http://www.mom.gov.sg/newsroom/Pages/PressReleasesDetail.aspx?listid=317
The area around Clark Quay is becoming increasingly vibrant. Three factors cause residential property prices to rise:
1) Increase in offices near the area. The area vacated by MOM could be refurbished and GFA increased, although this is unconfirmed. People who live in Clark Quay will have no problems walking or taking a bus to Raffles Place to work.
2) Schools nearby. Raffles Education is shifting to Merchant Square at the end of 2012. There will be a shortage of student accommodation and it will spillover to higher rental demand for residential properties nearby.
3) Shopping centres and F&B outlets nearby. The area in Clark Quay has ample supply of good restaurants, and the nearby Chinatown area provides affordable and good hawker food. Perhaps what is lacking is a large shopping mall with cinemas etc. The Central has many food outlets but not enough residential critical mass to have a cinemas. Nevertheless, there is a lot of entertainment outlets around the Clark Quay area, from pubs, to coffee shops to KTV bars.
Since I first put up the article on The Riverside Piazza, the price has risen from around 980 PSF to around 1280 PSF. It is still the cheapest apartment around the area, definitely cheaper than Watertown at Punggol (1300 PSF), Sky Habitat (1700 PSF). Chinatown has a few very old, leasehold apartments, with around 60 to 70 years left, which cost around 1000 - 1200 PSF. There is no swimming pool however, and it can be a bit noisy at times due to the vibrant retail traffic downstairs. Chinatown area is also a little further away from Raffles Place.
Rental income for 2 bedrooms in The Riverside Piazza range from 3800 - 4000 per month, and for 3 bedrooms between 4400 - 4800. The rental yield based on current transaction is around 3.6%. But rental increase can be substantial once the GFA of the office vacated by the MOM and Raffles Education shifts in.
