River Valley offers pockets of opportunity
River Valley, a residential area in Singapore’s central district, is popular due to the many nearby amenities including Great World City. River Valley is only a few minutes away from Clarke Quay, Orchard Road and the CBD. It is therefore not surprising to find that condos are more expensive in this neighbourhood.
Since 2012 the price of condos within the River Valley Planning Area has been consistently higher than the prices in Central Region (2,305 psf), and the island-wide average (1,956 psf). The price increase for River Valley condos (28%) is slower than Central Region (41%), and Islandwide (61%).
Our analysis shows that condos are cheaper in several areas near or within River Valley. These hidden gems are a great way for buyers to get the best of both worlds: a desirable neighbourhood at an affordable price.
Clusters of condos are grouped based on location. The nine to thirteen different developments in each cluster are all unique, based on tenure, size, and age. Each cluster contains a variety of condos to reduce bias and ensure randomness. Each condo’s average price from 2019-2023 was noted. Each cluster’s average price was calculated using the average prices of each condominium in each cluster.
River Valley Cluster consists of 13 different condos located along River Valley Road, which straddles district 9 and 10. Two developments are also still in construction, namely Irwell Hill residences and RV Altitude.
Current average prices for the River Valley Cluster are $2,230 per square foot, a 5.1% increase from 2018 ($2,122) and 15.3% from 2019 ($1,934 per square foot). Irwell Hill Residences’ stellar performance in sales could be a factor for the price increase of the entire cluster. It is nearly sold out, and the current average price is $2,916 per square foot, the highest of the cluster. The Cosmopolitan is the next highest average at $2.489 per square foot, followed by Rivershire with $2.363 per square foot.
Nathan and Jervois clusters are made up of condos that are located on smaller roads, off River Valley Road. According to our analysis, the average price of condos within these two clusters is lower than that for condos located in the River Valley Cluster. The price increases for both the Nathan Cluster and Jervois Cluster have also kept up with those of the River Valley Cluster.
Overall, the average price of the Nathan Cluster developments is $2,006 per square foot, $224 less than the average River Valley Cluster. Nathan Cluster’s current average price is up 4.2% from $1,925 per square foot last year, and 13.1% over $1,774 in 2019.
Nathan Cluster consists of 13 condos with freehold in the District 10 area. Most of the condominiums have fewer than 100 apartments. Latitude is the largest project with 127 apartments. The current average condo price in this cluster is $2,875 per square foot. There are only two developments with more than 100 apartments in this cluster, Loft @ Nathan and The Montana.
The Montana ($2,283 psf), The Horizona ($2,146 psf), and the Mercury ($2,072 psf) are the only developments within the Nathan Cluster that have an average current price above the cluster’s average of $2,000. The Montana is the most expensive ($2,283 per square foot), followed by The Horizon ($2,146 per square foot) and The Mercury.
In this cluster, the most affordable projects are Shearesville (1,335 per square foot), Loft @ Nathan (1 723 per square foot), and Nathan Residences ($1,764 per sq.ft.). Sheares Ville may have a lower price because it obtained a temporary occupation permit in 2003. The condo’s price has also dropped by 3% since 2012.
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Loft @ Nathan has a number of restaurants and shops on its ground floor, making it convenient for residents. It could be because of this that its price has increased by 14% on average since 2012. This is a higher appreciation than Nathan Residences’ (10%). Loft @ Nathan also received TOP in 2014, a year after Nathan Residences. These two projects are worth a look for discerning buyers.
Jervois Cluster consists of 13 condominiums. These are both freehold condos and condos with 99-year leasehold. This cluster includes developments in Districts 3, 10 and 11.
Jervois Cluster’s current average price is $2,032 per square foot, $26 higher than Nathan Cluster, but $198 lower than River Valley Cluster. Jervois’ current average price has also increased by 6.1% ($1,916psf), and 14.5% ($1,774psf), compared with last year and 2019.
Jervois treasures, Jervois prive and Petit Jervois are the three newest projects in the cluster and have the most expensive current prices. Jervois Prive, Jervois Treasures and Petit Jervois have all been awarded TOP for this year.
Jervois Cluster’s largest development is The Crest (469 units). Principal Garden (663 unit) follows. The 99-year leasehold development is located next to each other. The Crest was awarded TOP in 2017 – a full year earlier than Principal Garden.
The Crest’s average price ($1,935 per square foot) is less than the average of the Jervois Cluster. The average price ($2,062 per square foot) for Principal Garden is just $30 higher. The price increase for Principal Garden is higher than that of The Crest, with a 27% growth since 2016.
The Alexandra Cluster is a good option for buyers who want to be near River Valley, but are on a tighter budget. It consists of 12 condominiums located near the Redhill MRT Station and Queenstown MRT Station. The majority of these developments, located in District 3, are 99-year leasehold condos. These developments are located farther from Orchard Road, the CBD and other major roads.
Overall, the current average price in Alexandra Cluster stands at $1,913 per square foot, a 5.4% increase over last year’s $1,818 average price. The Alexandra Cluster has seen a higher price increase of 16.8% compared with the River Valley Cluster. It could be due to the fact that there are many new condos in the Alexandra Cluster, some of which are only 10 years old.
Stirling Residences is the Alexandra Cluster development with the highest average current price (2,269 $ psf). It could be because of its age, as the project only received TOP last year. Artra ,, which obtained TOP in 2020 has the second highest average price (2,222 psf). Artra, which is next to Redhill MRT Station, has several shops on its ground floor, including a grocery. The 99-year leasehold development for both condos.
The Metropolitan Condominium (1,686 psf), followed by Tanglin Regency ($1,664psf), is the least expensive. Prices for these three projects are currently at least $227 per square foot lower than those for the Alexandra Cluster. Redhill and Queenstown stations of the MRT are within easy walking distance. Their age and tenure of leasehold would be the main disadvantage. Tanglin is the oldest having achieved TOP in 1998. Queens was next in line, then The Metropolitan Condominium.
The three projects have seen significant increases in price since 2012, despite their age. Tanglin Regency had the highest price increase of 29%. The Metropolitan Condominium was second with 27%, and Queens came third at 25%.