River Valley Apartments, a freehold condominium located on River Valley Road in the prestigious District 10, is now available for collective sale through public tender. According to a press release issued by Knight Frank Singapore on January 6th, the exclusive marketing agent for the development, the asking price is set at $56 million.
Built in the 1950s, this four-storey development boasts 24 units and rests on a freehold land area of approximately 12,408 square feet, zoned for residential use with a gross plot ratio of 2.8. It is conveniently situated just 500 meters away from the upcoming Great World MRT Station on the Thomson-East Coast Line. Residents of River Valley Apartments can also enjoy easy access to nearby amenities such as the Great World City and Valley Point Shopping Centre. Families with young children can also take advantage of the close proximity to River Valley Primary School and Alexandra Primary School, both located within a 1km radius.
Based on EdgeProp LandLens, the site has the potential for redevelopment into a boutique residential development with 37 new units, each approximately 915 square feet in size. The guide price of $56 million translates to a land rate of approximately $1,622 per square foot per plot ratio (psf ppr), which includes a nominal land betterment charge. With the 7% bonus gross floor area allowance for balconies, the price translates to approximately $1,583 psf ppr.
Knight Frank Singapore’s head of capital markets (land and collective sale), Chia Mein Mein, points out that the site is in close proximity to three Government Land Sale (GLS) sites that were sold last year. In April 2024, a joint venture between City Developments and Mitsui Fudosan acquired the Zion Road (Parcel A) site for $1.107 billion ($1,202 psf ppr). In June 2024, Wing Tai Holdings successfully bid on the GLS site at River Valley Green for $463.99 million ($1,325 psf ppr). Two months later, Allgreen Properties secured the Zion Road (Parcel B) site for $730.9 million ($1,304 psf ppr) in August.
Chia further elaborates, “Despite the tepid sales activity in the Central Region, the interest in the River Valley and Zion Road location highlights the continued appeal of this area to developers. They may believe that when these projects are ready for launch, there will be strong demand for prime products after a period of subdued activity.”
According to Knight Frank’s estimation, owners of the units at River Valley Apartments, which range from 947 to 1,238 square feet, can potentially receive minimum sale proceeds of around $2 million to $2.6 million if the collective sale is successful.
The latest sales transactions at River Valley Apartments, according to EdgeProp Buddy, are as follows:
– Condo projects with the most profitable transactions
– Past condo rental transactions
– Condo sale transactions in District 10
– Unprofitable transactions in River Valley Apartments
– Price trend chart for River Valley Apartments
The collective sale tender for River Valley Apartments will close on February 18th at 3pm. Interested parties can also check out the latest listings for River Valley Apartments properties on the Ask Buddy feature.