River Valley Apartments Launched Collective Sale 56 Mil
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River Valley Apartments, a freehold condominium located on River Valley Road in the highly sought-after District 10, is now up for collective sale by public tender. According to a press release dated January 6 by the exclusive marketing agent, Knight Frank Singapore, the development has been listed at a price of $56 million.
The condominium, which was constructed in the 1950s, is a four-storey building with 24 units. It occupies a land area of approximately 12,408 square feet, zoned for residential use and has a gross plot ratio of 2.8. The location of River Valley Apartments is extremely attractive, being just 500 meters away from the Great World MRT Station on the Thomson-East Coast Line. It is also within walking distance of two popular shopping centres, Great World City and Valley Point Shopping Centre, and is in close proximity to River Valley Primary School and Alexandra Primary School, both of which are within a 1km radius.
According to the EdgeProp LandLens map, River Valley Apartments is a prime location for redevelopment into a boutique residential development. The potential plan allows for the construction of 37 new units, with an average size of 915 square feet. The marketing agent, Knight Frank, has determined a guide price of $56 million, which translates to a land rate of approximately $1,622 per square feet per plot ratio (psf ppr). This figure also includes a nominal land betterment charge. Taking into consideration the 7% bonus gross floor area permitted for balconies, the price averages out to approximately $1,583 psf ppr.
Chia Mein Mein, the head of capital markets (land and collective sale) at Knight Frank Singapore, adds 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 sold to Wing Tai Holdings for $463.99 million ($1,325 psf ppr). Two months later, Zion Road (Parcel B) was awarded to Allgreen Properties for $730.9 million ($1,304 psf ppr) in August.
Chia further adds that despite a lackluster sales activity in the Central Region, the interest in the River Valley and Zion Road location clearly shows that developers are still drawn to this area. It is possible that they believe that when these projects are eventually launched, there will be a ready market demand for high-end products, after a prolonged period of subdued market activity.
Knight Frank estimates that if the development is sold, owners of the units at River Valley Apartments, which range between 947 and 1,238 square feet in size, stand to receive a minimum sale proceeds of around $2 million to $2.6 million.
The collective sale tender for River Valley Apartments is set to close on February 18 at 3pm. Interested parties may visit the latest listings for River Valley Apartments properties on the Knight Frank Singapore website. The site also has a useful tool called ‘Ask Buddy’ which can help buyers and sellers with their queries. Additionally, there are past condo rental and sale transactions in District 10 available to view. Interested parties may also check out the price trend chart for River Valley Apartments to better understand the market trends for this development.