River Valley property sold to developer

Property
Published December 21, 2006

River Valley property sold to developer



A 40-UNIT walk-up apartment block off River Valley Road has been sold to a low profile property developer - Galaxy Capital - for $28.5 million, or $468 per square foot per plot ratio, including a development charge of about $137,000.

The development was put up for collective sale in October after more than 80 per cent of its owners agreed to sell their units for an undisclosed minimum price. The deal was handled by Credo Real Estate.

Credo yesterday said the breakeven price for the project, located opposite Great World City, is estimated at $840 to $860 psf.

Tan Hong Boon, Credo's executive director, said that under the 2003 Master Plan the site is zoned for residential use with a plot ratio of 2.8 and may be redeveloped into a niche apartment block catering to inner city living.

Total gross floor area is pegged at about 61,222 sq ft, which means the developer may configure the project into 60 apartments with an average size of about 970 sq ft each.

The site has a 900-year leasehold tenure from Oct 1, 1964, and a land area of about 2,031 sq m or 21,865 sq ft. It also has over 100 metres of road frontage next to the Singapore River, allowing the new development an unobstructed river view.