40-unit development at River Valley put up for collective sale

One of Singapore’s first generation apartment developments from the post-colonial era has been put up for collective sale.

The 40-unit development on 402 River Valley Road in district 10 was built in the early 1960s and has a land area of over 22,000 square feet.

It is effectively a freehold site as it has a unique tenure of close to a million years.

More than 80 per cent of the owners have signed a collective sale agreement to sell the property.

They expect offer prices of between S$72 million and S$80 million or between S$1,057 and S$1,175 per square foot.

The potential buyer will have the option of redeveloping the site into a gross plot ratio of 3.08, or about 130 apartment units of about 500 square feet each.

The site has a unique tenure of 999,999 years with effect from 1962.

The tender closes at 2.30pm on June 9.

Source : Channel NewsAsia – 11 May 2011

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