River Valley Pockets of Opportunity
Since 2012 the average condo price in River Valley Planning Area (2,570 psf), has consistently surpassed the average prices of their counterparts from the Central Region and Islandwide (both 2,305 psf). The growth in prices for River Valley condos was lower than Central Region (41%), or islandwide (61%).
Our analysis indicates that River Valley has several places where prices for condos are lower. Buyers who are looking for a bargain can consider the hidden gems in River Valley.
River Valley’s location in the city and its proximity to numerous amenities such as Great World City make it a highly sought-after residential district. River Valley can be reached in a matter of minutes by car from Clarke Quay and Orchard Road. Condos in the vicinity command high prices, so it’s no surprise.
Based on the condos’ location, they were divided into clusters. Nine to thirteen development types are included in each cluster. They differ by tenure, age and size. To ensure fairness, each cluster includes a diverse range of condos. We recorded the average prices of all identified condos from 2019 through 2023. The average price of each cluster was calculated by calculating the average price of every condo within the cluster.
River Valley Cluster includes 13 condos on River Valley Road that spans both districts 9 and 10. It also contains two projects that are currently under construction: Irwell Hill Residentials and RV Altitude.
River Valley Cluster average price currently is $2,230/sqft. This represents a 15% increase over the 2019 rate ($1,934/sqft). Irwell Hill Residences may have played a role in the impressive price rise for the Cluster. The average price for the development, currently $2,916 PSF, is highest among the entire cluster. The Cosmopolitan, with an average price of $2,489 per sq ft, is followed by Rivershire ($2,363 per sq ft).
Jervois Cluster includes 13 condominiums that are made up of a mix of 99-year freeholds and leaseholds. It also includes projects in districts 3 and 10
Jervois Cluster has a current overall average price of $2,032 psf. It is 26 psf more expensive than Nathan Cluster and $198 psf cheaper than River Valley Cluster. Jervois has seen its average price increase by 14.5%, 6.1% and $6.1% compared to 2019 and last year.
Jervois prive ($2,995psf), Jervois Treaures ($2,641psf), as well as Petit Jervois ($2,601psf) all have current averages that are higher than the rest of the developments. Jervois Prive ($2,995 psf), Jervois Treasures ($2,641 psf), and Petit Jervoisa href=”https://www.edgeprop.sg/condo-apartment/petit-jervois”> /a>($2,601 psf) have the highest current average prices, as well as being amongst the newest developments in this cluster.
Jervois Cluster has two of the biggest developments: The Crest (663 units), and Principal Garden (469 units). They are both 99-year Leasehold Developments. The Crest received TOP status in 2017, an year prior to Principal Garden.
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The Crest is currently selling at a price of $1,935/sqft that is below the Jervois Cluster average. The Principal Garden’s price is $2,062/sqft and is just $30/sqft higher. The higher growth in price for Principal Garden – 27% from 2016 to 13% for The Crest – could explain this.
Nathan and Jervois clusters include condos along roads smaller than River Valley Road. Our analysis shows the prices for the condominiums in both clusters to be lower on average than those of the River Valley Cluster. The River Valley Cluster has seen a price increase that is comparable to the Nathan Cluster.
Nathan Cluster’s average price is currently $2,006 PSF, which is lower by $224 than River Valley Cluster. Nathan Cluster’s average price has also grown by 4.2% over the past year from an average of $1.925 psf and increased by 13.1% since the average of $1.774 psf for 2019.
Nathan Cluster includes 13 condominiums that are freehold located in District 10. There are fewer 100 condos than large developments. Latitude, with its 127 condos, is the biggest development. Condos in the Cluster have the highest average prices ($2,875/sf). Latitude is also the largest development with 127 units. In the cluster of developments, only Loft @Nathan (121 Units) and The Montana have more units than 100.
There are three projects in the Nathan Cluster with a price average that’s above $2,006/psf. The Montana ($2,283 psf), The Horizon ($2,146 psf), The Mercury ($2,072psf) are all examples.
This cluster has the following developments: Shearesville ($1,335 psf), Nathan Residences ($1,764psf), and Loft @ Nathan . Sheares Ville’s lower prices could be due to the fact that it received a temporary occupancy permit (TOP). There has also been a 3 % price drop for this condominium since 2012.
Loft @ Nathan offers its residents convenience with a line of stores and restaurants located at the ground level. A higher price appreciation of 14% compared to Nathan Residences (10%) could also be due to this. Loft @ Nathan received the TOP award in 2014, just one year before Nathan Residences. The two developments are definitely worth looking at for those who want to be savvy buyers.
For buyers with a smaller budget who would like to live in the vicinity of River Valley yet still want to enjoy its amenities, they can look at the Alexandra Cluster. This cluster consists 12 condos close by Redhill MRT Stations and Queenstown MRT Stations. This development is more affordable than those in the River Valley and Nathan Clusters. The reason for this is that the majority are 99 year leasehold condominiums located in district 3. This is because they are further away from Orchard Road or the CBD.
Alexandra Cluster average prices are $1.913/sq.ft., an increase by 5.4% from last year’s $1.818/sq.ft. This is notable because the Alexandra Cluster’s price has grown by 16.8% more than that of the River Valley Cluster. There are several new condominiums under 10 years of age in the Alexandra Cluster.
Stirling Residences, Alexandra Cluster has the highest price per square foot ($2,269) currently. Due to the fact that it was just awarded TOP this year, its age could have something to do with it. Artra acquired TOP in the year 2020 and has the highest average price of $2,222/sqft. Artra also has many shops including a large supermarket on its first floor. The condo is situated next to Redhill MRT Station. Both condominiums are 99 year leasehold developments.
The Metropolitan Condominium ($1,686psf), Tanglin Regency and Queens are the most affordable. Current average prices of the three development are about $227 less per sqf than for the Alexandra Cluster. Redhill Station or Queenstown Station can be reached by foot from the three condos. It’s age and the leasehold term that are their main downsides. Tanglin Regiency, which was awarded TOP in 1997, is followed by Queens, who received it in 2002, and The Metropolitan Condominium, which obtained the award in 2009.
Even though they are older, all three properties have enjoyed significant growth in prices since 2012. Tanglin Regency was the most successful in terms of price increases, with a 29% increase. The Metropolitan Condominium (27%) and Queens (25%) were next.