The Urban Redevelopment Authority has just closed the land tender for a site at River Valley Green (Parcel B) under the 2H2024 Government Land Sales (GLS) programme. The site can yield around 475 residential units and 500 sqm of commercial space.
There were five bids received for this plot. The highest bid was from GLL B Pte. Ltd. at a bid price of S$ 627,835,896 or around S$1,420 psf ppr. This was 8.9 per cent higher than the next highest bid from Sing Holdings Residential Pte. Ltd., which was S$576,330,000 or around S$1,303 psf ppr. The highest bid price and number of submitted bids exceeded our initial expectations, which may indicate some confidence in the potential of this site.
Given that the site is well-located above the Great World MRT station on the Thomson-East Coast Line (TEL), and Great World shopping centre is within walking distance, the potential buyer demand of this site may be on the higher side. Moreover, the removal of compulsory SA2 requirements that was previously tied to this land parcel could make the future development here more straightforward. It is also relatively rare to find a prime riverside land parcel along the park connector with immediate access to the MRT.
There were several GLS sites sold in the vicinity, with the neighbouring River Valley Green (Parcel A) site awarded in June 2024 at a land rate of around S$1,325 psf ppr. Two other sites, Zion Road (Parcel A) and (Parcel B) were also sold in April 2024 and August 2024, respectively. Given that the earlier plots were not keenly contested, with River Valley Green (Parcel A) and Zion Road (Parcel B) garnering two bids each and Zion Road (Parcel A) getting a sole bid, the excellent attributes of this site may have led to the higher number of bids.
With recent new launches in the area such as Irwell Hill Residences and The Avenir almost fully sold out, we may still see healthy demand when this new project is launched for sale to buyers.