DEAL WATCH: River Place duplex on the market for $3.3 million

A one-of-a-kind 2,573 sq ft, duplex at River Place condominium in District 3 is on the market for $3.3 million ($1,283 psf). The unit was originally designed as a three-bedder. But the current owner, inspired by New York-style loft apartments, converted it into a one-bedroom-plus- studio unit, says marketing agent Algean Ang, sales manager at Savills Singapore.

It will cost $100,000 to $150,000 to renovate the unit to its original three-bedroom layout, he says.

The owner bought the fourth-floor duplex for $2.6 million ($1,011 psf) in 2014, but moved to Malaysia for work about two years ago. The unit is tenanted by an Australian whose lease will end in December. Similar units at River Place are currently being rented out for about $7,000 a month, says Ang. He feels, however, that the duplex, as it is currently, is most suitable for a bachelor or young couple with no children, who are looking to buy it to live in it.

The most recent sale of a three-bedder at the condo was that of a 1,582 sq ft unit on the ninth floor. It changed hands for $2.3 million ($1,454 psf) on May 4. So far this year, units at River Place have been transacted at a higher average psf price of $1,401 compared with $1,250 just a year ago. There have been 10 transactions so far this year, versus 21 in 2017.

River Place is a 99-year leasehold condo developed by Far East Organization and completed in 1999. It has 509 units, including studios that range from 678 to 926 sq ft, two- to four-bedders of between 1,033 and 2,110 sq ft, maisonettes of between 1,259 and 2,357 sq ft and penthouses of 3,649 sq ft.