Commentary on River Valley Green (Parcel C) GLS Site Tender Closing

SINGAPORE, 18 June 2026 - The tender for the Government Land Sale (GLS) site at River Valley Green (Parcel C) closed today. It attracted bids from four developers, with the top bid of $750.6 million (or $1,730 psf ppr) submitted by SMCL Haven 3 Pte. Ltd. and CSC Land Group (Singapore) Pte. Ltd.

The participation of four developers represents a more measured turnout than the five bids received for the previous River Valley Green (Parcel B) site, now River Modern, in February 2025. The top bid of $1,730 psf ppr underscores the strong confidence of SMCL Haven 3 Pte. Ltd. and CSC Land Group (Singapore) Pte. Ltd. in well-located Core Central Region (CCR) residential sites, driven by continued resilient demand for homes in prime districts.

The 21.8% increase in the top bid price, compared with the winning bid of $1,420 psf ppr for the previous River Valley Green (Parcel B) site, suggests that developers remain confident in future demand within the precinct. The stronger bid likely reflects the site’s locational strengths and its status as the last GLS site in the immediate vicinity of Great World MRT.

Location attributes

The bidding outcome reflects continued developer confidence in the River Valley neighbourhood, supported by the area’s proven demand and strong locational attributes. The strong take-up rates of the previous two developments at River Valley Green further reinforce developers’ confidence in the site.

River Green achieved a take-up rate of 88% when it was launched in August 2025, while River Modern chalked up a take-up rate of over 90% during its launch weekend in March 2026.

According to URA caveats lodged to date, both condominiums have sold around 93% of their total stock, with only around 65 units still unsold between them. The thin unsold stock could give future River Valley launches a clearer runway, which likely incentivised developers to bid more confidently.

As the last site in the vicinity of the Great World MRT station, River Valley Green (Parcel C) GLS site offers developers the last chance to secure a site in an established residential enclave, with buyer demand evident in the stellar sales performance of River Green and River Modern. 

With the Great World MRT station, Great World City mall, Zion Riverside Food Centre and River Valley Primary School within walking distance, the future development is well-positioned to appeal to buyers who value convenience, connectivity and a central location.

Buyer Demand

The central location of River Valley means residents enjoy close proximity to the CBD and Orchard Road. The neighbourhood's connectivity was further enhanced by the completion of the Thomson-East Coast Line, supporting resilient buyer demand despite higher prices.

Potential buyers’ demand could come from HDB flat upgraders from the nearby Queenstown HDB town, 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.

Moreover, owners of older condos in the CCR may take the opportunity to upgrade to a newer development in the same region, further widening the potential upgrader pool. Additionally, those living in the city fringe could take the opportunity to move to a more centrally located development.

Market Outlook

Despite ongoing geopolitical tensions and their potential implications for the global economy, Singapore’s economy has remained relatively resilient. Furthermore, the Ministry of Trade and Industry has announced that they will maintain this year’s GDP growth forecast at 2% to 4% y-o-y, signalling the government’s confidence in the resilience of Singapore’s economy.

Singapore’s steady economic growth, coupled with low unemployment rates and declining interest rates, has resulted in a residential property market that remains supported by strong buyer demand.

The GLS sites released to date have generally drawn steady developer interest. At the same time, the two new projects along River Valley Green have achieved stellar take-up rates, pointing to sustained demand for new developments in the neighbourhood, driven by upgraders and owners keen to live in a convenient, connected area.

Currently, excluding Executive Condominiums, three GLS sites remain open for tender, with another eight sites on the recently announced 2H 2026 Confirmed List set to be launched.

The release of the 2H 2026 GLS list includes seven private residential sites and a white site for tender, providing a combined 4,010 residential units. The diverse locations of the GLS sites across both lists offer developers a wide variety of choices, allowing them to carve out niches in different market segments and locations.