquired Riviera Point at 2 Kim Yam Road for $72 million. The freehold site has an area of 14,579 sq ft and based on the Masterplan 2014, the plot ratio is 2.8 with maximum height of 36-storeys.

However, the verified existing gross floor area is 49,265 sq ft, translating to a plot ratio of 3.379. The purchase price therefore translates to $1,461 psf ppr.

Macly Group buys Riveria Point on Kim Yan Road for $72 million, or $1,461 psf ppr (Credit: CBRE)

According to CBRE who brokered the sale of Riviera Point, high floor units in the proposed development will have unblocked views towards the Orchard Road, while the lower floors will overlook the Oxley area, which is predominantly low density residential developments.

This marks Rivieria Point’s fourth collective sale attempt. Previous attempts were in 2007, 2011 and 2013. The tender for Riviera Point closed on Dec 18, and was then put up for private treaty sale thereafter by its marketing agent CBRE.

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