_River Valley Apartments Sold for S$56 million—First Collective Sale Site Sold in 2025
Singapore, 21 February 2025 – Knight Frank Singapore, as the exclusive marketing agent, is pleased to announce the sale of River Valley Apartments for S$56 million, making it the first collective sale site sold in 2025.
River Valley Apartments, nestled within the popular River Valley neighbourhood in prime district 10, was sold in a tender exercise that closed on 18 February 2025. The purchaser is a Singapore family office with plans to transform the property into serviced apartments.
The sale price of S$56 million translates to a land rate of approximately S$1,622 per square foot per plot ratio (psf ppr), inclusive of a nominal land betterment charge.
The freehold property is 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). URA’s Grant of Outline Permission for serviced apartments has been obtained.
The property boasts unparalleled convenience, strategically located approximately 500 metres to the Great World MRT Station, and is well-served by a diverse array of dining, retail and recreational amenities at Great World City, Valley Point Shopping Centre and eateries along River Valley Road, Mohamed Sultan and Robertson Quay.
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, “The tender for River Valley Apartments attracted very keen interest. The appeal of the property lies in its excellent locational attributes within the popular River Valley neighbourhood. In addition, it also offers the opportunity for developers and investors to create niche residences or serviced apartments within an area well-positioned to fit into the fast-expanding living sector in Singapore.”
In recent years, co-living and service apartments in Singapore have been gaining popularity as an ideal alternative to more conventional housing types. Post pandemic, the living sector gained traction with the opening of international borders and recovery in regional businesses. The foreign working population evolved as a greater proportion of young professionals have changing lifestyles and rental preferences. Spaces that offer a different experience from the conventional appealed, such as co-living and serviced apartments that offered access to services, amenities and a community.
Ms Chia added, "This marks the first collective sale site sold in 2025, amid a challenging collective sale market, especially for the residential sector. This is also the first residential collective sale site sold in the prime district since May 2023 when Kew Lodge was transacted.”
There have been few successes in the residential collective sale market in recent years, especially in the prime districts. The various rounds of cooling measures, especially with the latest round introduced in April 2023, has made it challenging for homeowners to agree to a collective sale due to the tax applied to their replacement cost.
Mr Jerry Tan (陈伟), Chairman of River Valley Apartments Collective Sale Committee, says “We have attempted to initiate the collective sale exercise in the past, and this is the first time we have secured the 80% owners’ consensus to proceed with the tender launch. The expertise of the Knight Frank team has enabled us to find success at our first tender attempt. The owners are elated with the excellent outcome achieved, especially in the current collective sale environment where there are few successes.”
River Valley Apartments comprises 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.
Photo of River Valley Apartments
Source: Knight Frank Sinagpore
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.