A prime freehold condo, River Valley Apartments, located on River Valley Road in prestigious District 10, has been put up for collective sale by public tender. Exclusive marketing agent, Knight Frank Singapore, announced on Jan 6 that the development is being offered at a price of $56 million.
Built in the 1950s, River Valley Apartments is a four-storey development comprising of 24 units. It sits on a land area of approximately 12,408 sq ft, zoned for residential use with a gross plot ratio of 2.8. The property is strategically situated just 500m away from Great World MRT Station on the Thomson-East Coast Line, and within walking distance to Great World City and Valley Point Shopping Centre. Schools such as River Valley Primary School and Alexandra Primary School are also conveniently within a 1km radius.
According to the EdgeProp LandLens map, the site has the potential for redevelopment into a boutique residential project with 37 new units, each with an average size of 915 sq ft. The guide price of $56 million translates to a land rate of approximately $1,622 psf per plot ratio (psf ppr), inclusive of a nominal land betterment charge. With the additional 7% bonus gross floor area allowed for balconies, the price equates to about $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 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, the GLS site at River Valley Green was 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: “Despite a lacklustre property market in the Central Region, the interest in the River Valley and Zion Road location reflects developers’ confidence in this area. They may anticipate a high demand for prime properties once these projects are launched, following a prolonged period of subdued activity.”
Knight Frank estimates that owners of units at River Valley Apartments, which range from 947 to 1,238 sq ft, may receive minimum sale proceeds of $2 million to $2.6 million if the development is successfully sold.
The collective sale tender for River Valley Apartments closes on Feb 18 at 3pm. Interested parties can refer to the latest listings for River Valley Apartments properties, as well as previous rental and sale transactions in the condo and District 10. The price trend chart for River Valley Apartments is also available for reference.