Enblo for $56 million, River Valley Apartments is a freehold condominium located on River Valley Road. Closing in 2025, it marks the first successful residential collective sale agreement. The selling price works out to be a land rate of $1,622 psf per plot ratio (psf ppr).
Based on the sale price, the strata-titled owners stand to get minimum proceeds of either roughly $2 million to $2.6 million per.
A Knight Frank Singapore press release claims that the buyer is a Singapore family office intending to convert the site into serviced flats. The agency claims that URA has approved an outline permission for the construction of serviced flats.
Chia Mein Mein, head of capital markets (land and collective sale) at Knight Frank Singapore, notes, “This marks the first collective sale site sold in 2025, amid a challenging collective sale market, especially for the residential sector.
Since May 2023, when Kew Lodge was sold for $66.8 million to Aurum Land, River Valley Apartments is the first residential collective sale site sold in a premium location.
“The tender for River Valley Apartments attracted very keen interest,” notes Chia. She says its attractiveness derives from the site’s “excellent locational qualities” in the popular River Valley district and its renovation into a future serviced apartment project is well-positioned to match the fast-expanding residential sector in Singapore.
Comprising 24 units, River Valley Apartments is a four-story building. Under the most recent Master Plan, the 12,408 square foot site—zoned “residential”—has a gross plot ratio of 2.8. Starting on Jan 7 at a guiding price of $56 million, the owners of River Valley Apartments started the group sale of the development.
Jerry Tan, chairman of the River Valley Apartments collective sale committee, says: “We had attempted to start 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.”
