Situated in prime District 10, River Valley Apartments, a freehold condominium on River Valley Road, has been put up for collective sale through a public tender. The exclusive marketing agent, Knight Frank Singapore, announced on Jan 6 that the property is being priced at $56 million.
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Built in the 1950s, the four-storey development has 24 units and occupies a land area of approximately 12,408 sq ft. It falls under the residential zoning with a gross plot ratio of 2.8. The property is just a short 500m walk from the Great World MRT Station on the Thomson-East Coast Line and within walking distance to Great World City and Valley Point Shopping Centre. River Valley Primary School and Alexandra Primary School are also within a 1km radius.
According to a map from EdgeProp LandLens, River Valley Apartments is surrounded by three Government Land Sale (GLS) sites that were sold in 2020. The most recent site sold was Zion Road (Parcel A) in April, to a joint venture between City Developments and Mitsui Fudosan for $1.107 billion ($1,202 psf ppr). In June, Wing Tai Holdings acquired another GLS site at River Valley Green for $463.99 million ($1,325 psf ppr). Two months later, Allgreen Properties won the bid for Zion Road (Parcel B) at $730.9 million ($1,304 psf ppr).
Knight Frank’s Head of Capital Markets (Land and Collective Sale), Chia Mein Mein, mentions that despite the lacklustre home sales activity in the Central Region, developers still have a keen interest in the River Valley and Zion Road area. This could be due to their belief that there will be ready demand for prime products once these projects are launched, after a prolonged period of subdued activity.
The guide price for River Valley Apartments translates to a land rate of approximately $1,622 psf per plot ratio (psf ppr), including a nominal land betterment charge. With the 7% bonus gross floor area allowed for balconies, the price would average out to $1,583 psf ppr.
Upon successful collective sale, Knight Frank estimates that unit owners at River Valley Apartments, with sizes ranging between 947 and 1,238 sq ft, could receive between $2 million to $2.6 million in minimum sale proceeds.
The collective sale tender for River Valley Apartments will close on Feb 18 at 3pm. Interested parties can find more information on the latest listings for River Valley Apartments properties on the EdgeProp website. The site also provides useful data on past rental and sale transactions in the area, including a price trend chart for River Valley Apartments.