River Valley Apartments En Bloc Launched at $56 Million
The River Valley Apartments en bloc sale has been officially launched for $56 million, presenting an attractive redevelopment opportunity in prime District 10. The freehold residential site, located along River Valley Road, is being marketed exclusively by Knight Frank Singapore. Given its proximity to Great World MRT and its redevelopment potential, this collective sale is expected to attract strong interest from developers and investors.
Prime Location with Excellent Connectivity
Situated just 500m from Great World MRT Station on the Thomson-East Coast Line, River Valley Apartments enjoys seamless connectivity to key business and lifestyle hubs, including Orchard Road, Marina Bay, and the CBD. The development is also within walking distance of Great World City and Valley Point Shopping Centre, offering residents easy access to shopping, dining, and entertainment options.
Families with school-going children will find the location appealing, with River Valley Primary School and Alexandra Primary School both located within a 1km radius, making this site a strong contender for future family-oriented developments.
Development Potential and Land Value
River Valley Apartments is a four-storey freehold development built in the 1950s, occupying 12,408 sq ft of land zoned for residential use with a gross plot ratio of 2.8. According to Knight Frank, the site can potentially be redeveloped into a boutique residential project featuring up to 37 new units with an average size of 915 sq ft.
The guide price of $56 million translates to a land rate of $1,622 psf per plot ratio (psf ppr), including a nominal land betterment charge. Factoring in the 7% bonus gross floor area (GFA) for balconies, the adjusted land rate stands at approximately $1,583 psf ppr, making it a competitive acquisition for developers.
Surrounding Market Trends and GLS Comparisons
The collective sale of River Valley Apartments follows several recent Government Land Sale (GLS) transactions in the River Valley and Zion Road area, further reinforcing the district’s development potential:
•April 2024: Zion Road (Parcel A) sold to City Developments & Mitsui Fudosan for $1.107 billion ($1,202 psf ppr).
•June 2024: River Valley Green GLS site was acquired by Wing Tai Holdings for $463.99 million ($1,325 psf ppr).
•August 2024: Zion Road (Parcel B) was awarded to Allgreen Properties for $730.9 million ($1,304 psf ppr).
Despite recent market slowdown in the Central Region, Knight Frank notes that developer interest in River Valley remains strong, with expectations that by the time these projects are ready for launch, demand for prime residential units will rebound.
Potential Payouts for Owners
Owners of the 24-unit River Valley Apartments stand to receive between $2 million to $2.6 million in sale proceeds if the collective sale is successfully concluded. Unit sizes currently range from 947 to 1,238 sq ft, making this an attractive exit strategy for existing residents.
The collective sale tender for River Valley Apartments will close on February 18 at 3pm, giving developers an opportunity to secure a freehold residential site in a prime District 10 location.
Conclusion
The River Valley Apartments en bloc sale offers a rare freehold redevelopment opportunity in a highly sought-after residential district. With its central location, strong connectivity, and redevelopment potential, this site is expected to garner significant attention from developers looking to capitalize on River Valley’s ongoing transformation.