Knight Frank Singapore has announced the successful sale of River Valley Flats for $41 million (S$56 million), marking the first collective sale site sold in 2025. The property, located in the desirable River Valley neighbourhood in district 10, was sold through a tender process that concluded on 18 February. A Singapore family office purchased the site with plans to convert it into serviced flats.
The sale price equates to a land rate of approximately $1,191 (S$1,622) per square foot per plot ratio, inclusive of a nominal land betterment charge. The freehold property, zoned as ‘Residential’ under the Urban Redevelopment Authority’s Master Plan 2019, spans 1,152.7 square metres. It has received outline permission for serviced flats.
Chia Mein Mein, Head of Capital Markets at Knight Frank Singapore, noted the property’s appeal due to its prime location and potential for development into niche residences or serviced flats. “The tender for River Valley Flats attracted very keen interest,” she said, highlighting the property’s strategic position near Great World MRT Station and various amenities.
The sale is significant as it is the first residential collective sale in a prime district since May 2023. Jerry Tan, Chairman of the River Valley Flats Collective Sale Committee, expressed satisfaction with the outcome, stating, “The expertise of the Knight Frank team has enabled us to find success at our first tender attempt.”
The 24-unit development’s owners will receive sale proceeds ranging from $1.49 million (S$2 million) to $1.94 million (S$2.6 million) per unit. This transaction underscores the growing interest in co-living and serviced flats in Singapore, particularly post-pandemic, as young professionals seek alternative housing options.
“`
This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.
