River Valley Apartments, a freehold condominium located along River Valley Road, has been successfully sold for a total of $56 million. This marks the first residential collective sale deal to close in 2025, with a land rate of $1,622 psf per plot ratio (psf ppr).
The marketing agent for the sale, Knight Frank Singapore, has announced that the purchaser is a Singapore family office. The family office intends to redevelop the site into serviced apartments, for which URA has already granted an Outline Permission.
According to Chia Mein Mein, head of capital markets (land and collective sale) at Knight Frank Singapore, this deal is significant given the current challenging collective sale market, particularly for the residential sector. She believes that the keen interest in the tender for River Valley Apartments can be attributed to its excellent location within the popular River Valley neighbourhood, as well as its potential for redevelopment into a future serviced apartment project that would complement the growing demand for this type of living in Singapore.
River Valley Apartments comprises of a four-storey building with 24 units and sits on a 12,408 sq ft site that is zoned as “residential” with a gross plot ratio of 2.8 under the latest Master Plan. The owners of the apartments had launched the collective sale of the development on Jan 7 with a guide price of $56 million.
Jerry Tan, chairman of the collective sale committee for River Valley Apartments, shared that this is not the first attempt to initiate the collective sale exercise but it is the first time that the owners have secured the necessary 80% consensus to proceed with the tender launch. With the successful sale, each strata-titled owner stands to receive minimum proceeds of about $2 million to $2.6 million based on the sale price.
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This collective sale of River Valley Apartments is also significant as it is 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 site’s excellent locational attributes and its potential for redevelopment into serviced apartments have made it an attractive investment opportunity in a fast-growing industry.