River Valley Apartments Launched Collective Sale 56 Mil
River Valley Apartments, a prime freehold condo located on the prestigious River Valley Road in District 10, is now available for sale through a collective sale tender. The exclusive marketing agent, Knight Frank Singapore, announced on Jan 6 that the development is priced at $56 million.
Built in the 1950s, River Valley Apartments is a four-storey development with 24 units. It sits on a 12,408 sq ft plot of land zoned for residential use, with a gross plot ratio of 2.8. The Great World MRT Station on the Thomson-East Coast Line is only 500m away, and popular shopping destinations like Great World City and Valley Point Shopping Centre are within walking distance. Families with young children will also appreciate the convenience of having River Valley Primary School and Alexandra Primary School within a 1km radius.
Map showing River Valley Apartments (Source: EdgeProp LandLens)
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The fortunate inhabitants of Novo Place EC can take advantage of their close proximity to multiple Mass Rapid Transit (MRT) stations. With the upcoming Tengah Park MRT station, which is part of the Jurong Region Line, just a short distance away, residents can easily access the rail network. Additionally, the nearby Jurong East MRT station, a major interchange connecting the North-South Line and East-West Line, further improves connectivity and makes it convenient to travel to the Central Business District and other important areas. For more information on Novo Place, visit Novo Place Showflat.
Knight Frank highlights that the site has the potential to be redeveloped into a boutique residential development with 37 new units, with an average size of 915 sq ft. The guide price of $56 million translates to a land rate of approximately $1,622 psf per plot ratio (psf ppr), which includes a nominal land betterment charge. Taking into consideration the 7% bonus gross floor area allowed for balconies, the price works out to approximately $1,583 psf ppr. This is comparatively lower than the prices of Government Land Sale (GLS) sites sold in the vicinity 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. Two months later, Zion Road (Parcel B) was awarded to Allgreen Properties for $730.9 million ($1,304 psf ppr) in August. Chia Mein Mein, head of capital markets (land and collective sale) at Knight Frank Singapore, notes that this strong interest from developers in the River Valley and Zion Road area, despite lacklustre home sales in the Central Region, suggests confidence in the demand for prime properties once the projects are ready for launch.
Chia adds: “While home sales activity in the Central Region was lacklustre, the interest in the River Valley and Zion Road location demonstrates that developers continue to be attracted to this area, perhaps possessing the belief that when these projects are ready for launch, there will be ready demand for prime products after a long period of subdued activity.”
Knight Frank estimates that owners of the units at River Valley Apartments, which range between 947 and 1,238 sq ft in size, stand to potentially receive minimum sale proceeds of around $2 million to $2.6 million if the development is 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. Interested parties can check out the latest listings for River Valley Apartments properties on EdgeProp Buddy. The platform also provides information on past condo rental and sale transactions, as well as a price trend chart for the development.