The sale of River Valley Apartments marks the first en bloc deal of 2025, and it’s making waves in the property market. An undisclosed family office has bought the four-storey freehold building, situated along the coveted River Valley Road in District 10, for S$56 million. Interestingly, the sale also marks the first residential en bloc sale since 2023.
This sale translates to a land rate of around S$1,622 per square foot per plot ratio (psf ppr). The Urban Redevelopment Authority (URA) has also granted outline planning approval for a serviced apartment project on the site.
Let’s break down the key details and what this sale tells us about the current trends in Singapore’s en bloc market.
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Key facts about the sale
Located at the corner of River Valley Road and Jalan Mutiara, River Valley Apartments sits on a 1,152.7 square metre plot. The property has 24 units, each ranging from 88 to 115 square metres. Owners stand to receive between S$2 million and S$2.6 million, depending on the size of their units.
For the buyers, this plot’s proximity to Great World City – a popular shopping mall and lifestyle destination – ensures high demand for the future project. It also reflects ongoing interest in prime areas of Singapore, especially in the Central Core Region (CCR).
En bloc sales in Singapore: Commercial vs. residential properties
While River Valley Apartments marks a positive exception, the en bloc market has been quite slow recently. In 2024, only four out of 16 properties that went on the market were successfully sold. This is particularly evident in the residential sector, where there has been a continued mismatch in price expectations between buyers and sellers.
Rising interest rates and increasing development costs have also made buyers more cautious. As a result, attention has shifted towards the commercial market, which seems to be drawing more interest from investors and developers.
According to our research, a total of S$2.3 billion worth of residential and commercial collective sales were completed by the end of 2024. Among these, the largest transaction was the S$821 million sale of Concorde Hotel and Shopping Mall in November, which was bought out by its majority owner, Hotel Properties Limited.
Other completed deals included Delfi Orchard for S$439 million in May and Katong Plaza for S$180 million in October. Notably, a S$678 million deal for High Street Centre fell through due to a missed payment deadline, while the S$1.3 billion Roxy Square site found no buyers.
The sole residential deal of 2024 was the sale of Thomson View Condominium for S$810 million, which accounted for just over a third (36%) of the total value of completed transactions.
The impact of Government Land Sales (GLS)
Another factor influencing the en bloc market is the Government Land Sales programme. Recent tenders for residential sites like River Valley Green (Parcel B) and Zion Road have attracted competitive bids, showing that demand for new developments remains strong, even if en bloc deals are quieter.
River Valley Green (Parcel B), closed on February 7, 2025, with a top bid of S$627.8 million or S$1,420 per square foot per plot ratio (psf ppr). This bid came from GuocoLand.
Earlier in 2024, Zion Road (Parcel B) attracted a top bid of S$730.1 million or S$1,304 psf ppr from Allgreen Properties in July. Another site on Zion Road (Parcel A) was awarded in April 2024 to a joint venture between City Developments Limited and Mitsui Fudosan, fetching a bid of slightly over S$1.1 billion or S$1,202 psf ppr.
Additionally, River Valley Green (Parcel A) was awarded to Wing Tai Holdings last June for S$464 million or approximately S$1,325 psf ppr.
The latest GLS scheme for the first half of 2025 will release enough land for 5,030 private homes, including executive condominiums. This number is comparable to the 5,050-unit supply for the H2 2024 confirmed list. Developers will continue to favour government land parcels on sale, as these sites offer more certainty in pricing and development timelines.
River Valley is in demand among home owners. We found the best properties in the area:
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The future of residential en bloc sales
Our experts suggest that niche opportunities remain within the en bloc market, particularly for smaller residential projects possessing unique attributes. However, the prevailing trend favours commercial and mixed-use developments.
Analysts believe that if construction and labour costs ease and buyers and sellers come to more realistic price expectations, the residential en bloc market could pick up. There is also speculation that as the pricing gap narrows, more developers may be willing to pursue these projects.
In the meantime, commercial and mixed-use developments will continue to draw more attention.
What does this mean for buyers and investors?
For now, the en bloc market is in a quiet phase. But for buyers, especially those eyeing prime locations, River Valley Apartments is proof that well-located properties still hold strong appeal. The demand for properties in the CCR remains high, and with the right market conditions, we could see a resurgence in en bloc activity in the years to come.
For investors, commercial properties might be the focus for now, as they offer more attractive returns. However, the residential sector is far from dead. If the market finds its balance, residential en bloc sales could return with renewed energy.
Commercial properties in Singapore
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