The prime district of River Valley Road has once again witnessed a successful collective sale deal, with the sale of River Valley Apartments for $56 million. This marks the first residential collective sale site to be sold in 2025, amidst a challenging collective sale market. The selling price translates to a land rate of $1,622 psf per plot ratio (psf ppr).The strata-titled owners of River Valley Apartments will receive a minimum of $2 million to $2.6 million each based on the sale price. According to a press release from Knight Frank Singapore, the marketing agent, the purchaser is a Singapore family office that has plans to redevelop the site into serviced apartments. URA has already granted an Outline Permission for the development of these serviced apartments.”The tender for River Valley Apartments attracted very keen interest, despite the challenging market conditions,” says Chia Mein Mein, head of capital markets (land and collective sale) at Knight Frank Singapore. She adds that the site’s prime location within the popular River Valley neighbourhood and its potential for redevelopment into a serviced apartment project were key factors in its appeal.The site of River Valley Apartments occupies 12,408 sq ft and is zoned ‘residential’ with a gross plot ratio of 2.8 under the latest Master Plan. The development consists of a four-storey building with 24 units. The collective sale was launched on Jan 7 at a guide price of $56 million. According to the chairman of the collective sale committee, Jerry Tan, this is the first time the 80% owners’ consensus has been secured to proceed with the tender launch.”We had attempted to initiate the collective sale exercise in the past, and we are pleased to finally have achieved such a successful outcome,” says Tan. The last residential collective sale in a prime district was back in May 2023 when Kew Lodge was sold for $66.8 million to Aurum Land.In addition to its excellent locational attributes, the redevelopment of River Valley Apartments into serviced apartments is expected to cater to the growing demand in the serviced apartment sector in Singapore. Currently, the site is within close proximity to popular hotspots such as Robertson Quay and Clarke Quay, making it an appealing location for potential buyers.
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