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A joint venture between Sunway MCL and CSC Land Group (Singapore) has secured the highly anticipated River Valley Green (Parcel C) Government Land Sale (GLS) site with a winning bid of S$750.6 million, setting a new benchmark for land values in Singapore's prestigious River Valley precinct.
The successful bid translates to S$1,730 per square foot per plot ratio (psf ppr), comfortably exceeding analysts' expectations of between S$1,350 and S$1,700 psf ppr. It also represents approximately a 22% increase over the previous land price achieved in the area, underscoring developers' confidence in the continued strength of the Core Central Region (CCR) residential market.
The tender attracted four competitive bids, highlighting the attractiveness of what is widely regarded as the last available Government Land Sale site near Great World.
The final rankings were remarkably close:
| Developer | Bid Price | Land Rate |
|---|---|---|
| Sunway MCL & CSC Land | S$750.6 million | S$1,730 psf ppr |
| China Overseas Land & Investment (COLI) | S$720.7 million | S$1,661 psf ppr |
| Hong Leong Holdings, GuocoLand & TID Residential | S$715.9 million | S$1,650 psf ppr |
| Kingsford Group | S$705.4 million | S$1,626 psf ppr |
The winning consortium edged out COLI by just 4%, reflecting intense competition among developers seeking a foothold in one of Singapore's most sought-after residential districts.
The 11,516-square-metre 99-year leasehold site has a maximum gross floor area of 40,306 square metres and is expected to yield around 470 homes under planning guidelines.
However, Sunway MCL and CSC Land have revealed plans for a larger development comprising more than 500 residential units spread across two 36-storey towers. The project will be designed to appeal to a broad range of buyers, including:
Young professionals
Families
Multi-generational households
Property investors
The development is expected to launch in 2027 or 2028.
The River Valley Green (Parcel C) site enjoys one of Singapore's most desirable residential locations.
Residents will benefit from:
Walking distance to Great World MRT Station
Direct access to Great World City
Close proximity to the Singapore River lifestyle belt
Near River Valley Primary School, one of Singapore's most popular primary schools
Easy access to Orchard Road and the Central Business District
Sunway MCL CEO Lee Tong Voon described the site as possessing "strong locational attributes, excellent connectivity and immediate access to a comprehensive range of lifestyle amenities."
The aggressive land bid reflects developers' confidence in the River Valley residential market, supported by outstanding sales performances from nearby projects.
Developed by GuocoLand, River Modern was built on River Valley Green (Parcel B), purchased in February 2025 for S$1,420 psf ppr.
The project achieved:
90% sales during launch
93% sold to date
Median selling price of S$3,229 psf
Developed by Wing Tai on River Valley Green (Parcel A), River Green has also been highly successful.
The development recorded:
88% sales during launch weekend
94% sold to date
Median selling price of S$3,128 psf
Recent launches in the vicinity have also demonstrated healthy demand:
Promenade Peak achieved approximately 71% sales at launch with a median price of S$2,942 psf.
Zyon Grand has sold about 90% of its units at a median price of S$3,050 psf.
Collectively, these four projects introduced nearly 2,300 units into the market, with only around 300 units remaining unsold—clear evidence of sustained buyer appetite in the area.
One of the biggest attractions of the River Valley Green site is its scarcity value.
Although several prime GLS sites have recently been awarded in locations such as Dunearn Road, Holland Plain, Bukit Timah Road and Peck Hay Road, River Valley remains one of the most established luxury residential enclaves in the Core Central Region.
With Parcel C widely expected to be the final GLS site in the immediate Great World precinct, future supply will be extremely limited.
This scarcity, combined with consistently strong demand from both local and foreign buyers, gives developers confidence that the future project can command premium prices upon launch.
The River Valley project marks the second collaboration between Sunway MCL and CSC Land.
Their first joint venture was Elta in Clementi, a project scheduled for completion in 2028. The successful partnership appears to have strengthened both developers' confidence in pursuing another major residential development together.
The record-breaking S$1,730 psf ppr land bid signals growing optimism for Singapore's prime residential market despite elevated land costs. Strong sales at neighbouring developments, limited future supply, and River Valley's enduring appeal have reinforced developers' confidence that buyers remain willing to pay a premium for well-located homes.
When the new development launches in 2027 or 2028, it is expected to become one of the flagship luxury residential projects in the Core Central Region, further cementing River Valley's reputation as one of Singapore's most desirable addresses.
