River Valley Apartments, a freehold condominium located on River Valley Road, has recently been sold for $56 million. This marks the first successful residential collective sale deal to close in 2025, with the selling price equating to a land rate of $1,622 psf per plot ratio (psf ppr).
The sale is set to benefit the strata-titled owners, who will receive a minimum of $2 million to $2.6 million each based on the sale price. According to a press release from Knight Frank Singapore, the marketing agent for the sale, the purchaser is a Singapore family office with plans to redevelop the site into serviced apartments. The Urban Redevelopment Authority (URA) has already granted an Outline Permission for the development of such apartments.
The scarcity of land in Singapore is a significant driving force behind the soaring demand for condos. As a compact island nation with a rapidly expanding population, Singapore is faced with limited space for development. In response to this challenge, the government has implemented strict regulations on land use, resulting in a highly competitive real estate market where property prices remain perpetually high. As a result, investing in real estate, especially condos, has become an attractive opportunity for potential buyers, with the potential for significant capital appreciation. To explore more about the latest Singapore projects, visit Singapore Projects.
“This marks the first collective sale site sold in 2025, amidst 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 River Valley Apartments collective sale is not only 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, but it also attracted a great deal of interest during the tender process.
“The tender for River Valley Apartments attracted very keen interest,” says Chia. She adds that this was likely due to the site’s “excellent locational attributes” within the popular River Valley neighbourhood, as well as the potential for redevelopment into a serviced apartment project, which is in high demand in Singapore’s fast-expanding living sector.
The development itself consists of a four-storey building with 24 units, sitting on a 12,408 sq ft site zoned for residential use. Under the latest Master Plan, the site has a gross plot ratio of 2.8. The owners of River Valley Apartments had initially launched the collective sale in January 2025 with a guide price of $56 million.
“We had tried to initiate a 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. Interested buyers can check out the latest listings for River Valley Apartments properties on the market.