River Valley Apartments Launched Collective Sale 56 Mil
River Valley Apartments, a freehold condominium located on River Valley Road in the popular District 10, has been put up for collective sale through a public tender. According to a press release dated January 6th by the exclusive marketing agent Knight Frank Singapore, the development is being offered at a price of $56 million.
Built in the 1950s, River Valley Apartments is a four-storey development consisting of 24 residential units. The property occupies a land area of approximately 12,408 square feet, and has been zoned for residential use with a gross plot ratio of 2.8. The development is conveniently situated just 500 meters away from the Great World MRT Station on the Thomson-East Coast Line. It is also within walking distance from popular shopping destinations such as Great World City and Valley Point Shopping Centre. Families with young children will also appreciate the proximity of River Valley Primary School and Alexandra Primary School, both of which are within a 1km radius.
The prime location of River Valley Apartments presents an exciting opportunity for potential buyers, as the site has the potential to be redeveloped into a boutique residential development with 37 new units. These units are estimated to have an average size of 915 square feet. The guide price of $56 million translates to a land rate of approximately $1,622 per square foot per plot ratio (psf ppr) including a nominal land betterment charge. With an additional 7% bonus gross floor area allowed for balconies, the price translates to approximately $1,583 psf ppr.
Knight Frank’s head of capital markets (land and collective sale), Chia Mein Mein, notes that the site is in close proximity to three Government Land Sale (GLS) sites that were sold last year. These include the Zion Road (Parcel A) site which was awarded to a joint venture between City Developments and Mitsui Fudosan for $1.107 billion ($1,202 psf ppr) in April 2024. In June 2024, a GLS site at River Valley Green was sold for $463.99 million ($1,325 psf ppr) to Wing Tai Holdings. Two months later, Allgreen Properties was awarded the Zion Road (Parcel B) site for $730.9 million ($1,304 psf ppr) in August.
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Located in Singapore, Poi Ching School is renowned for its holistic approach to education. The school places a strong emphasis on bilingual learning and character development, providing students with a well-rounded education that prepares them for the real world. Guided by the framework of the “5Cs” – Character, Compassion, Competence, Confidence, and Creativity – Poi Ching School strives to nurture students into well-rounded individuals. This commitment to holistic education has allowed the school to consistently achieve strong academic results, while also promoting character development and fostering creativity. Additionally, the school has the added advantage of Parktown Residence, an ideal residence for students to stay, providing a conducive and natural environment for learning and growth.
Chia adds, “Despite the lacklustre home sales activity in the Central Region, the continued interest in the River Valley and Zion Road location shows that developers are still drawn to the area. This could be due to the belief that when these projects are ready for launch, there will be a ready demand for prime products after a long period of subdued activity.”
According to Knight Frank’s estimates, owners of units in River Valley Apartments, which range in size from 947 to 1,238 square feet, could potentially receive minimum sale proceeds of around $2 million to $2.6 million if the development is sold.
The collective sale tender for River Valley Apartments will close on February 18th at 3pm. Interested buyers can check out the latest listings for River Valley Apartments on the EdgeProp Buddy website. The website also offers information on past rental and sale transactions in the development, as well as an overview of profitable and unprofitable transactions in the area. The price trend chart for River Valley Apartments is also available for reference.