RESIDENTIAL site River Valley Apartments has been put on the market for collective sale at S$56 million.
This translates to a land rate of around S$1,622 per square foot per plot ratio (psf ppr), including a nominal land betterment charge.
After factoring in the 7 per cent bonus gross floor area allowed for balconies, the land rate would be about S$1,583 psf ppr.
The freehold site has a land area of 1,152.7 square metres (sq m). Under the Urban Redevelopment Authority’s Master Plan 2019, the site is zoned for residential use, with a gross plot ratio of 2.8.
The site in prime District 10 can be redeveloped into a boutique residential development comprising 37 new units with an average size of 85 sq m, said exclusive marketing agent Knight Frank Singapore on Monday (Jan 6).
It can also be redeveloped for alternative uses such as co-living residences or serviced residences, subject to authorities’ approval, added the agent.
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Built in the 1950s, the four-storey development houses 24 units, with sizes ranging from 88 to 115 sq m.
Knight Frank expects the plot to draw strong interest from developers and investors alike, given the lack of residential collective sale activity in the prime districts in recent years due to cooling measures.
The last non-landed private residential redevelopment site sold in the prime districts was the single-owned 132 Sophia Road development, which was transacted at S$33.59 million in December 2023.
Chia Mein Mein, Knight Frank Singapore’s head of capital markets (land and collective sale), also pointed out that the River Valley location has received strong interest in the Government Land Sales (GLS) programme.
Three GLS sites in the area were awarded last year – a period when developers adopted a more cautious approach towards land acquisition, said Chia.
She added: “While home sales activity in the Central Region was lacklustre, the interest…demonstrates that developers continue to be attracted to this area, perhaps possessing the belief that when these projects are ready for launch, there will be ready demand for prime products after a long period of subdued activity.”
Chia also believes that the site will draw families and professionals given the close proximity to Great World MRT station, Great World City and Valley Point Shopping Centre.
River Valley Primary School and Alexandra Primary School are also located near the site, while Anglo-Chinese School (Junior) is in the vicinity.
The tender for River Valley Apartments closes at 3 pm on Feb 18.
