The River Valley Green (Parcel C) government land sales (GLS) site attracted a top bid of $1,730 psf per plot ratio (ppr) from a Sunway MCL and CSC Land Group (Singapore) joint venture.
If awarded the tender, the joint venture intends to develop the District 9 site into a premium high-rise residential development comprising over 500 units across two 36-storey towers, reads a Sunway MCL announcement on June 18.
“The site presents an opportunity to introduce a new residential development in one of Singapore’s most established and sought-after neighbourhoods,” says Lee Tong Voon, CEO of Sunway MCL. “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.”
This marks the two firms’ second successful joint venture following Elta along Clementi Avenue 1, which is expected to be completed in 2028. “We are equally excited to embark on this journey with a valued partner who shares our vision and commitment to developing high-quality homes in Singapore,” says Qian Liang Zhong, chairman, China Construction (South Pacific) Development Co. “Together, we bring complementary strengths and a shared dedication to this project.”
Fifth site in the area
The tender for the 11,516 sqm land parcel, which closed on June 18, drew four bids despite being the fifth site released in the area.
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The top bid of just under $750.6 million is some 4.1% above the second-placed bid from China Overseas Land & Investment, a subsidiary of the state-owned China State Construction Engineering Corporation.
A GuocoLand, Intrepid Investments and TID consortium put in the third-placed bid while Kingsford Huray bid some $705.4 million. The difference between the bids is 6.4%, indicating market consensus on the value of the site.
The top bid of $1,730 psf ppr establishes a new benchmark land rate for the River Valley and Zion precinct, surpassing the previous record of $1,420 psf ppr achieved at River Valley Green (Parcel B) by 21.8%.
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The precinct has increasingly established itself as a “proven residential cluster” where developers continue to see strategic value in securing a presence, says Mohan Sandrasegeran, head of research and data analytics, Singapore Realtors Inc. (SRI).
“For developers, having a project within the River Valley and Zion area is not merely about a single development opportunity but also about maintaining market visibility and market share within one of Singapore's most sought-after residential locations,” he adds.
This is likely the last land parcel in the area and is across the entrance to Great World MRT Station, says Mark Yip, CEO, Huttons Asia. River Valley Primary School is next door while Great World shopping mall is nearby.
The previous two launches in River Valley Green — River Green and River Modern — were met with “enthusiastic response” from buyers, says Yip.
According to Urban Redevelopment Authority (URA) caveats lodged to date, both condominiums have sold around 93% of their total stock, with only around 65 units still unsold between them. River Green has 33 unsold units, while River Modern has 32 units.
Based on recent project performance, developments within the precinct recorded an average launch weekend sales rate of approximately 79%, with River Modern achieving an exceptional take up rate of about 90% during its launch weekend, notes Sandrasegeran. “These healthy absorption rates provide developers with greater confidence in the depth of demand within the area and reduce uncertainty surrounding future sales.”
At nearby Zion Road, Promenade Peak and Zyon Grand — both launched for sale in 2025 — have sold around 71% and 90% of their units respectively. These projects are now 86% sold at median prices of $2,942 to $3,229 psf, with just 313 units left unsold.
The tender of River Valley Green (Parcel C) came at a time when much of the competing supply in the area had been absorbed, says Wong Siew Ying, head of research and content, PropNex. “The strong take-up rates and the limited unsold inventory in what we think is a highly desirable neighbourhood likely also encouraged developers to place firm land bids for Parcel C.”
At a top bid land rate of $1,730 psf ppr, PropNex projects that the average selling price may potentially come in at above $3,300 psf.
CBRE thinks the developer could look to launch River Valley Green (Parcel C) at a higher average price of $3,400 to $3,500 psf.
The next two GLS tenders in the Core Central Region (CCR) in Orchard Boulevard and Holland Plain will offer around 720 units. The supply of CCR homes may not be sufficient based on the current level of demand, says Yip.
With the current upward trajectory in CCR land prices, future selling prices of CCR homes in 2027 are likely to be calibrated upwards and test the $3,600 psf level, according to Yip. In May, the median selling prices of River Green, River Modern and The Robertson Opus are a tad shy of $3,500 psf.
Excluding executive condominiums, three GLS sites remain open for tender, with another eight sites on the recently announced 2H2026 Confirmed List set to be launched.
Buyer demand
According to Marcus Chu, CEO of ERA Singapore, potential buyers for the River Valley Green (Parcel C) project could be HDB flat upgraders from the nearby Queenstown, where 2,405 flats are expected to reach their Minimum Occupation Period this year.
Furthermore, Queenstown saw 173 million-dollar flat transactions in 2025 and 110 million-dollar flat transactions so far this year. “The high resale price fetched by these HDB flats could help fund upgraders who prefer to continue living in a familiar neighbourhood,” adds Chu.
Table: SRI Research, URA
Read about this year's GLS tenders:
URA launches Berlayar Drive and New Upper Changi Road GLS sites (May)
Holland Plain GLS site in D10 draws sole bid from Sim Lian (May)
Dunearn Road GLS site draws six bids; Wing Tai-Metro consortium on top with $1,625 psf ppr bid (April)
River Valley Green (Parcel C) GLS site in popular Great World area could ‘pique developer interest’ (April)
Peck Hay Road GLS site in Newton could draw up to eight bids: analysts (April)
Frasers Property-Mitsubishi Estate JV tops four bids for Kallang Close GLS site at $1,415 psf ppr (April)
Large 5.74ha Bayshore Drive mixed-use GLS site could draw $2 bil top bid: analysts (March)
Qingjian Realty, joint venture partners top Dover Drive GLS bid with $1,556 psf ppr (March)
URA launches GLS site at Holland Plain, with up to six bidders expected (February)
CDL-Woh Hup JV places top bid for Tanjong Rhu GLS site, beating out four others (February)
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