Record River Valley land bid hints at pricier launches ahead

The last government land sale (GLS) site in the River Valley area has been tendered out at a record price. That is a strong hint that the next wave of new launches here will be priced higher, even as future supply runs dry.

A joint venture between Sunway MCL and CSC Land Group submitted the top bid of $750.57 million for River Valley Green (Parcel C) when the tender closed on 18 June 2026, according to URA’s tender results. That works out to a land rate of $1,730 per square foot per plot ratio (psf ppr) for the 99-year leasehold, 123,958 sq ft site in prime District 9, which can yield a gross floor area of 433,854 sq ft. In a joint statement, the developers said that if awarded the site, they plan a premium project of more than 500 units across two 36-storey towers.

That land rate is the story. At $1,730 psf ppr, the bid is 21.8% higher than the $1,420 psf ppr GuocoLand paid for the neighbouring Parcel B just over a year ago, and well clear of Parcel A’s $1,325 psf ppr in June 2024. It is a new benchmark land rate for the River Valley and Zion precinct, and one analysts described as coming in above market expectations.

Winning land rates across the three parcels. Source: URA tender results.

A tight field of four

Parcel C drew four bids. All were above $700 million, and all higher than the winning bids for Parcels A and B:

Bidder	Bid	Land rate
Sunway MCL + CSC Land Group	$750.57m	$1,730 psf ppr
China Overseas Land & Investment (COLI)	$720.72m	$1,661 psf ppr
Hong Leong Holdings, GuocoLand & TID	$715.86m	$1,650 psf ppr
Kingsford Group	$705.45m	$1,620 psf ppr

The four bids sat within a narrow 6.4% band. Source: URA tender results.

The gap between the top and bottom bid was just 6.4%, a narrow spread that Huttons Asia read as developers broadly agreeing on what the site is worth. The turnout itself was fairly measured: ERA Singapore noted four bidders, fewer than the five to seven some had expected. Yet the winning price still rose, which suggests selective conviction rather than a frenzy. Developers paid up specifically for prime, MRT-connected land.

Why developers are confident

The site sits next to Great World MRT and Great World mall, one stop from Orchard Road on the Thomson-East Coast Line. Recent launches nearby have sold well, which analysts say underpinned the bidding. River Green (on Parcel A) is now about 94% sold at an average of roughly $3,150 psf, and River Modern (Parcel B) and Zyon Grand also recorded strong take-up. PropNex observed that all four bids topped the winning prices for the earlier parcels, and that robust sales at River Green and River Modern likely affirmed the depth of private-housing demand in the neighbourhood.

Parcel C is the last of three GLS sites at River Valley Green, which together supply just over 1,400 units. With no further plots expected here for years, new private homes in the Great World area will become scarcer from here.

What this means for you

• Eyeing a new launch in River Valley or Great World: future launch prices will be set off this higher land cost. River Green is already transacting around $3,150 psf, and a project built on pricier land typically needs to launch higher still. Existing launches and resale units may look comparatively better value.
• Already own here: a record land benchmark plus limited future supply are broadly supportive of medium-term values, though launch timing and interest rates still matter.
• Investing: strong take-up shows genuine demand, but rising entry prices compress room for capital gains. Stress-test rental yield and holding costs, not just the scarcity story.
• Either way: nothing is built yet, and pricing is not announced. Treat this as a forward signal, not a reason to rush.