Two sites at River Valley Green launched for tender
According to a URA press release dated March 11, two residential plots at River Valley Green are now available for sale as part of the 1H2024 government land sales (GLS) programme. The plots are located near Great World MRT Station, on the Thomson-East Coast Line. They are also close to Great World City shopping mall.
The Parcel A site, which occupies approximately 99.972 sqft, is now available for sale on the Confirmed List. It could produce up to 380 apartments. Parcel B, which is adjacent, occupies approximately 126,290 square feet and can be applied for under the Reserve List. River Valley Green (Parcel B), which could produce 580 units, including 220 serviced apartments for long-term stays.
The new project at River Valley, if developed, could be attractive to single professionals, couples with dual incomes, and those without children (dinks). This is because of its proximity to Clarke Quay as well as Robertson Quay which offers a wide range of dining and entertainment choices.
Great World City is within walking distance for future residents. Renters may be interested in renting the property due to its proximity to CBD. The future project may be attractive to homebuyers with children as River Valley Primary school is only 1km away.
City Developments Limited developed the 540-unit Irwell Hill Residences on the last GLS sold site in this area. Developer won the site by submitting the highest bid of $583,9 million in 2020, which is equivalent to $1,515 per square foot (psf) for the plot ratio. Irwell Hill Residences went on sale in April of 2021, with an average price per square foot of $2700.
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The two only new launches in this area, Irwell Hill Residences & The Avenir are sold out. We may see a healthy demand for new units at future developments, given the limited supply of new homes in this area.
There are other GLS plots in the area. In December last year, the government announced two GLS plots at Zion Road as part of the 2H2023 GLS program. Zion Road, parcel A was released under the Confirmed List and its tender closed on April 4. Zion Road, parcel B is now open for applications under the Reserve List. Zion Road (Parcel B) is expected to yield 435 serviced apartments and 1,170 units.
River Valley Green (Parcels B and C) is the most manageable option for developers who want to explore the serviced apartments component. It’s half the size as Zion Road (Parcels A and C). Its integration with the Great World MRT Station will also ensure seamless connectivity for future residences.
The closing date for River Valley Green parcel A is June 19.
