Apartments in the River Valley are for sale for S$56 million.
Apartments in the River Valley are for sale for S$56 million
The deadline for the tender is February 18 at 3 p.m.
January 6, 2025
CONDOsingapore.com
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The residential property known as River Valley Apartments is up for sale for a total of S$56 million.
With a nominal land improvement fee included, this works out to a land rate of about S$1,622 per square foot per plot ratio (psf ppr).
The land rate would be roughly S$1,583 per square foot after accounting for the 7% bonus gross floor area permitted for balconies.
The land area of the freehold site is 1,152.7 square metres (sq m). The site has a gross plot ratio of 2.8 and is zoned for residential use under the Urban Redevelopment Authority's 2019 Master Plan.
Exclusive marketing agency Knight Frank Singapore stated on Monday (Jan 6) that the site in desirable District 10 could be transformed into a boutique residential development with 37 new units, each with an average size of 85 square metres.
The agent also stated that, with permission from the relevant authorities, it could be redeveloped for other purposes, like co-living or serviced residences.
The four-story building, which was constructed in the 1950s, contains 24 apartments that range in size from 88 to 115 square metres.
Given the lack of residential collective sale activity in the prime districts in recent years as a result of cooling measures, Knight Frank anticipates that the plot will attract significant interest from both developers and investors.
In December 2023, the single-owned 132 Sophia Road development sold for S$33.59 million, making it the last non-landed private residential redevelopment site sold in the prime districts.
The head of capital markets (land and collective sale) at Knight Frank Singapore, Chia Mein Mein, also noted that the River Valley site has drawn a lot of interest in the Government Land Sales (GLS) programme.
According to Chia, three GLS sites in the region were granted last year, during which time developers took a more measured approach to acquiring land.
Despite the lacklustre home sales activity in the Central Region, she continued, "the interest...shows that developers continue to be attracted to this area, perhaps possessing the belief that there will be ready demand for prime products after a long period of subdued activity when these projects are ready for launch."
Given the site's close proximity to Great World City, Valley Point Shopping Centre, and Great World MRT station, Chia also thinks it will attract professionals and families.
The site is also close to Alexandra Primary School and River Valley Primary School, as well as Anglo-Chinese School (Junior).
The River Valley Apartments tender ends on February 18 at 3 p.m.
