SINGAPORE – A residential collective sale deal has successfully closed in 2025 for River Valley Apartments, a freehold condominium located on River Valley Road. The selling price for the property was $56 million, translating to a land rate of $1,622 per square foot per plot ratio (psf ppr). The marketing agent for the sale, Knight Frank Singapore, announced that the purchasers were a Singapore family office who intend to redevelop the site into serviced apartments. The Urban Redevelopment Authority (URA) has granted an Outline Permission for the development of serviced apartments on the site.
According to Chia Mein Mein, the head of capital markets (land and collective sale) at Knight Frank Singapore, this marks the first collective sale site sold in 2025. This is especially significant given the current challenging collective sale market, particularly for the residential sector. The sale of River Valley Apartments is the first residential collective sale site to be sold in a prime district since May 2023 when Kew Lodge was sold for $66.8 million to Aurum Land.
Chia explains that the tender for River Valley Apartments generated a great deal of interest. She attributes this to the site’s “excellent locational attributes” within the desirable River Valley neighborhood, as well as its potential for redevelopment into a serviced apartment project that is well-positioned to cater to the growing demand for this type of housing in Singapore.
River Valley Apartments comprises a four-storey building with 24 units and is zoned “residential” under the latest Master Plan, with a gross plot ratio of 2.8. The owners of the property launched the collective sale of the development on Jan 7 with a guide price of $56 million. Jerry Tan, the chairman of the River Valley Apartments collective sale committee, reveals that there have been past attempts to initiate the collective sale exercise, but it was not until now that they were able to secure the consensus of 80% of the owners to proceed with the tender launch.
For each owner, the minimum proceeds they stand to receive based on the sale price is estimated to be around $2 million to $2.6 million. Currently, there are no unprofitable transactions in River Valley Apartments, according to data from List Buddy, a real estate data analytics platform. It is also notable that this is the first successful residential collective sale deal to close in 2025, which is a testament to the attractiveness of the River Valley neighborhood and the potential for serviced apartments in Singapore’s property market.
Choosing to invest in a condo in Singapore yields numerous benefits, one of which is the potential for capital appreciation. Situated as a prominent global business hub, Singapore boasts strong economic foundations that continuously drive demand for real estate. As a result, property prices in this bustling city-state have consistently demonstrated an upward trajectory over the years, with condos in prime locations experiencing significant value appreciation. Savvy investors who time their entry into the market wisely and hold onto their properties for extended periods can reap considerable capital gains. Keep an eye out for new condo launches as they may present excellent investment opportunities.