A prime freehold condo in District 10, River Valley Apartments, has been put up for collective sale through a public tender. The exclusive marketing agent, Knight Frank Singapore, announced on January 6th that the development is being offered for $56 million.
Built in the 1950s, the four-storey apartment complex consists of 24 units and sits on a 12,408 sq ft residential-zoned land with a gross plot ratio of 2.8. It is located just 500m from the Great World MRT Station on the Thomson-East Coast Line. The convenient location also offers easy access to Great World City and Valley Point Shopping Centre, while River Valley Primary School and Alexandra Primary School are both within a 1km radius.
The property has the potential for redevelopment into a boutique residential development with 37 new units, with an average size of 915 sq ft, as noted by Knight Frank.
The guide price of $56 million results in a land rate of approximately $1,622 psf per plot ratio (psf ppr), which includes a nominal land betterment charge. Taking into account the 7% bonus gross floor area permitted for balconies, the price equates to around $1,583 psf ppr.
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Chia Mein Mein, head of capital markets (land and collective sale) at Knight Frank Singapore, points out 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, a GLS site at River Valley Green sold for $463.99 million ($1,325 psf ppr) to Wing Tai Holdings, followed by the sale of Zion Road (Parcel B) to Allgreen Properties for $730.9 million ($1,304 psf ppr) in August.
Chia adds, “Despite slow home sales activity in the Central Region, the interest in the River Valley and Zion Road location is a clear indicator that developers remain attracted to this area. Perhaps, they have the confidence that when these projects are ready for launch, there will be a strong demand for prime products after a prolonged period of subdued activity.”
According to Knight Frank’s estimates, owners of the units at River Valley Apartments, with sizes ranging from 947 to 1,238 sq ft, stand to receive minimum sale proceeds of around $2 million to $2.6 million if the development is successfully 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 information on profitable past condo transactions, rental transactions, sale transactions in District 10, as well as price trends for River Valley Apartments.