River Valley leverages Thomson-East Coast Line, resilient demand

and more on EdgeProp.sg

River Valley, a 148ha area within the Central Region, is known for its upscale residential enclave. Home to 12,061 condo units across 145 projects, the area is situated close to the Orchard area and the CBD, and provides easy access to the MRT network following the recent completion of Stage 3 of the Thomson-East Coast Line (TEL).

Census data for 2020 demonstrates that River Valley attracts well-heeled households and expatriates, with nearly half of the households earning a monthly household income of at least $20,000 — more than double the median monthly household income of $9,189 for employed Singapore residents.

A number of recent launches in River Valley have also performed well, signalling continued confidence in the area. Irwell Hill Residences, a 99- year leasehold development by City Developments, has seen 94% of units sold at an average price of $2,703 psf. The Avenir, a 376-unit freehold project by Hong Leong Holdings, GuocoLand and Hong Realty on River Valley Close, currently has a take-up of 91% at an average price at $3,206 psf. Most recently, Hill House, a 999-year leasehold project by a consortium led by Macly Group, launched with 15 units sold since November 2022 at an average price of $2,977 psf.

It is no wonder then, with its prime location, that Horizon Towers — a 99-year leasehold condo on Leonie Hill Road in prime District 9 — was recently relaunched for collective sale tender on Feb 16 with an unchanged reserve price of $1.1 billion. This followed a tender in September 2022, which closed without a successful bid.

The 211-unit condo, completed in 1984, sits on a 1.9ha site, with the reserve price working out to a land rate of about $2,049 psf per plot ratio (psf ppr) after factoring in a lease top-up premium estimated at around $277 million.

In addition to the relaunch of Horizon Towers, Orchard Bel Air, a 99-year leasehold condo along Orchard Boulevard, has also relaunched its collective sale tender with an unchanged price tag of $587.5 million (or Senja Close EC an estimated $2,551 psf ppr). Tenders for both Horizon Towers and Orchard Bel Air will close in March.

Residents in River Valley also enjoy higher rents due to the area’s popularity among renters. Average condo rental rates in River Valley stand at $5.49 psf per month (psf pm) year-to-date, compared to $5.17 psf pm for the Central Region and $4.69 psf pm islandwide.

Despite its central location, prior to the launch of TEL, River Valley had no MRT station. “While there were some stations nearby like Orchard or Tiong Bahru, there weren’t any within the River Valley area itself,” stated Elizabeth Choong, EdgeProp Singapore’s property research analyst during an EdgeProp Master Plan Masterclass webinar on Feb 25.

The opening of Stage 3 extends the line from Caldecott to Gardens by the Bay, with three of the stations falling within the River Valley planning area — Orchard Boulevard, Orchard and Great World. The stations greatly enhance connectivity within River Valley, and Choong believes it also bode well for property values.

The area has seen prices growing at a slower pace, however, since 2013, average transacted prices in River Valley have grown 32%, versus 44% for the Central Region and 46% for the whole of Singapore. Data compiled on EdgeProp Singapore’s Market Trends tool shows that prices transacted year-to-date for condo units in River Valley stand at $2,789 psf, higher than the average price for the Central Region ($2,503 psf) as well as the whole of Singapore ($2,019 psf).

With the successful launches and en bloc attempts in River Valley, it is clear the area continues to attract buyers and renters who appreciate its central location and range of amenities. Once all stages of TEL are fully operational by 2025, residents will also have a direct MRT route to the East Coast.

Check out the latest listings near River Valley, Horizon Towers, Irwell Hill Residences, The Avenir, Hill House, Orchard Bel Air, Great World MRT Station, Orchard Boulevard MRT Station and more on EdgeProp.sg

River Valley is known for its upscale residential enclave, housing 12,061 condo units across 145 projects. Recent launches in the area have performed well, demonstrating buyers’ and renters’ confidence in the area. Irwell Hill Residences, The Avenir and Hill House all saw successful take-up rates, despite their different land tenures.

Residents here can enjoy higher incomes and rents while also benefitting from the enhanced connectivity with the launch of Stage 3 of the Thomson-East Coast Line. Horizon Towers and Orchard Bel Air also had their collective sale tenders relaunched in February and March 2021 respectively.

The River Valley planning area is zoned for residential use and encompassed within the Central Region. Census data for 2020 shows that nearly half of the area’s households earn at least $20,000 monthly — double the median monthly household income of employed Singapore residents. Average condo rental rates in River Valley stand at $5.49 psf per month (psf pm) year-to-date, compared to $5.17 psf pm for the Central Region and $4.69 psf pm islandwide.

Since 2013, average transacted prices in River Valley have grown 32%, lower than the 44% and 46% growth for the Central Region and whole of Singapore respectively. Prices transacted year-to-date for condo units in River Valley stand at $2,789 psf.

A survey by EdgeProp Singapore last year found that people are actually willing to pay at least 10% more for a home near an MRT station or bus interchange, demonstrating the potential for property values to appreciate in River Valley with the opening of the three MRT stations in the area.

Check out the listings around River Valley on EdgeProp.sg to find out more.