River Valley has pockets of opportunities

River Valley Cluster is a collection of thirteen different condominiums that are located on River Valley Road. It also straddles Districts 9 and 10 This cluster includes two still-under-construction developments, namely Irwell Hill Residencies and RV Altitude.

River Valley Cluster’s current average price is $2230 per sq ft, representing a growth of 15.3% over 2019 ($1,934/sq ft) as well as a rise of 5.1% over last year. Irwell Hill Residences could have contributed to the growth in prices for the River Valley Cluster. This development has the highest average price in the cluster at $2,916/sqft. At $2,489, the average price of The Cosmopolitan was second highest, and was followed by Rivershire, at $2.363.

Nathan and Jervois Clusters consist of condominiums situated along small roads that branch off River Valley Road. The analysis shows that these condos have lower average prices than those in the River Valley Cluster. Moreover, price growth for Nathan and Jervois Clusters has kept pace with that of River Valley Cluster.

Nathan Cluster average prices are $2,006/sqft, $224 lower than River Valley Cluster averages. Nathan Cluster average prices are up by 4.2% compared to the $1.925 average price last year. They also increased 13.1% compared to the $1.774 average price in 2019.

Nathan Cluster is a collection of thirteen freehold condominiums located in district 10. Majority of condos in the Nathan Cluster are smaller developments, with less than 100 units. Latitude has 127 units. In addition, Latitude’s average current price ($2,875/sqft) is the highest among condos within the cluster. The cluster only has two other projects with over 100 units: Loft @ Nat (121 units), and the Montana 108.

Only three developments are above the Nathan Cluster average, which is $2,006 per square foot. The Montana ($2,283psf), The Horizon ($2,146psf) and The Mercury are the three developments.

Most affordable are Shearesville ($1,335/psf), Nathan Residences ($1,764/psf), as well as Loft @ Nathan ($1,723/psf). Sheares Ville could have obtained temporary occupancy permit (TOP), which is why the price was so much lower. In addition, the price of this condo has dropped by 3 percent since 2012.

Loft @ Nathan is located on the first floor and has many shops, restaurants and conveniences for its residents. The average price of Loft @ Nathan has grown by 14 percent since 2012. That’s a greater appreciation compared with Nathan Residences (only 10%). Loft @ Nathan was also awarded TOP 2014, an year after Nathan Residences. Buyers who are savvy may want to look closely at both developments.

River Valley has become a very popular residential neighbourhood due to its convenient location, and many amenities nearby including Great World City. River Valley, Orchard Road or Clarke Quay are all within a short distance of the CBD. Hence it’s not surprising the condominiums commanding a premium in the area.

Since 2012, condos sold in River Valley Planning Area have consistently been more expensive than their counterparts located in Central Region (average price $2305 per square foot) or islandwide (1.9566 per square feet). However, River Valley’s price growth (28%) has been slower than Central Region’s (41%) and Islandwide’s (61%).

Our analysis has revealed that River Valley offers several affordable pockets. The hidden gems could be a good option for smart buyers who want to live in a highly sought-after neighbourhood, but still at a reasonable price.

The clusters formed were determined by the location of each condo. In each cluster, there are nine to 13 different types of developments, which vary in size, tenure and age. In order to avoid bias, the diversity of condominiums in each cluster was ensured. It was determined the average price for each condo identified from 2019 to 2023. On the basis of the average condo price, the price per cluster for each cluster is calculated.

If you want to live close to River Valley and have a modest budget, the Alexandra Cluster has 12 condos nearby Redhill MRT Stations. They are cheaper than condos at the River Valley Cluster, Nathan and Jervois clusters, because they are mostly 99-year leasehold development in District 3. The majority of these developments are 99-year leaseholds in District 3.

Alexandra Cluster’s current overall average price is $1.913 psf. This represents a rise of 5.4% over the average price last year of $1.818 psf. Notably, the Alexandra Cluster experienced a greater price growth (16.8%) since 2019 than the River Valley Cluster (only 15.3%). The Alexandra Cluster has a large number of condos less than 10 year old.

Stirling Residences currently has the highest average price in the Alexandra Cluster ($2,269 per sq. ft.). The development was only awarded TOP in the past year, which could explain its older age. Artra which achieved TOP in 2020 is the development with the second highest price. ($2,222 per sq ft). Artra has a number of shops and supermarkets on the first floor. It is also located near Redhill MRT Station. These two condos have 99-year leaseholds.

The Metropolitan Condominium is also the least affordable at $1,686 per square foot. Three developments have average prices that are $227 lower per sq ft than the average price for Alexandra Cluster. Redhill MRT Station and Queenstown Station are both within easy walking range of all three condominiums. They are older and have a leasehold. Tanglin regency was the first to receive TOP, in 1998. Queens followed in 2002 and The Metropolitan Condominium (2009).

These three buildings have experienced significant price increases since 2012. Tanglin Regency has the largest price increase at 29%. The Metropolitan Condominium is second (27%), followed by Queens (25%).

Jervois Cluster is made up of 13 freehold condominiums as well as 99-year leasehold units. Cluster developments are also spread out across districts 3 and 10.

Jervois Cluster average prices are $2,032psf. This is $198psf less than River Valley Cluster. Jervois cluster’s current average prices have also grown by 6.1%, 14.5% and 16.5% in comparison to the previous year (1,916 psf psf), as well as 2019 ($1,774psf).

Jervois prive ($2,995 per sq ft), Jervois treasuries ($2,641 per sq ft) and Petit Jervois ($2,601 per square ft) are among the newer developments and also have the highest average price. Jervois Prive & Jervois Treasures received TOP awards this year. Petit Jervois won TOP in 2013.

Jervois Cluster is home to the two largest projects, The Crest (469) and Principal Garden 663. These two 99-year freehold developments are adjacent. The Crest achieved TOP in 2017, one year before Principal Garden.

The Hill condo is located not within River Valley District, but near to One-North business park.

The Crest has a lower average price than Jervois Cluster. However, the Principal Garden average ($2,062psf), is $30psf more expensive than cluster average. The difference could be explained through the higher price growth of Principal Garden, where prices have increased by 27% compared with The Crest’s 13%.

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