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River Valley Apartments, a freehold condominium situated along River Valley Road, has been successfully sold for $56 million. This transaction 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 will receive a minimum of $2 million to $2.6 million each based on the selling price. According to Knight Frank Singapore, the marketing agent for the sale, the purchaser is a Singapore family office that intends to redevelop the site into serviced apartments. The Urban Redevelopment Authority (URA) has granted an Outline Permission for the development of serviced apartments on the site.
Chia Mein Mein, the head of capital markets (land and collective sale) at Knight Frank Singapore, notes that this is the first collective sale site sold in 2025, amidst a challenging collective sale market, particularly for the residential sector. The collective sale of River Valley Apartments is also 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.
Chia also mentions that the tender for River Valley Apartments attracted significant interest, largely due to the site’s excellent locational attributes in the popular River Valley neighbourhood. The site’s redevelopment into a future serviced apartment project is well-positioned to tap into the fast-expanding living sector in Singapore.
River Valley Apartments comprises a four-storey building with 24 units. The 12,408 sq ft site, which is zoned ‘residential’, has 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 7th, with a guide price of $56 million. Jerry Tan, chairman of the River Valley Apartments collective sale committee, shares that the collective sale exercise was attempted in the past, but this is the first time they have secured the 80% owners’ consensus to proceed with the tender launch.