Riviera 38
Mar Thoma Road · District 12 · Rest of Central Region (RCR) · 999 yrs lease commencing from 1882
Riviera 38 is an apartment development in District 12 (RCR). Based on 23 URA-recorded transactions from 2021–2026, its median price is $1,160,000, with prices moving about 2.4%/yr and a gross rental yield near 3.9%.
The verdict · for an investor
Riviera 38 · Apartment · District 12 · Leasehold
Riviera 38 is a mixed picture — a real case, with real caveats.
There's a genuine case here, but weigh the caveats below before you commit — the fundamentals and the record don't all point the same way.
Why it's pushing up
What matters most for you
- Convenient — MRT about 18 min on foot; 11 supermarkets, 1 food & retail spot nearby.
- Rentable — ~3.9% gross yield; schools nearby keep tenants coming.
And what makes it better
- Every unit type has risen — 3-bed +21.6%, 4-bed +21.3%, 2-bed +10.1% since 2021.
- A Primary-1 priority school within 1km — a real family draw.
- Inside Kallang – Sports Hub & riverside — a government-committed long-term catalyst.
What's holding it back
- MRT is a real walk — Potong Pasir MRT, about 18 min.
- The market's near the top of its cycle — mind your entry price.
Should I buy?
There's a case — weigh the caveats first.
Rental yield
gross, on this project
Priced vs nearby
priced under the walkable neighbours.
Independent research, not advice. A fair price still isn’t automatically a good buy — the call is always yours.
Pick your exact unit — then check your price
Your unit’s exact size
Every real size that has sold here (URA caveats). Pick yours — or the closest.
What 1,141 sqft (4-bed) units go for here
The price they’re asking
Type the price they’re quoting — we’ll judge it against what this exact size really sold for. No opinion until you do.
Recent 1,141 sqft sales
What it rents for — and if that works
The rent you’d get
The price to fight for — and the endgame
No agent, no listing, no one paying us — so we’ll say it plainly, whichever side of the table you’re on, for the size you picked.
If you’re buying
≤ $1.76M
Aim at the middle or below. A patient buyer has been getting closer to $1.70M.
If you’re selling
~$1.84M
List at the top of fair; realistic close is $1.76M–$1.78M unless it’s a high floor.
Why no rush either way: Seller’s Stamp Duty means a buyer can’t sell penalty-free for ~4 years — so you’re holding regardless. That’s your leverage to negotiate down now, not overpay.
The reality check — does the gain even make sense?
Our blunt read: ~$471k over 10 years at this project’s own pace. It works — but forward from a cycle top, treat it as a maybe, not a promise. This is our own POV, not a forecast — the pace is the project’s own (~2.4%/yr), and past pace never promises the future.
Built from URA transactions for Riviera 38 — an opinion to decide and negotiate with, never a valuation and never financial advice.
If you’re buying — the outlook
Riviera 38
Rest of Central Region (RCR) · District 12 · ~$1,596 psf · 3.9% yield
Prices are near the top of the cycle, and the government is still cooling it — but cheap loans and steady immigration are holding them up. For Riviera 38, its own prices are still climbing. Over a 4-year hold, expect modest growth — not a big jump.
On balance, the wind is leaning to your favour.
What it means for you: At ~$1,596 psf, Riviera 38 is priced below similar new projects nearby — good value against its peers. Its own prices are only creeping up (~2.4%/yr over ~5 years). You'd also be buying near the top of the cycle, so entry price matters. So — negotiate, don't overpay, and plan to hold past the 4-year stamp-duty window before selling.
The signals behind it
Dots show how much weight each one carries.
Holds prices back
Prices are near the top — up 33% in 5 years, well above the 4.6%/year long-run pace. Less room left to climb.
Supports prices
Riviera 38's own prices are still climbing — about +2% in the latest year of sales.
About neutral
The city fringe (RCR) sits in the middle of the three areas on long-run growth.
Holds prices back
The government is still cooling the market — the latest was SSD back to 4 years at 16/12/8/4% (2025). That caps how fast prices can run.
Supports prices
Loan rates are cheap right now (~1.08%) and falling. Easy to carry — which supports prices, but also means more buyers competing with you.
Supports prices
Against salaries, prices aren't expensive by past standards — people can still afford to buy.
Supports prices
Lots of new people keep moving to Singapore (non-residents up ~16% over 5 years) — steady demand for homes and rentals.
Supports prices
Not many new units are being built in this district (~777) — less new supply competing with you.
Supports prices
New launches in this district are selling well — 3 recent ones are around 95% sold, so buyer demand here is healthy right now.
Holds prices back · small effect
The government keeps releasing a lot of new land (~9,200 units this half-year) — more future supply that can weigh on prices years down the road.
Holds prices back · small effect
Foreign buyers are almost gone since the 60% tax (~1.4% of buyers) — a small drag on the city fringe.
About neutral
Rents across Singapore have flattened out lately.
Supports prices · small effect
There's more CPF money sitting ready to put toward a home than a few years back — a small support in the background.
Supports prices · small effect
The economy is growing (5% last year) and jobs are steady (1.9% unemployment) — no alarm bells.
Supports prices · small effect
Building costs are high (up ~39% since 2010) and still creeping up — developers can't build cheap, which puts a floor under new-launch prices.
Built from real public data (URA price index back to 1975, plus rates, immigration, rents, the economy). It prepares you — it never promises a price.
How far could it go — and when?
Is the price high? ~$1,596 psf is ~24% below similar nearby projects (~$2,100). good value
(The whole city fringe average is ~$1,830 psf — but that lumps in older stock, so we compare like with like, not against that.)
What’s realistic here? Its own record and its real neighbours — not the market.
Riviera 38 has grown ~2.4%/yr over ~5 years. Similar nearby: The Orie 4.9%, Eight Riversuites 4.8%, Gem Residences 3.2%, Trevista 7.9%, Verticus 2.7% — a 2.7–7.9%/yr spread (most around 4.8%).
You can’t sell for ~4 years without a penalty. Seller’s Stamp Duty is 16/12/8/4% in years 1–4, then 0% — so the honest question is what happens from year 4 on.
What price per sqft are you hoping to sell at one day?
Our own read, not financial advice. We don’t predict a price — we show what your target would need, and when, against what this project and its real neighbours have actually done.
Median price
$1,160,000
2021–2026 (URA)
Appreciation
2.4%/yr
median trend
Gross yield
3.9%
~$5.24/psf rent
Lease
~855 yrs left
leasehold
Riviera 38 median price per sqft, by year
Median PSF of actual URA transactions each year, with year-on-year change.
Does Riviera 38 fit your budget?
GrowKaki models the real take-home — net of stamp duty, agent fee, mortgage interest and CPF — for the exact unit your budget reaches, then hands you to an agent when you’re ready.
Plan your purchase →Units for sale at Riviera 38
Questions people ask about Riviera 38
Is Riviera 38 freehold or leasehold?
Riviera 38 is on a 99-year lease that began in 1882, so about 855 years remain. It sits in District 12 (Rest of Central Region (RCR)).
How much does Riviera 38 cost per square foot?
Recent transactions at Riviera 38 are around $1,596 psf. Across its record, transacted prices range from $650,000 to $1,881,500.
Which primary schools are near Riviera 38?
Within 1 km (top Primary 1 priority): St Andrew's School (junior) (0.41 km), Bendemeer Primary School (0.74 km), Hong Wen School (0.96 km). Within 1–2 km: Pei Chun Public School, Cedar Primary School, First Toa Payoh Primary School. Distances are straight-line — the basis MOE uses for P1 priority.
Which MRT station is nearest Riviera 38?
The nearest MRT is Potong Pasir MRT, about 730 m away (straight-line).
Has Riviera 38 gone up in value?
Across 23 URA-recorded transactions (2021–2026), prices at Riviera 38 have moved about 2.4% a year on average, with a gross rental yield near 3.9%. That is a past record, not a forecast.
What condos are comparable to Riviera 38?
Within a short walk: Riverbay, Beacon Heights, Regent Residences, The Poiz Residences, The Arcady At Boon Keng. These are the honest yardstick for its price and growth — closer and more alike than any whole-market average.
Is Riviera 38 a good buy?
Riviera 38 sits in Rest of Central Region (RCR). Whether it is right for you depends on your budget, purpose and holding period — GrowKaki models the net take-home after stamp duty, agent fee and CPF. This is independent research, not advice, and a fair price is not automatically a good buy.