River Valley Green site could sell for up to $560m: experts

Three to five offers seen, top bid could go as low as $483m.

The tender for the River Valley Green (Parcel A) residential site is expected to receive healthy bids thanks to its prime location, with property analysts projecting the top bid to reach as high as $560m.

Lee Sze Teck, Huttons Asia’s senior director for data analytics, expects the tender to attract at least three offers with the highest offer estimated to range from $525m to $560m, considering the palatable size of the project and the limited housing supply in the area.

Existing residential projects nearby such as the 540-unit Irwell Hill Residences and the 376-unit Avenir have already been nearly sold out or fully sold, boosting demand for future developments in District 9, said Justin Quek, CEO at OrangeTee & Tie.

He said the tender for River Valley Green (Parcel A) could see three to five offers worth S$1,450 to S$1,550 per square foot.

“Given that this is a prime parcel in the CCR, developers will be mindful of the higher-for-longer interest rates, macroeconomic uncertainty, and the ABSD increase for foreign buyers,” Quek added.

Wong Siew Ying, research and content head at PropNex, meanwhile, expects the top bid to come in lower at around $483m to $525m, translating to a land rate of $1,380 to $1,500 per square foot per plot ratio.

“Notwithstanding the cautious tone and measured land tender participation of late, we expect the River Valley Green (Parcel A) plot may draw more bidders to enter the fray, given its desirable location and attributes,” Wong said.

URA on Monday launched the tender for River Valley Green (Parcel A), which can yield 380 units when developed and can be linked to the Great World MRT station.

ALSO READ: What Singapore’s property developers can learn from Japan’s Azabudai Hills

The last government land sale tender in District 9 was the plot for Irwell Hill Residences which City Developments Ltd had won for $583.9m or $1,515 psf ppr in January 2020.

URA also launched the adjacent River Valley Green (Parcel B) under its reserve list, although the three analysts said it is unlikely to be triggered for sale anytime soon.

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