Commentary on URA tender closing at River Valley Green Parcel C

By Tricia Song (宋明蔚), Head of Research, Singapore and Southeast Asia, CBRE

Developers appear to cheer positive developments in the Middle East conflict with optimistic bidding observed at the tender close for River Valley Green Parcel C. The site received 4 bids with a top bid price of $750.57 mil or $1,730 psf ppr. The psf price is higher than expectations and is 21.8% higher than the $1,420 psf ppr for parcel B (launched as River Modern) next to it, which was awarded in Feb 2025 after receiving 5 bids, setting a new land price record in the area. Prices submitted were within a thin 6% margin, indicating tight consensus on the site. The optimism is supported by robust sales in earlier launches suggesting a re-rating of well-located CCR projects.

Today’s tender for the residential site at River Valley Green Parcel C (470 units) saw 4 bids and a top bid price of $1,730 psf ppr above expectations. The top bid was submitted by a tie-up between Sunway MCL and CSC Land Group who placed the second highest bid for Peck Hay Road tender last week. 

The joint venture outbid the second highest bid of $1,661 psf ppr from China Overseas Land and Investment by 4.1%. The lowest bid of $1,626 psf ppr from Kingsford Group, was withing a thin margin of 6% with the top bid, indicative of tight consensus on the site.

River Valley Green Parcel C (470 units) is the 3rd and final plot along River Valley Green to close in the past 2 years. Including 2 other sites across the river at Zion Road, the cluster would have a total of 5 new projects totaling over 2,750 units. 

The prior River Valley Green sites, winning bids and top bidders are as follows:

• River Valley Green Parcel A saw 2 bids and was awarded for $1,326 psf ppr to Wingtai Holdings in Jun 2024. Launched as River Green (524 units) in Aug 2025.
• River Valley Green Parcel B received 5 bids and was awarded to GuocoLand for $1,420 psf ppr in Feb 2025.

Across the river along Zion Road,

• Zion Road Parcel B drew 2 bids and was awarded for $730.09 mil or $1,304 psf ppr to Allgreen Properties in Aug 2024.
• Hybrid residential and long-stay serviced apartment site, Zion Road Parcel A saw just 1 bid and was awarded in Apr 2024 to CDL/Mitsui Fudosan Co. for $1,202 psf ppr.

With a top bid of $1,730 psf ppr, River Valley Green Parcel C has set a new record land rate for River Valley Green and Zion Road GLS tenders, a whopping 21.8% higher than the previous high of $1,420 psf ppr for River Valley Green Parcel B.

The premium likely reflects the fact that River Valley Green Parcel C is the final plot in the precinct, alongside cheaper financing costs and renewed developer confidence, supported by robust new home sales in 2026 and the River Valley area’s established track record of solid demand and firm pricing. Served by Great World MRT Station on the Thomson East Coast Line, key draws of the precinct include its prime location near the CBD and Orchard Road shopping belt, tranquil upscale riverside charm and myriad food options at Robertson Quay, lifestyle and retail amenities at Great World City, and New Bahru. It is also next to a popular primary School - River Valley Primary School. 

Prior launches River Green (524 units) and River Modern (455 units) both saw outstanding take-up, selling 88% and 90% of total units respectively over their launch weekends. Based on realis caveats as of today (16 Jun 2026), both are now 93-94% sold. Across the road, Promenade Peak (596 units) and Zyon Grand (706 units) also sold 71-90% of their stock since their launches in late 2025. These projects are now 86% sold at median prices of $2,942 – 3,229 psf, with just 313 units left unsold. 

Nearby new launches comparables 

	Total units	Sold	Sold %	Median price sold $psf	Unsold	Unsold %	Launched since
RIVER GREEN	524	491	94%	3,128	33	6%	Aug-25
RIVER MODERN	455	423	93%	3,229	32	7%	Mar-26
PROMENADE PEAK	596	422	71%	2,942	174	29%	Aug-25
ZYON GRAND	706	632	90%	3,050	74	10%	Oct-25
	2,281	1,968	86%	3,087	313	14%

Source: CBRE Research, URA Realis

Comparable resales in the location include Riviere (455 units), 99 years leasehold, located just across the river and saw 6 transactions in 2026 YTD at a median price of S$2,842 psf. Another 99-year 540-unit project Irwell Hill Residences, the newest completed project in this locality, saw 12 resale transactions at a median price of $3,010 psf in 2026 YTD.

The developer could look to launch River Valley Green Parcel C, at an average price of $3,400-3,500 psf.