River Valley Apartments, a freehold condominium located on River Valley Road, has been successfully sold for a whopping price of $56 million. This transaction marks the first collective sale deal to be completed in 2025. The attractive deal translates to a land rate of $1,622 per square foot per plot ratio (psf ppr). The fortunate owners who own strata-titled units in this development are expected to receive a handsome sum of between $2 million to $2.6 million each, based on the final sale price. According to a press release by Knight Frank Singapore, the marketing agent for this sale, the buyer is a Singapore family office. The buyer intends to redevelop the site into serviced apartments. The Urban Redevelopment Authority (URA) has granted an Outline Permission for the development of serviced apartments on this site. This is a promising development as the living sector in Singapore has been rapidly expanding in recent years.
Chia Mein Mein, head of capital markets (land and collective sale) at Knight Frank Singapore, notes that the successful sale of River Valley Apartments is a significant milestone in the current challenging collective sale market, especially in the residential sector. The sale of this development is the first of its kind in the prime districts since May 2023, when Kew Lodge was sold for $66.8 million to Aurum Land.
Chia adds that the tender for River Valley Apartments garnered significant interest from potential buyers. She attributes this interest to the development’s prime location in the highly sought-after River Valley neighbourhood. Additionally, the planned redevelopment of the site into serviced apartments adds to its appeal, considering the growing demand for such accommodation in Singapore.
River Valley Apartments is a four-storey building with 24 units and covers a land area of 12,408 square feet. The site, which is zoned “residential,” has a gross plot ratio of 2.8, as indicated in the latest Master Plan. The collective sale committee of River Valley Apartments launched the sale of this development on January 7, 2025, with a guide price of $56 million.
Jerry Tan, chairman of the River Valley Apartments collective sale committee, says that the owners have been trying to initiate a collective sale for some time now. However, this is the first time that they have managed to secure an 80% consensus among the owners to proceed with the tender launch. The strong interest shown by potential buyers is evident in the fact that the development was sold for a higher price than its guide price. This is a positive sign for the collective sale market, which has been struggling in recent times. Interested buyers can check out the latest listings for River Valley Apartments properties and compare them to similar developments in the area.