The freehold condominium River Valley Apartments, located on River Valley Road, has just been sold for a staggering $56 million. This marks the very first successful residential collective sale deal to close in 2025, with the selling price translating to a land rate of $1,622 psf per plot ratio (psf ppr).
According to a recent press release from Knight Frank Singapore, the marketing agent for the sale, the purchaser is a Singapore family office with plans to redevelop the site into serviced apartments. The Urban Redevelopment Authority (URA) has already granted Outline Permission for the development of these serviced apartments.
Head of capital markets (land and collective sale) at Knight Frank Singapore, Chia Mein Mein, states that “This marks the first collective sale site sold in 2025, amid a challenging collective sale market, especially for the residential sector.” This highlights the significance of this successful deal in the current real estate climate.
The collective sale of River Valley Apartments also marks the first residential collective sale site sold in a prime district since May 2023, when Kew Lodge was sold for $66.8 million to Aurum Land. Chia explains that this is due to “very keen interest” in the tender, with the site’s “excellent locational attributes” in the popular River Valley neighborhood and potential for redevelopment into a future serviced apartment project.
River Valley Apartments consists of a four-storey building with 24 units. The 12,408 sq ft site, zoned as “residential”, has a gross plot ratio of 2.8 under the latest Master Plan. The owners of River Valley Apartments launched the collective sale of the development on Jan 7 with a guide price of $56 million.
Jerry Tan, chairman of the River Valley Apartments collective sale committee, shares that “We had attempted to initiate the collective sale exercise in the past, and this is the first time we have secured the 80% owners’ consensus to proceed with the tender launch.” This shows that the owners were finally able to come to an agreement, resulting in the successful collective sale.
Overall, the sale of River Valley Apartments is a significant event in the real estate market, especially for the prime district of River Valley. With the potential for redevelopment into serviced apartments and continuous demand in this fast-expanding sector, this deal is sure to bring in a lucrative return for the strata-titled owners.