The four-storey apartment, built in the 1950s, occupies a freehold land area of approximately 12,408 sq ft (Picture: Knight Frank Singapore)
River Valley Apartments, a freehold condo on River Valley Road in prime District 10, has been launched for collective sale by public tender. According to a Jan 6 press release by exclusive marketing agent Knight Frank Singapore, the development is priced at $56 million.
The apartment is a four-storey development with 24 units that was completed in the 1950s. It occupies a land area of about 12,408 sq ft zoned for residential use, with a gross plot ratio of 2.8. It is located around 500m from the Great World MRT Station on the Thomson-East Coast Line. Great World City and Valley Point Shopping Centre are within walking distance, while River Valley Primary School and Alexandra Primary School are located within a 1km radius.
Map showing River Valley Apartments (Source: EdgeProp LandLens)
The site can potentially be redeveloped into a boutique residential development with 37 new units with an average size of 915 sq ft, adds Knight Frank.
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. Taking into consideration the 7% bonus gross floor area allowed for balconies, the price translates to approximately $1,583 psf ppr.
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Chia Mein Mein, head of capital markets (land and collective sale) at Knight Frank Singapore, says that the site is within proximity of three Government Land Sale (GLS) sites that were 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 sold for $463.99 million ($1,325 psf ppr) to Wing Tai Holdings. Two months later, Zion Road (Parcel B) was awarded to Allgreen Properties for $730.9 million ($1,304 psf ppr) in August.
Chia adds: “While home sales activity in the Central Region was lacklustre, the interest in the River Valley and Zion Road location demonstrates that developers continue to be attracted to this area, perhaps possessing the belief that when these projects are ready for launch, there will be ready demand for prime products after a long period of subdued activity.”
Knight Frank estimates that owners of the units at River Valley Apartments, which range between 947 and 1,238 sq ft in size, stand to receive minimum sale proceeds of around $2 million to $2.6 million if the development is 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.
Check out the latest listings for River Valley Apartments properties