Sold en bloc for S$56 million, RIVER Valley Apartments, a freehold four-storey walk-up block on River Valley Road, has been purchased by a Singapore family office.
Including a modest land improvement tax, marketing agent Knight Frank stated the price tag corresponds to a land cost of almost S$1,622 per square foot per plot ratio (psf ppr).
Said Knight Frank, the Urban Redevelopment Authority (URA) has approved an outline planning clearance for a serviced apartment building; Knight Frank declined to specify the buyer further.
Depending on their unit sizes—which range from 88 square meters (sq m) to 115 square meters—owners of River Valley Apartments stand to get S$2 million to S$2.6 million claimed the real estate consultant.
Comprising 24 units on a 1,512.7 sq m land site near the junction of River Valley Road and Jalan Mutiara, the condominium is situated in desirable District 10.
Plot is zoned as residential under URA’s Master Plan 2019 next to Great World City, with a gross plot ratio of 2.8.
Four neighboring River Valley land parcels have been tendered off via the government land sales (GLS) scheme in the past year.
Closing on February 7, River Valley Green (Parcel B) completed with the highest bid of S$627.8 million or S$1,420 psf ppr from GuocoLand. Before that, in July 2024 Zion Road (Parcel B) concluded with a top bid of S$730.1 million or S$1,304 psf from Allgreen Properties.
For somewhat over S$1.1 billion or S$1,202 psf, another Zion Road plot was granted in April last year to its lone bidder: a joint venture between City Developments Limited and Mitsui Fudosan.
