This sale is part of the growing trend of new launches in the real estate market, attracting significant interest from investors.
RIVER Valley Apartments, a freehold four-storey walk-up block on River Valley Road, was sold en bloc for S$56 million to a Singapore family office. This price translates to a land rate of approximately S$1,622 per square foot per plot ratio (psf ppr), including a nominal land betterment charge, as reported by marketing agent Knight Frank on Friday (Feb 21).
The Urban Redevelopment Authority (URA) has granted outline planning permission for a serviced apartment project on the site, according to Knight Frank, which did not disclose further details about the purchaser. Owners of River Valley Apartments are set to receive between S$2 million and S$2.6 million, depending on their unit sizes, which range from 88 square meters (sq m) to 115 sq m, according to the real estate consultancy.
Located in prime District 10, the condominium consists of 24 units on a 1,152.7 sq m land site at the corner of River Valley Road and Jalan Mutiara. Near Great World City, the plot is zoned as residential under URA’s Master Plan 2019, with a gross plot ratio of 2.8. In the past year, four land parcels nearby in the River Valley area have been tendered under the government land sales (GLS) program.
The latest, River Valley Green (Parcel B), closed on Feb 7 with the highest bid of S$627.8 million or S$1,420 psf ppr from GuocoLand. Earlier, in July 2024, Zion Road (Parcel B) closed with a top bid of S$730.1 million or S$1,304 psf ppr from Allgreen Properties. Another Zion Road site was awarded in April last year to its sole bidder – a joint venture between City Developments Limited and Mitsui Fudosan – for slightly over S$1.1 billion or S$1,202 psf ppr.