10 Feb 2025
River Valley Green (Parcel B) Draws Five Bidders
Property Insight

The River Valley Green (Parcel B) Government Land Sales (GLS) site, designated for residential with commercial at the first storey, attracted five bidders. This marks the highest level of participation for a site in the vicinity in recent times, underscoring developers' confidence in its potential.

GuocoLand, through GLL B Pte. Ltd., emerged as the top bidder with a $627.8 million bid, translating to $1,420 per square foot per plot ratio (psf ppr). This exceeded the second-highest offer by 8.9%, reinforcing market optimism for well-located plots. Other bidders included Sing Holdings Residential Pte. Ltd. ($1,303 psf ppr), Sing-Haiyi Garnet Pte. Ltd. ($1,280 psf ppr), Garden Estates (Pte.) Limited ($1,252 psf ppr), and Kingsford Huray Development Pte. Ltd. ($1,251 psf ppr).

The strong interest in this site contrasts with earlier tenders—River Valley Green (Parcel A) had only two bidders, Zion Road (Parcel B) also saw two bidders, while Zion Road (Parcel A) attracted a single bid. This underscores the strategic appeal of River Valley Green (Parcel B), which benefits from excellent connectivity and a desirable residential district near the Singapore River.

Market Context and Demand Trends

Private home sales in the Core Central Region (CCR) in 2024 moderated, with 378 units sold compared to 1,454 units in 2023. The slowdown was largely due to the limited number of new launches earlier in 2024. However, 2025 is expected to see a turnaround, driven by an increase in new project launches. Upcoming developments like Marina View Residences and Aurea are anticipated to reignite buyer interest and provide a diverse range of housing options.

Prime Location and Competitive Positioning

Situated within the River Valley Planning Area, the site is highly coveted due to its proximity to the Singapore River, Robertson Quay, and Great World MRT station on the Thomson-East Coast Line. This location provides seamless access to the Central Business District (CBD), Marina Bay, Orchard Road, and key expressways.

The site’s prime positioning makes it attractive to local and international buyers, particularly with lifestyle and recreational amenities such as Great World City and Robertson Quay's riverside dining and nightlife. Additionally, River Valley Primary School enhances the site’s family appeal.

Price Projections and Market Resilience

The non-landed price index in the CCR saw a 4.5% increase in 2024, up from 1.9% in 2023. 4Q2024 recorded a 2.6% increase, rebounding from a -1.1% dip in 3Q2024. The luxury segment remained resilient, with marginal growth in high-value transactions ($10 million and above), reinforcing demand for prime district properties.

Click here for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg  

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Property Insight
15 Sep 2025
Singapore New Home Sales Cross 2,000 Units in August 2025, Driven by Strong Launches

The private residential market registered a strong performance in August 2025, marking the second consecutive month of growth in new home sales. Developers transacted 2,142 units excluding Executive Condominiums (ECs), a significant jump from the 940 units sold in July. Including ECs, the total reached 2,338 units. This is the first time since November 2024 that monthly developer sales have surpassed the 2,000-unit threshold.

This outcome is especially notable given that August is traditionally a quieter month for property transactions due to the Hungry Ghost Festival. Developers responded strategically by bringing projects to market earlier, capitalising on demand before the slowdown. This timing enabled them to sustain momentum despite the seasonal lull.

The strong results were underpinned by several high-profile launches. Five projects—Springleaf Residence, River Green, Promenade Peak, Canberra Crescent Residences, and Artisan 8—accounted for 88.4% of total developer sales in August, underscoring the pivotal role of large launches in driving activity. In contrast, all other projects combined contributed just 11.6%, highlighting the extent to which buyer attention was concentrated on fresh supply.

Springleaf Residence emerged as the top performer with 884 units sold at a median price of $2,166 psf. Over 92% of its units were snapped up during its launch weekend, led by strong demand for two- and three-bedroom units. The project benefitted from limited competing supply in its vicinity, as the next GLS tenders in Upper Thomson and Lentor were not scheduled to launch until later in the year. Its compelling entry pricing and attractive location helped draw both owner-occupiers and investors.

Cumulatively, the market in 2025 has significantly outpaced the previous year. From January to August 2025, developers sold 7,669 units, already exceeding the full-year total of 6,469 units in 2024. This turnaround reflects improved buyer sentiment, the return of larger-scale launches, and stronger participation across both suburban and central locations.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg

Property Insight
11 Sep 2025
Chencharu Close GLS Tender Hits $980 psf ppr, Sembawang Road EC tops bid at $692 psf ppr

Two significant land parcels Chencharu Close (mixed-use) and Sembawang Road (Executive Condominium, EC) both of which drew developer interest and signalled continued confidence in Singapore’s residential market despite current cooling measures.

For Chencharu Close, the top bid of $1.01 billion ($980 psf ppr) came from Evia Real Estate, Gamuda Singapore, and H108 Pte. Ltd., outpacing the second-highest offer by nearly 20%. The consortium, having previously collaborated on OLA and Gem Residences, is experienced in delivering large-scale residential projects. This site, envisioned as a mixed-use development with residential units, commercial space, a bus interchange, and a hawker centre, will be the first of its kind in the Chencharu Estate. The strategic location near Khatib MRT enhances accessibility and is expected to draw steady residential and retail demand.

Meanwhile, the EC site at Sembawang Road was awarded to Oriental Pacific Development (JBE Holdings) at $197.8 million ($692 psf ppr). This represents one of the lowest land bid prices for ECs in recent years, yet the competition remained healthy with four bids received, broadly in line with the average participation rate for EC parcels. JBE Holdings is experienced in the EC segment, having delivered Piermont Grand previously, and their return to the market signals sustained confidence in the hybrid public-private housing model.

The Sembawang Road site is expected to yield about 265 units. Its location near Canberra MRT station, Canberra Plaza, schools, and parks ensures strong appeal among upgraders and young families. 

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg

Property Insight
05 Sep 2025
Chuan Grove (1H2025) Tender Sees Top Bid of $1,331 psf ppr by Sing Holdings–Sunway JV

A total of five bidders participated in this round, with Sing Holdings Residential Pte. Ltd. and Sunway Developments Pte. Ltd. once again emerging as the top bidder. The joint venture submitted a bid of $623.9 million, or $1,331 psf ppr, edging out the second-highest offer by just 2.9%. A close margin that highlights their strong commitment and competitive stance in acquiring key sites within this precinct.

Having previously secured the earlier Chuan Grove plot with a $703.6 million bid or $1,376 psf ppr, the repeat participation by Sing Holdings and Sunway reflects a deliberate strategy to consolidate their presence in the Chuan Grove area. Their approach signals long-term confidence in the precinct’s growth potential. By acquiring both parcels, the developers are well-positioned to unlock operational synergies across planning, construction, and marketing, while also creating a more cohesive identity for future residential developments in the neighbourhood.

Market momentum from recent new launches and a more stable interest rate environment have collectively uplifted developer sentiment. This has created a conducive setting for land acquisition as developers look to replenish their pipelines with projects in vibrant suburban regions.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg

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