RV Residences hits new high of $2,480 psf

By Nicholas Lam

/ EdgeProp Singapore |

April 11, 2024 3:49 PM SGT

RV Residences hit a new high of $2,480 psf with the sale of a 678 sq ft unit for $1.68 million on March 20 (Photo: Samuel Isaac Chua / EdgeProp Singapore)

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Among the condos and apartments that hit a new high in terms of psf-price during the period of March 19 to 28, RV Residences took the lead with the sale of a 678 sq ft, two-bedroom unit on the fourth floor that was sold for $1.68 million on March 20. This translates to $2,480 psf.

The new high surpasses the condo’s previous record of $2,442 psf that was set in July 2023 when a 689 sq ft, two-bedroom unit on the third floor was sold for $1.68 million.

The unit sold on March 20 last changed hands in August 2017 for $1.34 million ($1,970 psf). This means the seller made a gross profit of $345,860 on the sale after owning the unit for 6½ years.

RV Residences is a 999-year leasehold development located on River Valley Road in prime District 10. Completed in 2015, the condo comprises six blocks spanning seven storeys each, housing a total of 248 residences. Units include a mix of one- to four-bedders between 420 and 1,270 sq ft and penthouses between 796 and 1,539 sq ft.

Prices transacted at RV Residences grew about 9% compared to the year before, based on URA caveats. The project saw 12 transactions for the entirety of 2023 at an average price of $2,206 psf. This year, five units have changed hands as of April 9 at an average price of $2,398 psf.

Price trends at RV Residences based on URA caveats, tabulated by EdgeProp Singapore (Source: URA, EdgeProp Singapore)

Riverwalk Apartments also hit a new high in terms of psf-price during the period of review with the sale of an 818 sq ft,one-bedroom apartment for $1.85 million, or $2,261 psf, on March 25.

The new record surges past the previous peak of $1,962 psf set in June 2023 when an 818 sq ft, one-bedroom unit changed hands for $1.61 million. The transaction also sets the record for the highest absolute price for a one-bedroom unit at Riverwalk Apartments.

The seller of the property that changed hands on March 19 had bought the unit as a resale in December 2020 for $1.25 million ($1,528 psf). Thus, they made a profit of $600,000 in less than four years.

The unit marks the first unit at Riverwalk Apartments to change hands to date this year. Transaction data from EdgeProp Research show that units at Riverwalk Apartments were transacted at an average price of about $1,732 psf over the past 12 months.

The last 10 transactions made at Riverwalk Apartments (Source: URA, EdgeProp Singapore)

Riverwalk Apartments is a 99-year leasehold property along Upper Circular Road in District 1. Completed in 1985, the unit mix comprises one- to three-bedroom apartments from 818 sq ft to 1,615 sq ft.

Luxury condo Cape Royale hit a new psf-price floor during the period in review when a 2,691 sq ft, four-bedroom unit on the first floor changed hands for $5.45 million, or $2,023 psf, on March 22.

The resale transaction dips under the previous all-time low of $2,031 psf. The previous record was set in February 2023 when a 2,713 sq ft, four-bedroom unit was sold for $5.51 million.

Cape Royale is a 99-year leasehold luxury condo located along Cove Way in Sentosa Cove in District 4. It is one of only two high-rise condos in Sentosa Cove, the other being the 293-unit The Oceanfront.

Cape Royale hit a new psf-price floor when a 2,691 sq ft unit changed hands for $5.45 million, or $2,023 psf, on March 22 (Photo: Samuel Isaac Chua / EdgeProp Singapore)

Cape Royale was completed in 2013 and has eight blocks of 16 to 18 storeys. Typical units are a mix of three- and four-bedroom apartments with sizes from 1,679 to 2,713 sq ft. There are also 10 penthouses, with sizes from 2,939 to 4,672 sq ft.

Residences at the 302-unit project were leased out for about a decade following completion and were subsequently released for sale on a staggered basis from July 2022. The condo hit a psf-high of $2,800 psf that same month with the sale of a 3,111 sq ft penthouse unit for $8.71 million. Since its launch, caveats lodged with URA show that 92 transactions have taken place at an average price of $2,217 psf.

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