River Valley Apartments, a freehold condominium on River Valley Road has been sold for $56 million. It is the first successful residential collective sale deal to close in 2025. The selling price translates to a land rate of $1,622 psf per plot ratio (psf ppr).
The strata-titled owners stand to receive minimum proceeds of about $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 which plans to redevelop the site into serviced apartments. The agency says that URA has granted an Outline Permission for the development of serviced apartments.
“This marks the first collective sale site sold in 2025, amid a challenging collective sale market, especially for the residential sector,” says Chia Mein Mein, head of capital markets (land and collective sale) at Knight Frank Singapore.
The collective sale of River Valley Apartments is the first residential collective sale site sold in a prime district since May 2023 when Kew Lodge was sold for $66.8 million to Aurum Land.
“The tender for River Valley Apartments attracted very keen interest,” says Chia. She adds its appeal stems from the site’s ‘excellent locational attributes’ within the popular River Valley neighbourhood, and the site’s redevelopment into a future serviced apartment project is well-positioned to fit into the fast-expanding living sector in Singapore.
River Valley Apartments consists of a four-storey building with 24 units. The 12,408 sq ft site, which is zoned ‘residential’, has a gross plot ratio of 2.8 under the latest Master Plan. The owners of River Valley Apartments launched the collective sale of the development on Jan 7 at a guide price of $56 million.
“We had attempted to initiate the collective sale exercise in the past, and this is the first time we have secured the 80% owners’ consensus to proceed with the tender launch,” says Jerry Tan, chairman of the River Valley Apartments collective sale committee.
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