River Valley home prices riding high

Projects in the River Valley area in prime District 9 have seen a spike in resale transactions at higher prices. Nicholas Mak, executive director of ZACD Group, attributes it to two factors: the en bloc sale price achieved at Pacific Mansion on River Valley Close and the prices set at Martin Modern, a 450-unit, high-end condominium with twin 30-storey towers.
In March, a joint venture between Singapore property developers GuocoLand and Hong Leong Investment Holdings paid $980 million to purchase Pacific Mansion en bloc. It is the second-biggest en bloc purchase in terms of absolute price so far. The land cost translates into $1,806 psf per plot ratio (ppr).
Pacific Mansion is located just one street away from Martin Modern. GuocoLand had purchased the Martin Modern site in a government land sale (GLS) tender at a bid price of $595 million ($1,239 psf ppr) at end-June 2016. The psf price was surpassed by the $1,733 paid by Frasers Property, which paid $955.4 million for the GLS site on Jiak Kim Street fronting the Singapore River in December 2017.
The average selling price at Martin Modern has increased from $2,207 psf in the first three months of its launch last year, to $2,759 psf currently, according to caveats lodged from April to June
When Martin Modern was launched by GuocoLand in July last year, the average price of units sold was $2,207 psf. The average selling price has increased 25% to $2,759 psf, according to caveats lodged with URA Realis from April to June. The latest transactions were for two 764 sq ft two-bedders sold in early June: The one on the second level fetched $2.1 million ($2,750 psf) and the one on the fourth floor went for $2.01 million ($2,636 psf).
Located adjacent to Martin Modern is the 302-unit freehold Martin Place Residences by Frasers Property. Resale prices at the project have increased since Martin Modern was launched. Launched in June 2009, Martin Place Residences was fully sold and completed in 2011.
The latest transaction at Martin Place Residences was for a 1,421 sq ft, three-bedroom unit on the eighth floor that changed hands for $2.95 million ($2,076 psf), according to a caveat lodged in June. The previous owner had purchased the unit for $1.926 million ($1,355 psf) in July 2009 when Martin Place...