A family office has acquired River Valley Apartments in Singapore for SGD56m (USD41.2m), securing the freehold property at its full asking price just weeks after it hit the market, according to marketing agent Knight Frank. The 24-unit complex, located in District 10, spans 12,407.6 square feet and has approval for redevelopment into 34,741 square feet of residential space. The sale follows the government’s push to boost long-stay serviced apartments. The buyer paid SGD1,612 per square foot of built area, excluding land betterment charges. Singapore’s housing market has surged, with private home sales in January tripling year-on-year to 1,083 units. Developers remain bullish on prime sites despite cooling measures, Knight Frank Singapore CEO Galven Tan said in a statement.