The Last River Valley GLS Site Just Closed — And The Top Bid Was 22% Higher Than The Previous Tender

A joint venture between Sunway MCL and CSC Land Group has submitted the top bid of $750.6 million for a government land sale (GLS) site along River Valley Green – River Valley Green (Parcel C).

The top bid price translates to a land rate of $1,730 psf per plot ratio (ppr) for the 123,958 sq ft site, which has a gross plot ratio of 3.5 and a maximum gross floor area (GFA) to 433,854 sq ft.

According to a press release that was jointly issued by the developers on June 18, Sunway MCL and CSC Land says that if they are awarded the site, they plan to develop it into a new 500-unit premium residential development comprising twin 36-storey residential towers.

This is the second joint venture between the two developers, who previously worked on the 501-unit ELTA along Clementi Avenue 1, which launched for sale in February 2025.

“The site (at River Valley Green) presents an opportunity to introduce a new residential development in one of Singapore’s most established and sought-after neighbourhoods. As the last GLS parcel in the River Valley precinct, the site combines strong locational attributes, excellent connectivity and immediate access to a comprehensive range of lifestyle amenities,” says Lee Tong Voon, CEO of Sunway MCL.

This is the fifth GLS in the River Valley area that the government has released over the last two years. Before the close of the tender for River Valley Green (Parcel C), there was high expectation that the site would be hotly contested.

This is because each of the four previous developments from prior GLS sites have recorded strong sales and high take-up rates.

The most recent new project is River Modern, which is next to River Valley Green (Parcel C), and it sold 90% of its 455 units during its opening sales weekend. Other top-performers in terms of new launch sales include River Green, which moved 88% of its 524 units when it hit the market in August 2025.

Last year also saw the 706-unit Zyon Grand sell 84% of its units, and Promenade Peak moved 54% of its 596 units. All of these developments have continued to pare down on their unsold units in recent months.

At the close of the tender for River Valley Green (Parcel C), the site attracted a total of four bidders.

Four bids received in total, all submitted tender prices above $700 million

Some market watchers like Marcus Chu, CEO of ERA Singapore, expressed that the participation of four developers this time around represents a more measured turnout. 

When the site launched for sale in April this year, other industry observers predicted it would attract close to the six to seven bids, similar to the River Valley Green (Parcel B) GLS site – now River Modern – which attracted five bids when it closed in February 2025.

The top bid of $1,730 psf ppr by Sunway MCL and CSC Land is also 21.8% more than the winning bid of $1,420 psf ppr that GuocoLand put in for River Valley Green (Parcel B). River Modern subsequently set an average selling price of about $3,260 psf when it launched for sale in March this year.

“(The bid price by Sunway MCL-CSC Land) suggests that developers remain confident in future demand within the precinct. The stronger bid likely reflects the site’s locational strengths and its status as the last GLS site in the immediate vicinity of Great World MRT,” says Chu.

These locational attributes were also cited by the CEO of Sunway MCL Land. “The proximity to Great World MRT Station, Orchard Road and reputable schools, together with the maturity of the surrounding neighbourhood, provides a strong foundation for a highly desirable residential development,” says Lee.

After this GLS site, we are unlikely to see another development plot turn up for a few more years, and this means that the future supply of new luxury homes in this part of River Valley will be limited.

Sunway MCL and CSC Land’s top bid also raises the benchmark land price in this area. 

River Valley Green (Parcel A) which launched in March and closed in June 2024, saw two bids with the top bid of $463.99 mil or $1,326 psf ppr. The tender was awarded to Wing Tai Holdings who is behind River Green.

Meanwhile, River Valley Green (Parcel B), which drew five bids when the tender closed, with GuocoLand submitting the winning bid of $627.84 million ($1,420 psf ppr). 

With all three sites sharing similar locational attributes, it is interesting to observe the participation from the previous GLS tenders.

River Green has about 33 unsold units, while River Modern has 32 units left for sale. Justin Quek, Deputy Group CEO of Realion (OrangeTee & ETC) Group, expects the sales momentum for the future project by Sunway MCL and CSC Land will attract similar take-up rates when it comes on the market.

“The strong sales at recent new launches in the wider CCR may also have given confidence to developers, especially as Singapore’s property market continues to shine as a safe-haven asset amidst global macroeconomic and geopolitical uncertainty,” says Quek.

As Mohan Sandrasegeran, Head of Research & Data Analytics, at SRI points out, unlike emerging locations where developers may need to take a longer-term view on demand, the River Valley and Zion area has already demonstrated its ability to attract buyers across multiple project launches.

According to ERA Singapore, demand for new private homes in this area could get topped up from HDB upgraders in nearby Queenstown, where 2,405 flats are expected to reach their Minimum Occupation Period (MOP) this year. 

“Queenstown saw 173 million-dollar flat transactions in 2025 and 110 million-dollar flat transactions so far this year. The high resale price fetched by these HDB flats could help fund upgraders who prefer to continue living in a familiar neighbourhood,” says Chu.