River Valley Apartments Sold 56 Mil First Residential Collective Sale 2025
The successful sale of River Valley Apartments, a freehold condominium located on River Valley Road, has made headlines as the first residential collective sale deal to close in 2025. The property was sold for a whopping $56 million, equating to a land rate of $1,622 per square foot per plot ratio (psf ppr). Each of the strata-titled owners stands to make a minimum of $2 million to $2.6 million in proceeds based on the sale price, according to a press release from Knight Frank Singapore, the marketing agent for the deal.
The purchaser, a Singapore family office, has plans to redevelop the site into serviced apartments. This redevelopment has been granted an Outline Permission by the Urban Redevelopment Authority (URA). Mein Mein Chia, head of capital markets (land and collective sale) at Knight Frank Singapore, commented on the significance of the sale, stating that it is the first collective sale site to be sold in 2025. She also acknowledges the challenging collective sale market, especially for the residential sector.
River Valley Apartments is not only the first residential collective sale site to be sold in the prime district since May 2023, when Kew Lodge was sold for $66.8 million to Aurum Land, but it also attracted a lot of interest during the tender process. Chia attributes this interest to the property’s excellent location in the popular River Valley neighborhood, as well as its potential for redevelopment in the fast-growing serviced apartment sector in Singapore.
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The property, which consists of a four-storey building with 24 units, sits on a 12,408 square foot site, zoned as “residential,” with a gross plot ratio of 2.8 under the latest Master Plan. The collective sale of River Valley Apartments was launched on January 7th by the owners with a guide price of $56 million. According to Jerry Tan, chairman of the River Valley Apartments collective sale committee, previous attempts to initiate the collective sale exercise were unsuccessful, but this time the committee secured the required 80% owners’ consensus to proceed with the tender launch.
In conclusion, the successful collective sale of River Valley Apartments is a milestone for the collective sale market, especially in the residential sector. It not only highlights the potential for redevelopment in the popular River Valley neighborhood, but it also reflects the growing demand for serviced apartments in Singapore.