River Valley Apartments, a freehold condominium located at River Valley Road, has been successfully sold for $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 strata-titled owners of the development are set to receive minimum proceeds of $2 million to $2.6 million each, based on the sale price.
According to a press release from Knight Frank Singapore, the marketing agent for the sale, the buyer is a Singapore family office that has plans to redevelop the site into serviced apartments. The Urban Redevelopment Authority (URA) has already granted an Outline Permission for the development.
“This is a significant achievement, considering the challenging collective sale market, particularly for the residential sector,” says Chia Mein Mein, head of capital markets (land and collective sale) at Knight Frank Singapore.
The collective sale of River Valley Apartments 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 tender for River Valley Apartments attracted strong interest,” says Chia. She attributes this to the development’s prime location in the popular River Valley neighbourhood, and the potential for the site to be redeveloped into a serviced apartment project, which is a popular trend in Singapore’s fast-growing living sector.
River Valley Apartments comprises a four-storey building with 24 units. The 12,408 sq ft site is zoned for residential use, with a gross plot ratio of 2.8 under the latest Master Plan. The owners of River Valley Apartments launched the collective sale of the development on January 7, with a guide price of $56 million.
“This is not the first time we have attempted to initiate a collective sale exercise, but it is the first time we have secured the 80% owners’ consensus to proceed with the tender launch,” says Jerry Tan, chairman of the River Valley Apartments collective sale committee. The development has been on the collective sale market in the past, but this is the first time that the required majority has been reached for a successful sale.
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