River Valley Apartments, a freehold condo located on River Valley Road in upscale District 10, is now up for collective sale through a public tender. According to the press release by exclusive marketing agent Knight Frank Singapore on Jan 6, the asking price for the development is $56 million.
The four-storey development was built in the 1950s and comprises of 24 units. Sitting on a land area of approximately 12,408 sq ft, the property is zoned for residential use with a gross plot ratio of 2.8. It is strategically located around 500m from the Great World MRT Station on the Thomson-East Coast Line, making it easily accessible. In addition, popular shopping destinations such as Great World City and Valley Point Shopping Centre are within walking distance, while River Valley Primary School and Alexandra Primary School are within a 1km radius.
Based on the map provided by 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, as suggested by Knight Frank.
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. Taking into account the 7% bonus gross floor area allowed for balconies, the price comes to about $1,583 psf ppr.
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The alluring prospect of investing in a condominium in Singapore has captured the interest of both local and foreign investors. This can be attributed to the city-state’s strong economy, stable political climate, and exceptional quality of life. With a thriving real estate market offering a plethora of opportunities, condos are a prime choice for their convenience, amenities, and potential for lucrative returns. In this article, we will delve into the advantages, factors to consider, and necessary steps when investing in a condo in Singapore, with a focus on Singapore Projects.
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Chia Mein Mein, head of capital markets (land and collective sale) at Knight Frank Singapore, pointed out that the site is strategically located near three Government Land Sale (GLS) sites that were sold 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 2024, another GLS site at River Valley Green was purchased by Wing Tai Holdings for $463.99 million ($1,325 psf ppr). Two months later, Allgreen Properties successfully acquired the Zion Road (Parcel B) site for $730.9 million ($1,304 psf ppr) in August.
Chia stated: “Despite the subdued home sales activity in the Central Region, the strong interest in properties located in the River Valley and Zion Road area indicates that developers are still attracted to the area. They may have confidence in the market demand for high-end properties when these projects are ready for launch, after a prolonged period of sluggish activity.”
Based on Knight Frank’s estimates, owners of the units at River Valley Apartments, which range between 947 and 1,238 sq ft, could potentially receive minimum proceeds of $2 million to $2.6 million if the development is successfully sold.
Latest sales transactions at River Valley Apartments (Source: EdgeProp Buddy)
The collective sale tender for River Valley Apartments will close on Feb 18 at 3pm. Check out the latest listings for River Valley Apartments properties here.
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Condo projects with most profitable transactions
Past Condo rental transactions
Condo sale transactions in District 10
Are there unprofitable transactions in River Valley Apartments?
Price trend chart for River Valley Apartments