River Valley Green: Bold $1,730 psf ppr Bid Sets New Land Price Record
A joint venture between Sunway MCL and CSC Land Group (Singapore) has topped the tender for River Valley Green (Parcel C) — the last available GLS site in the area — with a bid of $750.6 million, or $1,730 per square foot per plot ratio. The bid was the highest among four competing parties and sets a new land price record for River Valley, coming in roughly 22% above the $1,325 psf ppr paid for the adjacent Parcel A by Wing Tai in a June 2024 tender.
A bullish consensus from the market
Four bids came in within a relatively tight range — a sign of genuine market conviction on the site's potential. COLI (China Overseas Land & Investment) placed the second-highest offer at $720.7 million ($1,661 psf ppr), just 4% below the top bid. Intrepid Investments/GuocoLand and Kingsford Huray Development rounded out the field.
The tight bid spread tells a clear story: developers have aligned on a view that River Valley Central Region land can support launch prices at the $3,500–$3,600 psf level. With the neighbouring River Modern project launching at $2,942 psf at launch and Robertson Opus coming in just under $3,500 psf, the pricing trajectory for this parcel fits the pattern.
The 99-year leasehold site at 11,516 sq m (GFA 40,306 sq m) is expected to yield approximately 470 homes across two 36-storey residential towers, catering to young families, professionals, multigenerational households and investors. Launch is anticipated for 2027 or 2028.
What this means for buyers in D9
When developers pay $1,730 psf ppr for land, the resulting selling price is rarely below $3,300–$3,600 psf — and often higher in a strong market. For buyers already holding D9 property or actively searching in the River Valley corridor, this tender outcome is unambiguously positive for existing values.
The River Valley market draws from a profile that Huttons' CEO Marcus Chu describes as "potentially different from the buyer profile with appeal rooted in its more central location, as well as proximity to Orchard Road, the central business district and the Singapore River." That demand base — HDB upgraders from nearby Queenstown and city-fringe residents seeking a more central location — is deep and structurally supported by the area's ongoing transformation.
For buyers sitting on the fence in D9, this result is a data point worth taking seriously. The land market is not waiting.
Considering a purchase or investment in District 9 or the River Valley corridor? Let's have a conversation.