SINGAPORE:Â Knight Frank Singapore has announced the collective sale of River Valley Apartments, with a public tender price of $56 million.
This translates to a land rate of approximately $1,622 per square foot per plot ratio (psf ppr), which includes a nominal land improvement charge. Factoring in a 7% bonus gross floor area (GFA) for balconies, the adjusted land rate is estimated at $1,583 psf ppr.
River Valley Apartments, a four-storey residential development comprising 24 units, sits on a land parcel spanning 1,152.7 square meters (12,408 square feet).
The site is zoned for residential use with a gross plot ratio of 2.8 under the Urban Redevelopment Authority’s Master Plan 2019. It enjoys dual frontages along River Valley Road and Jalan Mutiara, making it an attractive proposition for developers.
Subject to regulatory approval, the property can be redeveloped into a boutique residential project comprising 37 units, with an average size of 85 square meters per unit, depending on the final design and layout configuration.
Current apartment owners, whose units range from 88 to 115 square meters, are expected to receive sale proceeds between $2 million and $2.6 million if the collective sale is successful.
The tender for River Valley Apartments will close on 18 Feb 2025 at 3 pm. Knight Frank anticipates strong interest from developers, given the prime location and potential for redevelopment.
