Two sites at River Valley Green launched for tender

URA has released two residential sites for sale at River Valley Green under the 1H2024 GLS Program. Both plots are near Great World MRT Station and the Great World City Shopping Mall.

The Parcel A parcel, which is 99.972sqft in size, will be available to purchase under the Confirmed List. Up to 380 homes could be built. Parcel B is located next to Parcel A and occupies 126,290 sqft. This site can be applied under the Reserve List. River Valley Green parcel B is expected to yield 580 residential units including 220 apartments with long-term service.

The development of the River Valley site (Parcel A), which is close to the CBD and Clarke Quay/Robertson Quay (which offer many dining and entertainment options), could attract single professionals or couples with dual-incomes and no children.

 

Great World City can be reached easily by future residents. It is possible that tenants will also rent the unit due to its close proximity to the CBD. River Valley primary school is just 1km away, so it may appeal to buyers with young children.

 

City Developments Limited, the developer of the Irwell Hill Residences in the vicinity, sold the last GLS property. The site was located at Irwell Bank Road and was developed into a 540 unit Irwell Hill Residences . The developer was awarded the site in 2020 after submitting a top bid of $583.9 millions, which translates into a plot rate of $1.515 psf. Irwell Hill Residences, at an average of $2700 psf, was put up for sale by April 2021.

 

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The only two launches in the region — Irwell Hill Residences The Avenir and The Avenir — have sold out. As there is only a small supply of new houses (in the area), future units may be in high demand.

 

River Valley Green is not the only GLS site in this region that has been put up for bid. In December of last year, two GLS sites were released at Zion Road for the 2H2023 GLS. Zion Road parcel A, which was listed under the Confirmed List, closed on the 4th of April. Zion Road parcel B is available for bidders under the Reserve List. Zion Road, parcel A, could result in 1,170 residential units, including 435 apartments for long-stay guests.

 

River Valley Green, parcel B is more manageable for developers interested in exploring the serviced apartment option. This is because it’s only half as large as Zion Road, parcel A. Its integration into the Great World MRT Station’s entrance will allow future residents to enjoy seamless connectivity.

 

 

The River Valley Green (Parcel A), tender will close on the 19th of June.


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