River Valley Green GLS tender sparks developer interest

It saw the highest bids and tender price for a CCR GLS site since 2020.

The plot at River Valley Green Parcel B (475 units) drew a record high of five bids, and a top bid price of $627.84 mil or $1,420 psf ppr above expectations submitted by a unit of GuocoLand.

It saw the highest bids and tender price for a CCR GLS site since Irwell Bank Road in 2020.

The River Valley Green (Parcel B) is a zoned residential with commercial at first storey.

Mark Yip, CEO of Huttons Asia said that the bids were more confident compared to the past few GLS tenders. Yip believes developers probably see the site as having better attributes like being right next to Kim Seng Park and facing the Singapore River.

Justin Quek, CEO of OrangeTee & Tie agreed and said that the potential buyer demand for this site may be on the higher side. Moreover, the removal of compulsory SA2 requirements that were previously tied to this land parcel could make the future development here more straightforward.

With a GuocoLand unit holding the top bid Tricia Song, CBRE Head of Research in Singapore and Southeast Asia said GuocoLand could be redeploying proceeds from its successful Lentor launches and may have been encouraged by the sell-out at Rivière (455 units) located just across the river from the land parcel. They will however have to contend with heightened competition, with 1,725 residential units and 435 SA2 units expected in the pipeline from the 3 prior sites.

Wong Siew Ying, Head of Research and Content, PropNex predicts that the average selling price could potentially hover at around $3,000 psf.

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