River Valley Apartments, a freehold condominium located on River Valley Road in the prestigious District 10, is now up for collective sale through a tender process. According to a press release issued on January 6th by exclusive marketing agent Knight Frank Singapore, the development is being offered for $56 million.
Built in the 1950s, this four-storey development consists of 24 units and sits on a 12,408 sq ft land parcel that is zoned for residential use, with a gross plot ratio of 2.8. Its prime location is just 500m away from the upcoming Great World MRT Station on the Thomson-East Coast Line. Popular shopping destinations such as Great World City and Valley Point Shopping Centre are within walking distance, while top-rated schools like River Valley Primary School and Alexandra Primary School are situated within a 1km radius.
According to the EdgeProp LandLens, the site has the potential to be redeveloped into a boutique residential development with 37 new units, each with an average size of 915 sq ft. Knight Frank also adds that 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 would then be around $1,583 psf ppr.
Chia Mein Mein, head of capital markets (land and collective sale) at Knight Frank Singapore, highlights the site’s strategic location, as it is situated near three Government Land Sale (GLS) sites that were sold off last year. In April 2024, Zion Road (Parcel A) was acquired by a joint venture between City Developments and Mitsui Fudosan for $1.107 billion ($1,202 psf ppr). In June and August of the same year, a GLS site at River Valley Green was sold for $463.99 million ($1,325 psf ppr) to Wing Tai Holdings and another GLS site at Zion Road (Parcel B) was awarded to Allgreen Properties for $730.9 million ($1,304 psf ppr).
Chia also notes that despite the sluggish home sales activity in the Central Region, the interest in the River Valley and Zion Road area suggests that developers are still drawn to this prime location, perhaps with the belief that there will be a ready demand for high-end properties after a prolonged period of subdued activity.
The estimated minimum sale proceeds for owners of the units at River Valley Apartments, which range between 947 and 1,238 sq ft in size, could amount to around $2 million to $2.6 million if the development is sold.
The collective sale tender for River Valley Apartments will close on February 18th at 3pm. Interested parties can check out the latest listings for River Valley Apartments properties on EdgeProp Buddy. The platform also provides market information on past rental and sale transactions, as well as price trends for the district.