Aiming to capitalize on the thriving real estate market in prime District 10, River Valley Apartments, a freehold condo on River Valley Road, has recently been launched for collective sale through public tender. According to a press release by the exclusive marketing agent Knight Frank Singapore on Jan 6, the development is being offered at a price of $56 million.
Constructed in the 1950s, the four-storey apartment contains 24 units and occupies a land area of approximately 12,408 sq ft that is zoned for residential use. With a gross plot ratio of 2.8, the property is situated around 500m from the Great World MRT Station on the Thomson-East Coast Line. It boasts of a convenient location, with Great World City and Valley Point Shopping Centre being easily accessible on foot. In addition, River Valley Primary School and Alexandra Primary School are both situated within a 1km radius.
Based on the EdgeProp LandLens map, River Valley Apartments (Source: EdgeProp LandLens) is a potential site for a boutique residential development comprising of 37 new units, each with an average size of 915 sq ft, with the guide price of $56 million translating to a land rate of approximately $1,622 psf per plot ratio (psf ppr) including a nominal land betterment charge. Taking into account the 7% bonus gross floor area allowed for balconies, the price equates to approximately $1,583 psf ppr.
Chia Mein Mein, head of capital markets (land and collective sale) at Knight Frank Singapore, points out that the property is in close proximity to three Government Land Sale (GLS) sites that were sold last year. In April 2024, Zion Road (Parcel A) was successfully acquired by a joint venture between City Developments and Mitsui Fudosan for $1.107 billion ($1,202 psf ppr). Subsequently, in June 2024, a GLS site at River Valley Green was purchased by Wing Tai Holdings for $463.99 million ($1,325 psf ppr). Two months later, in August, Allgreen Properties secured the rights to develop Zion Road (Parcel B) for $730.9 million ($1,304 psf ppr).
Chia adds, “Despite the sluggish sales activity in the Central Region, the interest shown in the River Valley and Zion Road location demonstrates the continued appeal of this area to developers. They may possess the belief that when these projects are ready for launch, there will be a strong demand for prime properties after a prolonged period of subdued activity.”
According to Knight Frank, owners of the units at River Valley Apartments, which range between 947 and 1,238 sq ft in size, can expect to receive minimum sale proceeds of approximately $2 million to $2.6 million if the development is successfully sold.
Latest sales transactions at River Valley Apartments (Source: EdgeProp Buddy)
The collective sale tender for River Valley Apartments will close on Feb 18 at 3pm. Interested buyers can access the latest listings for River Valley Apartments properties on EdgeProp’s online platform, Ask Buddy. In addition, users can also browse through past condo rental and sale transactions, as well as check out the price trend chart for the property.
Purchasing real estate is a challenging venture, and the location of the property is a crucial aspect to take into consideration.