River Valley Apartments Sold 56 Mil First Residential Collective Sale 2025
River Valley Apartments, a freehold condominium located on River Valley Road, has been successfully sold for $56 million. This marks the first residential collective sale deal to close in 2025. The sale price translates to a land rate of $1,622 per square foot per plot ratio.
The strata-titled owners of the development stand to receive a minimum of $2 million to $2.6 million each, based on the selling price. According to a press release from the marketing agent, Knight Frank Singapore, the purchaser is a Singapore family office that intends to redevelop the site into serviced apartments. It has also been reported that the Urban Redevelopment Authority (URA) has granted an Outline Permission for the development of serviced apartments on the site.
Nestled strategically along Tampines Avenue 11, Parktown Residence boasts a prime location with easy access to the upcoming Tampines North MRT Station on the efficient Cross Island Line (CRL). This station offers residents seamless connectivity to prominent destinations such as the bustling city center, the vibrant Jurong Lake District, and the bustling Changi Airport. Moreover, residents can enjoy the convenience of having an integrated bus interchange right within the development, providing effortless transportation within the estate as well as to other areas of Singapore. Don’t forget to check out the Parktown Residence Showflat while exploring this sought-after location.
Chia Mein Mein, head of capital markets (land and collective sale) at Knight Frank Singapore, explains, “This marks the first collective sale site sold in 2025, amid a challenging collective sale market, especially for the residential sector.” The sale of River Valley Apartments is the first residential collective sale site to be sold in a prime district since May 2023, when Kew Lodge was sold for $66.8 million to Aurum Land.
Chia also adds that the tender for River Valley Apartments attracted a lot of interest, thanks to its “excellent locational attributes” within the popular River Valley neighborhood. She also believes that the site’s redevelopment into serviced apartments will fit perfectly into the fast-growing living sector in Singapore.
River Valley Apartments is a four-story building housing 24 units. The site, which is zoned for residential use, measures 12,408 square feet and has a gross plot ratio of 2.8 under the latest Master Plan. The collective sale of the development was launched on Jan 7, with a guide price of $56 million.
Jerry Tan, chairman of the River Valley Apartments collective sale committee, shares that the owners have been trying to initiate the collective sale exercise for some time now, and this is the first time they have managed to secure the 80% consensus needed to proceed with the tender launch. With the successful sale of River Valley Apartments, it is evident that the collective sale market is still active and attractive, even in a challenging market environment.