River Valley pockets of opportunity

River Valley is one of Singapore’s most popular residential areas due to it’s convenient central location. River Valley lies just minutes from Clarke Quay, Orchard Road, and Singapore’s CBD. It’s therefore no surprise that condominiums in the neighborhood command a higher price.

Since 2012, prices have been higher for condominiums in River Valley Planning Area than in Central Region or Islandwide. Nevertheless, River Valley’s condo price growth was less than Central Region’s (41%) and Islandwide’s (61%).

Our analysis revealed several pockets of River Valley or areas nearby where condo prices were more affordable. A savvy buyer could take advantage of these hidden gems and enjoy being in the vicinity of a popular area at a cheaper price.

Condos have been grouped into clusters according to their locations. There are between nine and thirteen clusters, each with a different mix of development in terms of age, tenure, or size. It is important to have a wide variety of condos within each cluster in order to maintain randomness and minimize bias. A price average for every condo was calculated from 2019 until 2023. After calculating each cluster’s price based on each condo, we calculated the overall average.

River Valley Cluster has 13 unique condos along River Valley Road. The cluster is located between districts 9 & 10. There are two other developments still being built in the cluster, namely Irwell Hill Residencies and RV Altitude.

The average River Valley Cluster price at the moment is $2230 psf. This represents an increase of 5.1% compared to last year’s ($2,122psf), and a 153% rise compared to 2019 ($1,934psf). Irwell Hill Residences, which has had a stellar year in terms of sales, could have given the cluster a price boost. The highest price per square feet in the cluster is currently being paid by the almost-sold out development. The Cosmopolitan comes in second with an average of $2.489 psf. Rivershire is third at $2.363 psf.

Nathan and Jervois clusters contain condos on small roads just off River Valley Road. The overall average condo prices in these two groups are less than condos from the River Valley Cluster, according to our research. Moreover, both Nathan and Jervois Clusters’ price increases have been in line with the River Valley Cluster.

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Nathan Cluster has an average price per square foot of $2,006, which is $224 below the River Valley Cluster. Nathan Cluster average is up 4.2% on the price average last year of $1.925psf, as well as 13.1% more than the price average in 2019 of $1.774psf.

Nathan Cluster has 13 Condos, all of which are Freehold and located in the 10th District. A majority of these condos consist of small projects with less than one hundred units. Latitude contains 127 condominiums. It is worth noting that Latitude has also achieved the highest price per square feet among all the condominiums in this cluster ($2,875psf). Two other development in the cluster offer more than one hundred units. These are Loft @ Nathan with 121 units and The Montana with 108 units.

Latitude is the only development in the Nathan Cluster to have a median price currently above the cluster-average of $2006 per sq ft. The Montana ($2,283 PSF), The Horizon $2,146 PSF), and The Mercury (2,072 PSF) are three of the developments.

These developments are the least expensive in this cluster: Shearesville ($1,335 per sq ft), Loft at Nathan ($1,723 per sq ft), and Nathan Residences $1,764 for each sq ft. Sheares Ville was granted a Temporary Occupation Permit (TOP) back in 2003, which could explain the lower price. Additionally, since 2012 the price for this condo is down 3%.

Loft @ Nathan’s ground-floor is home to a variety of retail and restaurant options, providing convenience for the residents. Also, its 14% average growth in price since 2012 is higher than Nathan Residences’ (10%). Loft @ Nathan achieved TOP status in 2014 – one year later than Nathan Residences. A buyer with a keen eye might be interested in these two developments.

Jervois Cluster has 13 condominiums. They are freehold or 99 year leasehold. Also, the cluster has developments scattered across Districts 10 and 3.

Jervois Cluster currently has an average of $2.032/sq.ft., which is $26 more than Nathan Cluster. However, it is $198 less than River Valley Cluster. Jervois’ current average cost has increased 6.1% and 14% compared to both last year ($1,916psf) ($1,774psf), 2019 ($1,774psf), respectively.

Jervois prive ($2,995 PSF), Jervois Trésors ($2,641 PSF) and Petit Jervois ($2,601 PSF) are currently the latest developments within the cluster. They also boast the highest prices. Jervois Prive (top) and Jervois Treasures (top) were awarded this year. Petit Jervois was the top award last year.

Jervois Cluster’s two biggest projects are The Crest (509 units) and Principal Garden (663) The two 99 year leasehold projects are next to one another. The Crest won TOP 2017 one year ahead of Principal Garden.

The Crest average is $1935 psf, which is about $30 less per sq ft than the Jervois Cluster’s overall average. Principal Garden has an average $2062 psf and it is still only 30 psf above the Jervois Cluster overall average. The reason for this could be the faster price growth at Principal Garden. It has grown by 27% in comparison to The Crest which only grew 13%.

These 12 units are located close to the Redhill MRT Station, and Queenstown MRT Station. Buyers with modest budgets but a desire to live near River Valley can also consider this cluster. Because they’re 99-year Leasehold Developments, these condos are less expensive than those at River Valley, Nathan or Jervois Clusters. They are located further from Orchard Road as well as the CBD.

Alexandra Cluster has an average current price of $1.913 psf. That’s a growth of 5.4% in comparison to the $1.818 psf average last year. Noteworthy is that Alexandra Cluster saw a faster price rise of 16.8% from 2019 to 2015 than River Valley Cluster. In the Alexandra Cluster there is a high number of newly built condos, which have been around for less than ten years.

Stirling Residences boasts the highest average prices ($2,269/sqf) of all the Alexandra Cluster. The reason could be that the building was built only last year and received TOP. Artra , which achieved TOP 2020, is second in average price. Artra’s ground-floor shops include a supermarket and is conveniently located right next to Redhill MRT Station. Both condos come with 99-year-leasehold development.

The Metropolitan Condominium ($1,686 psf), Tanglin Regency , and Queens, however, are more affordable. As of now, the current average price per square feet for all three developments is at least $200 psf less than that for Alexandra Cluster. Redhill Station, or Queenstown Station MRT Stations can also be reached on foot. One of the biggest drawbacks would be that they are old and on a long-term lease. Tanglin Regenency has the longest tenure, having received TOP status in 1998. Queens and The Metropolitan Condominium are next, with both having been awarded in 2002.

All three of these developments, regardless of their age have shown significant price gains since 2012. Tanglin Regency, The Metropolitan Condominium and Queens all saw the greatest price growth.

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