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SINGAPORE (June 19): The tender for the Government Land Sale (GLS) site at River Valley Green (Parcel C) closed on June 18 with four bids, led by a joint venture between Sunway MCL and CSC Land Group. The consortium submitted the highest offer of S$750.57 million (RM2.4 billion), or S$1,730 psf per plot ratio (psf ppr).
"The top bid of S$1,730 psf ppr is not only well above market expectations but also establishes a new benchmark land rate for the River Valley and Zion precinct, surpassing the previous record of S$1,420 psf ppr achieved at River Valley Green (Parcel B) by 21.8%," says Mohan Sandrasegeran, head of research and data analytics at SRI.
Sunway MCL-CSC Land's joint bid was 4.15% higher than the second-highest offer of S$720.72 million (S$1,661 psf ppr) from China Overseas Land & Investment (COLI).
The consortium comprising Hong Leong Holdings, GuocoLand and TID came in third with a bid of S$715.86 million (S$1,650 psf ppr), while Kingsford Group submitted the lowest bid of S$705.45 million (S$1,620 psf ppr).
“The price gap between the highest and lowest bid is just 6.4%, which points to a consensus on the value of the site,” says Mark Yip, CEO of Huttons Asia.
Last parcel in River Valley Green
Parcel C is the last of three sites released at River Valley Green in prime District 9 of the Core Central Region (CCR). The 99-year leasehold plot spans 123,958 sq ft and can yield a gross floor area (GFA) of 433,854 sq ft. Located next to Great World MRT Station and Great World mall, it is one stop from Orchard Road on the Thomson-East Coast Line.
If awarded the site, the Sunway MCL-CSC Land joint venture plans to develop a premium residential project comprising more than 500 units across two 36-storey towers, according to a joint statement by the partners.
“As the last GLS parcel in the River Valley precinct, the site combines strong locational attributes, excellent connectivity and immediate access to a comprehensive range of lifestyle amenities,” says Lee Tong Voon, CEO of Sunway MCL.
This marks the second collaboration between the two partners, following the launch of the 501-unit Elta at Clementi Avenue 1 in February 2025. The project is slated for completion in 2028, says Qian Liang Zhong, chairman of China Construction (South Pacific) Development, whose development arm is CSC Land.
The three sites at River Valley Green have a combined supply of over 1,400 units, says Justin Quek, deputy group CEO of Realion (OrangeTee & Edmund Tie) Group. Future supply in the River Valley/Great World area remains limited, he adds.
Strong response amid robust sales for the first two developments
All four bids in the latest tender for Parcel C were higher than the winning bids for Parcels A and B, notes Wong Siew Ying, PropNex head of research and content. "It is likely that the robust new home sales at River Green and River Modern have bolstered developer confidence and affirmed the depth of private housing demand in that neighbourhood," she says.
The tender for River Valley Green (Parcel A), which closed in June 2024, attracted just two bids, with Wing Tai Holdings emerging as the winner with a bid of S$464 million (S$1,325 psf ppr). The resulting project, the 524-unit River Green, was launched in August 2025 and achieved an 88% take-up rate at an average price of $3,130 psf. Based on caveats lodged, the project is 93.7% sold at an average price of S$3,147 psf.
Meanwhile, River Valley Green (Parcel B), which fronts Kim Seng Park and the Singapore River, drew five bids when its tender closed in February 2025. GuocoLand secured the site with a bid of S$627.84 million, or S$1,420 psf ppr.
River Modern, the 455-unit project on Parcel B, was launched in March and sold more than 90% of its units at an average price of S$3,266 psf. Based on caveats lodged, the project is 93% sold at an average price of S$3,278 psf.
At nearby Zion Road, recent new launches have also performed well with Promenade Peak and Zyon Grand – both launched for sale in 2025 – selling around 71% and 90% of their units, respectively, notes PropNex's Wong. "To this end, the tender for Parcel C came at a time when much of the competing supply in the area had been absorbed."
Comparable resales in the location include the 455-unit Riviere, located just across the Singapore River, adds Tricia Song, CBRE head of research for Singapore and South East Asia. The 99-year leasehold condo was completed in 2023, and it saw six resale transactions in 2026YTD at a median price of S$2,842 psf. Another 99-year leasehold condo, the 540-unit Irwell Hill Residences, completed in 2025, saw 12 resale transactions at a median price of S$3,010 psf in 2026YTD.
Given the top bid land rate of S$1,730 psf ppr for River Green (Parcel C), PropNex projects that the average selling price may exceed S$3,300 psf.
CBRE expects the developer to launch the new project at River Valley Green (Parcel C) at an average price of S$3,400 to S$3,500 psf.
Huttons' Yip reckons selling prices for new CCR homes launched in 2027 could test the S$3,600 psf mark, given the upward price trajectory in the prime districts. He notes that the median selling prices achieved at River Green, River Modern and The Robertson Opus are already approaching the S$3,500 psf level.
Demand from potential buyers could come from HDB flat upgraders from the nearby Queenstown HDB town, where 2,405 flats are expected to reach their Minimum Occupation Period this year, says Marcus Chu, CEO of ERA Singapore. Last year, Queenstown recorded 173 resale transactions of S$1 million or more. This year, another 110 resale transactions of at least S$1 million have changed hands so far. "The high resale price fetched by these HDB flats could help fund upgraders who prefer to continue living in a familiar neighbourhood," he adds.
The next two CCR residential GLS sites at Orchard Boulevard and Holland Plain are expected to yield about 720 units in total. Given the strong take-up rates at recent launches, Yip believes upcoming supply may struggle to keep pace with demand.
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