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  

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11 Feb 2026
What Lies Ahead for Singapore Rental Market in 2026

The Singapore rental property market has entered a more stable and balanced phase heading into 2026, following a period of sharp adjustment in earlier years. Data from 2025 points to a market that remains fundamentally resilient, underpinned by genuine housing demand rather than speculative pressures. Total non-landed rental transactions rose by 3.8% year on year to 84,622 units, reflecting sustained leasing activity even as rental growth moderated and conditions normalised.

Leasing momentum in 2025 was broad based across all market segments. The Core Central Region recorded the strongest growth, with rental transactions increasing by 5.7% to 25,532 units. This reflects a gradual return of depth in the prime rental segment, supported by expatriates, senior professionals, and corporate tenants who continue to prioritise centrality, connectivity, and proximity to employment nodes. 

At the project level, rental demand in 2025 remained concentrated within large scale, well located developments across all regions. In the CCR, projects such as The Sail @ Marina Bay, D’Leedon, and Marina One Residences continued to anchor leasing activity due to their proximity to employment hubs and transport infrastructure. In the RCR, Normanton Park emerged as the top performing project by rental transactions following its recent completion, highlighting strong tenant acceptance for large, amenity rich city fringe developments. In the OCR, rental demand was more evenly distributed across multiple projects, reflecting tenant preferences for affordability and convenience rather than concentration in a single dominant development.

Overall, the rental market in 2026 is likely to be characterised by stability rather than acceleration, supported by steady employment conditions, population stability, and a more balanced supply environment.

 

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 Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics 

  

  

Email:

mohan@sri.com.sg

  

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11 Feb 2026
CDL and Woh Hup Emerge as Top Bidder for Tanjong Rhu Road GLS at $1,455 psf ppr

The tender for the residential Government Land Sales site at Tanjong Rhu Road has officially closed, with a joint venture between CDL and Woh Hup emerging as the top bidder at $1,455 $psf ppr, translating to a total land price of about $709.3 million. The tender attracted 5 bidders, signalling sustained developer interest in rare city fringe sites with strong long term locational fundamentals.

Notably, this site marks the first residential land parcel released for sale in the Tanjong Rhu area in more than 2 decades. The previous GLS site in the vicinity was awarded in 1997 and subsequently developed into Water Place. The long interval since the last land release underscores the scarcity of new private residential opportunities in this established waterfront precinct, enhancing the appeal of the site to both developers and future homebuyers.

The level of participation reflects continued confidence in well located Rest of Central Region sites, even within a more calibrated and disciplined bidding environment. Developers appear increasingly mindful of demand conditions, upcoming supply visibility and cost considerations, contributing to bids that remain competitive while staying measured.

The site benefits from direct access to Tanjong Rhu MRT station on the Thomson East Coast Line, providing seamless connectivity to major employment and lifestyle nodes such as Marina Bay, Orchard and Changi Airport. It is also located near the Singapore Sports Hub, which is set to be progressively rejuvenated under the Kallang Alive Masterplan. Over time, this transformation is expected to introduce more community focused waterfront spaces, enhanced recreational facilities and a more vibrant lifestyle environment, further strengthening the liveability of the precinct.

Based on planning parameters, the site is expected to yield approximately 525 private residential units, allowing for a meaningful development scale while preserving the exclusivity associated with a waterfront city fringe address. With limited new private residential supply in the immediate vicinity, the future development is well positioned to attract interest from both owner occupiers and long term investors.

Overall, the outcome of the Tanjong Rhu Road GLS tender reflects the continued effectiveness of a calibrated ramp up in land supply. By improving visibility over the future housing pipeline, the GLS programme supports a healthier development environment and contributes to more balanced and sustainable pricing dynamics over the longer term.

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here

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 Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics 

  

  

Email:

mohan@sri.com.sg

  

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29 Jan 2026
Luxury Property Market Outlook 2026 Signals Price Resilience in the CCR

The luxury private residential market in the Core Central Region entered a more stable and resilient phase in 2025, underpinned by steady prime demand, disciplined supply, and a buyer base focused on long term ownership rather than short term speculation. CCR non landed private home prices rose by 2.2% in 2025, moderating from the 4.5% increase recorded in 2024. This easing reflects price stabilisation rather than weakening demand, with values remaining firm amid wealth driven interest and Singapore’s continued appeal as a safe and stable wealth hub.

New home sales in the CCR recovered meaningfully in 2025, rising to 1,916 units from a trough of 378 units in 2024. This improvement marked a clear turnaround following 2 softer years and brought sales activity closer to more normalised levels. The recovery was supported by improved pricing visibility, stabilising interest rate expectations, and sustained interest from local buyers and long-term investors.

This rebound was also largely driven by the earlier ramp up in GLS land sales, which gradually translated into project launches. Despite the higher supply, market conditions remained orderly, with launches paced across the year and demand absorbed progressively. Importantly, prices continued to record healthy growth, highlighting the depth and resilience of prime demand.

Well positioned developments anchored CCR performance in 2025. Projects such as Skye at Holland and River Green emerged as top performers, reflecting buyer preference for large scale developments with strong accessibility, reputable developers, and clear value propositions. 

Resale activity in the CCR segment also continued its gradual recovery. Private resale transactions increased to 2,699 units in 2025, extending the improvement seen since the 2023 trough. The resale segment remains an important complement to the new launch market, catering to buyers seeking immediate occupancy, established developments, and larger layouts not available in current launches.

Looking ahead to 2026, the CCR luxury market is expected to remain resilient and orderly. Upcoming prime launches such as River Modern and Newport Residences are likely to sustain interest, while limited new supply, disciplined developer strategies, and a strong domestic buyer base are expected to support price resilience and steady absorption rather than rapid acceleration.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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