25 Jun 2024
GLS Commentary: Tender Results on Upper Thomson Road (Parcel A) & River Valley Green (Parcel A)
Property Insight

River Valley Green (Parcel A)

Tender Overview

The top bid for River Valley Green (Parcel A) was submitted by Winchamp Investment Pte. Ltd. (Wing Tai Holdings) at $464.0 million, translating to $1,325 per square foot per plot ratio (psf ppr). This bid was 4.3% higher than the second-highest offer by Hong Realty (Private) Limited (Hong Leong Group), indicating strong interest and confidence in the site's potential. The River Valley Green site is expected to yield approximately 380 units.

Location and Appeal

The site's prime location near the Central Business District (CBD), Clarke Quay, Robertson Quay, and the Great World MRT station on the Thomson-East Coast Line (TEL) enhances its attractiveness. It is also close to several educational institutions, including River Valley Primary School, Outram Secondary School, Zhangde Primary School, and Singapore Management University (SMU). These factors make the site a desirable residential area, appealing to developers looking to capitalize on high demand for housing in well-connected neighborhoods.

Market Projections

Based on data from URA Realis, the average unit prices for new non-landed properties in the Core Central Region (CCR) were around $3,190 psf in the first five months of 2024. Consequently, it is anticipated that the new launch prices for the development on River Valley Green (Parcel A) will range between $3,000 psf to $3,200 psf, reflecting the premium market positioning and expected demand for high-quality residential properties in this area.

Upper Thomson Road (Parcel A)

Tender Outcome:

No bids were received for Upper Thomson Road (Parcel A), indicating that it is likely to be included in the second half of the 2024 Government Land Sales (GLS) programme. The lack of bids reflects a more cautious approach by developers since the implementation of property cooling measures in April 2023.

Strategic Considerations

Developers are adopting a measured approach, thoroughly evaluating potential sites for market demand, project feasibility, and long-term investment returns. This strategy aims to ensure the success and sustainability of their projects. The need for more time to assess the viability of Upper Thomson Road (Parcel A) likely contributed to the absence of bids in this round.

Outlook

The strategic moderation in GLS supply, combined with cautious investment strategies, aligns with current market conditions. This approach ensures a balanced supply that meets demand without oversaturating the market, supporting stable and sustainable growth in Singapore's real estate sector.

 Click here for th e full report   

 Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics  

You may also like

Property Insight
01 Jul 2025
Q2 2025 Flash Estimates Signal Steady Price Growth Across Private and HDB Segments

In the second quarter of 2025, Singapore’s private residential property market continued to show steady growth, with the price index rising by 0.5%, slightly below the 0.8% recorded in the first quarter. 

Developers adopted a more cautious approach in light of external uncertainties such as the Liberation Day tariff announcements and the General Election. This conservative stance helped support pricing levels amid a quieter launch pipeline.

The broader private residential market is expected to hold firm in the second half of 2025, buoyed by upcoming launches across a range of housing segments—from luxury freehold homes to Executive Condominiums (ECs) in emerging locations. 

In the public housing segment, the HDB resale market showed continued signs of price moderation. Resale prices rose by 0.9% in 2Q2025, following a 1.6% increase in the previous quarter. Cumulatively, prices grew by 2.5% in the first half of 2025, compared to 4.2% in the first half of 2024. 

Looking ahead, the HDB resale market is expected to remain resilient, supported by demand from families, couples, and unsuccessful BTO applicants. 

Over 50,000 new flats are set to be launched from 2025 to 2027, including Shorter Waiting Time flats and Sale of Balance Flats (SBF). Additionally, 50,000 existing flats will reach their Minimum Occupation Period (MOP) between 2026 to 2028, expanding resale supply and easing price pressures. 

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg

Property Insight
26 Jun 2025
Consortium of Frasers, Sekisui & CSC Land Tops Nine Bids for Dunearn Road GLS Plot

The Government Land Sales (GLS) site at Dunearn Road attracted intense competition, reflecting a resurgence of developer confidence in the Core Central Region (CCR). The top bid of $491.5 million (or $1,410 psf ppr) was submitted by a consortium of CSC Land Group (Singapore), Sekisui House, and Frasers Property Phoenix II, outbidding eight other contenders. This marks the highest number of bids for any GLS site in 2025 so far, surpassing the eight received for Bayshore Road.

The strong interest underscores the strategic appeal of the site, which benefits from excellent connectivity, a prime Bukit Timah location, and proximity to elite educational institutions. Notably, the site is directly served by Sixth Avenue MRT on the Downtown Line (DTL), and will also be within walking distance of the upcoming Turf City MRT on the Cross Island Line (CRL). Together, these transport nodes enhance the site’s accessibility to the city and other key areas, boosting its attractiveness to both homeowners and tenants.

Developers were likely drawn to the first-mover advantage of this plot, as it is the inaugural GLS site in the Turf City rejuvenation initiative. Launching early offers the opportunity to set a pricing benchmark and define the tone and positioning for future developments within this emerging precinct. The site’s close proximity to top schools such as Hwa Chong Institution, National Junior College, and Raffles Girls’ Primary School further strengthens its appeal for family-oriented buyers.

In conclusion, the Dunearn Road GLS site represents a unique convergence of strategic location, transport accessibility, proximity to top schools, and early entry into a rejuvenating precinct. Its outcome affirms that well-located sites in established districts, especially those with upcoming infrastructure boosts, continue to command strong interest from developers eager to capitalise on future growth and set the pace for a new residential enclave.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg

Property Insight
26 Jun 2025
How URA’s Draft Master Plan 2025 Will Shape the Next Decade

The Draft Master Plan 2025 is Singapore’s latest statutory land use plan, charting the nation’s development trajectory over the next 10 to 15 years. It transforms long-term strategies into detailed land use policies, ensuring sustainable, well-planned growth aligned with national goals. This blueprint accommodates Singapore’s evolving demographics, where housing needs are shifting from one-size-fits-all to diverse typologies — catering to singles, families, and the aging population.

Key highlights in the Central Region include the transformation of Marina South into a 10-minute neighbourhood anchored by the upcoming TEL stations, featuring 10,000 new homes and developments like One Marina Gardens and W Residences – Marina View. In Pearl’s Hill, 6,000 homes will rise around a hill-to-hill green corridor connecting Fort Canning, while Newton will see 5,000 new homes built around an “urban village” concept, integrating heritage features with walkability and transit connectivity.

In the East, the Bayshore precinct debuts its first BTO and GLS sites, supported by an integrated transport hub, central park, and SAFRA clubhouse. Tampines North is emerging as a vibrant node with a green corridor, MRT linkages, and future EC projects like those at Tampines Streets 94 and 95. Pasir Ris continues its rejuvenation with a fully integrated transport hub and new amenities, while Long Island stands out as a bold coastal protection and land reclamation initiative with future development potential.

In the North, Chencharu is a new housing district offering 10,000 homes and extensive green amenities, while Woodlands North Coast blends scenic coastal living with RTS connectivity to Johor. Springleaf, with direct TEL access, is being compared to Lentor for its catalytic growth potential, with its first condo launch coming soon.

The North-East Region focuses on transformation around Yio Chu Kang, which is envisioned as a lifestyle and wellness node. Punggol Digital District supports the digital economy with 28,000 new jobs and integrated learning-employment infrastructure anchored by the SIT campus.

The West Region sees momentum in Tengah, where several ECs and the first private condo are launching. Jurong Lake District continues evolving as a decentralised CBD, while connectivity improvements like the Jurong Region Line and Cross Island Line Phase 2 are set to boost accessibility and value. Meanwhile, Clementi is set for a major sports node redevelopment, and Bukit Timah Turf City will welcome new homes near future MRT stations.

Other key projects include the Greater Southern Waterfront, where Keppel Club and Terminal sites will deliver over 9,000 homes. Future developments at the former Singapore Racecourse and Sembawang Shipyard also reflect the URA’s aim to integrate housing with nature, leisure, and heritage.

Overall, the Draft Master Plan 2025 presents an ambitious, inclusive, and resilient vision for Singapore’s urban future — supporting housing diversity, connectivity, economic hubs, and environmental integration across regions.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg

Mask group
Singapore Realtors Inc

CEA License No. L3010738A

1 Kim Seng Promenade #17-10/12

Great World City, West Tower

Singapore 237994

+65 6958 5000

admin@sri.com.sg

For Home Owners

Buy
Sell
Rent
Search
New Launch
Commission Guidelines

For Corporate

Property Management
Local Project Marketing
Capital Markets
Auction
International Project Marketing

For Agents

Why Join SRI?
Culture and Community
Technology & Tools
Mentorship
Training

Company

About
Team
Technology
Agent Reviews
Insights
Contact

© 2023 SRI Pte Ltd • Privacy Policy & Data Protection

Follow us on
iconiconiconiconicon