A successful collective sale deal has been closed in 2025, marking the first transaction of its kind for the year. River Valley Apartments, a freehold condominium located on River Valley Road, has been sold for a total of $56 million. The selling price equates to a land rate of $1,622 psf per plot ratio (psf ppr). This sale is a significant milestone for the strata-titled owners of the development, as they are set to receive minimum proceeds of about $2 million to $2.6 million each, based on the selling price.
According to Knight Frank Singapore, the marketing agent for the sale, the purchaser is a local family office with plans to redevelop the site into serviced apartments. The Urban Redevelopment Authority (URA) has already granted an Outline Permission for the development of serviced apartments.
“This marks the first collective sale site sold in 2025, in a challenging collective sale market, especially for the residential sector,” says Chia Mein Mein, head of capital markets (land and collective sale) at Knight Frank Singapore.
This is also 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. “The tender for River Valley Apartments received a lot of interest,” adds Chia. She explains that the site’s appeal lies in its “excellent locational attributes” within the desirable River Valley neighbourhood. The future redevelopment of the site into a serviced apartment project is also well-positioned to meet the growing demand for such accommodation in Singapore.
River Valley Apartments is composed of a four-storey building with 24 units. The site, which is zoned for residential use, spans 12,408 sq ft and has a gross plot ratio of 2.8 under the latest Master Plan. The collective sale was initiated by the owners on Jan 7, with a guide price of $56 million.
“We had previously attempted to launch a collective sale exercise, and this is the first time we have secured the 80% owners’ consensus to proceed with the tender launch,” says Jerry Tan, the chairman of the River Valley Apartments collective sale committee.
For potential buyers, there are currently listings available for River Valley Apartments properties on Ask Buddy. Listings for sale include both HDB and condo units, and interested parties can also check the price trend of HDB, condo, and landed properties and view the past sale transactions for River Valley Apartments. Additionally, there are also rental listings for condos available in District 10.