_ River Valley Apartments: Freehold Site Launched for Tender at S$56 million
Singapore, 6 January 2025 – Knight Frank Singapore, as the exclusive marketing agent, is pleased to announce the launch of the collective sale of River Valley Apartments for sale by public tender.
Nestled within the popular River Valley neighbourhood in prime district 10, River Valley Apartments is a freehold site zoned ‘Residential’ with a Gross Plot Ratio of 2.8 under the Urban Redevelopment Authority’s Master Plan 2019. It has a land area of 1,152.7 square metres (sqm) or approximately 12,408 square feet (sq ft), and enjoys a prominent dual frontage along River Valley Road and Jalan Mutiara.
The site can potentially be redeveloped into a boutique residential development comprising 37 new units with an average size of 85 sqm, depending on layout and configuration, and subject to approval from the relevant authorities. The development also presents an opportunity for alternative uses such as co-living residences or serviced residences, subject to authorities’ approval.
Strategic Value in Prime Location
River Valley Apartments boasts unparalleled convenience, strategically located approximately 500 metres to the Great World MRT Station on the Thomson-East Coast Line, which provides easy access to Orchard Road and the Central Business District. The neighbourhood, popular among locals and expatriates, is well-served by a diverse array of dining, retail and recreational amenities.
Great World City and Valley Point Shopping Centre are located within short walking distance, while the charming and eclectic mix of eateries and restaurants along River Valley Road, Mohamed Sultan and Robertson Quay are nearby. It is also a short drive to the premier Orchard Road shopping belt, the Central Business District as well as the Singapore Botanic Gardens.
River Valley Primary School and Alexandra Primary School are located within a one-kilometre radius, while Anglo-Chinese School (Junior) is located in the vicinity.
The guide price is S$56 million, which translates to a land rate of approximately S$1,622 per square foot per plot ratio (psf ppr) including a nominal land betterment charge. Taking into consideration the 7% bonus gross floor area allowed for balconies, this translates to approximately S$1,583 psf ppr.
Ms Chia Mein Mein (谢敏敏), Head of Capital Markets (Land & Collective Sale), Knight Frank Singapore (主管, 房地产与集体销售, 资本市场部, 莱坊) commented, “River Valley Apartments presents an attractive opportunity for developers and investors to acquire a freehold residential site in the prime district, where there has been no residential non-landed collective sale sites sold in recent years following the introduction of several rounds of cooling measures, with the latest having affected foreigner buying interest.”
Market Insights and Comparisons
Residential collective sale activity has been quiet over the past few years, especially in the prime districts of 9,10 and 11. The last non-landed private residential redevelopment site sold in the prime districts was the single-owned 132 Sophia Road development transacted at S$33.59 million in December 2023.
Ms Chia commented, “The River Valley location, with its proximity to the Great World MRT station, is attractive to families and professionals seeking city living with a prime address, where lifestyle, entertainment, dining and recreational experiences are readily available.”
The Government Land Sale (GLS) Programme has seen strong interest in the River Valley location. A 99-year leasehold residential site at River Valley Green sold for S$463.99 million at a land rate of S$1,325 psf ppr in June 2024. Zion Road Parcel B sold for S$730.09 million or S$1,304 psf ppr in August 2024 while Zion Road Parcel A sold for S$1.107 billion or S$1,202 psf ppr in April 2024.
“The attractiveness of the location is evidenced by the sale of the three GLS sites in 2024, during a period when developers adopted a more cautious approach towards land acquisition. 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,” added Ms Chia.
Strong home sales performance was witnessed in the last quarter of 2024. Based on available data, the last quarter of 2024 recorded 3,347 new sale transactions, nearly triple the 1,087 units sold in 3Q 2024.
The newly completed The Avenir in the vicinity registered prices of around $3,057 psf to $3,686 psf over the past six months, according to caveats lodged. Jervois Prive fetched prices ranging from $3,002 psf to $3,040 psf, and 999-year Hill House registered $2,963 psf to $3,378 psf over the same period.
Tender details
River Valley Apartments, completed in the 1950s, is a 4-storey development with 24 residential units. The apartment owners, whose unit sizes range from 88 sqm to 115 sqm, stand to receive minimum sale proceeds of approximately S$2 million to S$2.6 million from the successful sale of the development.
“With its desirable locational attributes, boutique scale and palatable price quantum, we anticipate keen interest from developers and investors for this tender, where a boutique residence can be constructed that provides the developer the time and space to thoughtfully market a manageable number of units,” added Ms Chia.
The collective sale tender for River Valley Apartments will close on 18 February 2025 (Tuesday) at 3:00 PM.
Photo of River Valley Apartments
Source: Knight Frank Singapore
For media queries, please contact:
Michelle Bong Lejtenyi
Senior Manager, Marketing & Communications, Knight Frank Singapore
michellebong.lejtenyi@sg.knightfrank.com | +65 8893 8248 | +65 6228 6822
Leanne Teo
Director, Marketing, Communications, Legal and Compliance, Knight Frank Singapore
leanne.teo@sg.knightfrank.com | +65 9188 8228 | +65 6228 6825
Notes to Editors
Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank has more than 27,000 people operating from over 740 offices across more than 50 territories. The Group advises clients ranging from individual owners and buyers to major developers, investors, and corporate tenants. For further information about the firm, please visit knightfrank.com. Knight Frank has a strong presence in Singapore with a head office and two subsidiaries: Knight Frank Property Asset Management and KF Property Network. For further information about the Company, please visit www.knightfrank.com.sg.