River Valley Apartments, a four-storey freehold condominium located on River Valley Road in prime District 10, has been put up for collective sale by public tender. According to a press release from the exclusive marketing agent, Knight Frank Singapore, the development is being priced at $56 million.
The apartment, which consists of 24 units and was built in the 1950s, sits on a 12,408 sq ft plot of land zoned for residential use with a gross plot ratio of 2.8. It is conveniently situated around 500m from the upcoming Great World MRT Station on the Thomson-East Coast Line. Its convenient location also provides easy access to various amenities such as Great World City and Valley Point Shopping Centre. For families with young children, River Valley Primary School and Alexandra Primary School are within a 1km radius.
The site has potential for redevelopment into a boutique residential development with 37 units, with an average size of 915 sq ft each. The guide price of $56 million translates to a land rate of approximately $1,622 psf per plot ratio (psf ppr) including a nominal land betterment charge. With the 7% bonus gross floor area allowed for balconies, the price comes to approximately $1,583 psf ppr.
Chia Mein Mein, head of capital markets (land and collective sale) at Knight Frank Singapore, notes that the site is in close proximity to three Government Land Sale (GLS) sites that were successfully sold last year. In April 2024, Zion Road (Parcel A) was awarded to a joint venture between City Developments and Mitsui Fudosan for $1.107 billion ($1,202 psf ppr). In June 2024, a GLS site at River Valley Green was acquired by Wing Tai Holdings 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 adds that despite the lacklustre home sales activity in the Central Region, the interest in the River Valley and Zion Road location demonstrates that developers are still drawn to this area. This could be due to the belief that there will be strong demand for prime properties once these projects are ready for launch, after a period of subdued sales activity.
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Based on Knight Frank’s estimates, owners of the units at River Valley Apartments, which range from 947 to 1,238 sq ft, stand to receive minimum sale proceeds of around $2 million to $2.6 million if the development is successfully sold.
The collective sale tender for River Valley Apartments will close on Feb 18 at 3pm. Interested parties can check out the latest listings for River Valley Apartments properties on the market. Potential buyers can also use the “Ask Buddy” feature on EdgeProp to get more information about the development.
For those interested in the past rental and sales transactions at River Valley Apartments, EdgeProp’s “Condo projects with most profitable transactions” and “Past condo rental transactions” features are useful tools to navigate through the data. Additionally, users can also check out the latest transactions and price trend chart for the development.
Potential buyers can also explore other profitable transactions and rental data for condominiums in District 10, and use EdgeProp’s “Condo projects with most profitable transactions” and “Past condo rental transactions” features for more insights. To get a better understanding of the price trend for River Valley Apartments, check out EdgeProp’s “Price trend chart for River Valley Apartments” page.