Bulk sales of 22 River Valley apartments, 5 Bartley terrace houses
SINGAPORE - Some 22 private apartments in 336 River Valley Road, previously known as AA Centre, have been put up for bulk sale by tender. Their indicative price is $2,200 per square foot to $2,300 psf, or about $86 million to $90 million in total.
The property, known as 336 RV, sits on a site area of about 33,757 sq ft. The land is zoned "residential" use with a plot ratio of 2.8 and a height restriction of 10 storeys.
336 RV, which is within walking distance to Somerset MRT station, is a 14-storey Freehold residential cum commercial development, with 90 basement carparking lots. The units for sale are located from the seventh to 14 storeys, comprising a total strata area for sale of about 38,976 sq ft.
There are still six residential units pending approval for sale, subject to the tender close. If included, the incoming buyer could potentially acquire up to 49,805 sq ft, said property consultant Richmond Capital Invesments, which is handling the sale.
In 2013, car insurance company The Automobile Association sold the first to sixth storeys, which is the commercial component of the building, to Far East Organization, which now uses the space for its office operation.
Richmond Capital Invesments said the residential unit owners decided to unite in the joint sale for the residential component in the development, after noticing the momentum in en bloc sales in the market.
"The investor could potentially convert the residential units into service apartments, subject to relevant authorities' approval," it added.
The tender for the apartments closes on June 6 at 4 pm.
Separately, a row of Freehold terrace house, units 17 to 25, along Quemoy Road was also put up for sale with an indicative price "in the range of $23.87 million" on Wednesday. This translates to a land price of $1,142 psf per plot ratio.
The plot of land within walking distance to Bartley MRT station, is located near Maris Stella High School, St Gabriel's Secondary School and Paya Lebar Methodist Girls' School (Secondary).
Under the Urban Redevelopment Authority's (URA) Master Plan 2014, the site is zoned for residential use with a 1.4 plot ratio. The 14,918 sq ft Freehold site can be redeveloped into a five-storey boutique development, subject to the URA's approval.
Mount Everest Properties is marketing the collective sale of the terrace houses. The tender exercise closes on June 12.