River Valley apartment sold en bloc for S$70.5m

River Valley apartment sold en bloc for S$70.5m
By Julie Quek | Posted: 27 June 2011 1931 hrs

SINGAPORE : A 40-unit walk-up apartment at 402-414 River Valley Road has been successfully sold en bloc for S$70.5 million to Alliance Land.

This translates to a land rate of about S$1,139 per square foot per plot ratio, with a gross plot ratio of 2.8 for the 22,000-square foot site.

If the 10 per cent gross floor area for balconies is included, it will work out to S$1,035 per square foot per plot ratio, at a gross plot ratio (GPR) of 3.08.

According to marketing agent, Credo Real Estate, a new development built on the site can potentially yield an estimated 130 apartment units, averaging 500 square feet each, depending on layout and configuration.

Credo said the project is suitable for a boutique development with small apartment units, which will be popular with both local and foreign professionals and investors.

Owners of the district 10 property stand to receive gross sale proceeds ranging between S$1.75 million and $1.77 million each.

The sale is subject to the approval of the Strata Titles Board.

The site has a total gross floor area of about 68,000 square feet, including the 10 per cent gross floor area for balconies.

The existing development is understood to have been built in the early 1960s, making it part of the first generation of flat developments built in the post-colonial era of Singapore's history.

Tenure for the site is rather unique - at 999,999 years with effect from 1962.

- CNA/al

- wong chee tat :)