Two sites at River Valley Green launched for tender
URA announced in a news release on 11 March that two residential lots at River Valley Green had been released to the public for sale, under its 1H2024 Government Land Sales Programme. The two plots, located next to Great World MRT Station in the Thomson-East Coast Line are within walking distance of Great World City and its mall.
The Parcel A property, measuring 99.972 sqft and containing up to 381 units, has been put on sale in the Confirmed List. Parcel C, located nearby, has an area of 126.290 sqft. The site is open for applications under the Reserve List. River Valley Green’s (Parcel B), could yield up to 580 units. This includes 220 services apartments that are long-stay.
The project will appeal to single professionals as well couples with dual earnings and no kids. This is due its proximity to Clarke Quay & Robertson Quay that offer a variety of dining & entertainment options.
Great World City is a short walk away for future residents. Due to its proximity, there may also be a high demand for rentals from tenants. River Valley Elementary School is less than 1 km away from the future development, making it attractive for homebuyers.
City Developments Limited was the last GLS to sell a site in the area. It was at Irwell Bank Road, which was developed by City Developments Limited into the 540 Irwell Hill Residences. The developer won the land in 2020 by offering the highest bid, $583.9M, which translated to a rate of $1.515 psf/plot ratio. Irwell Hill Residences launched its sales in April 2020 at an average sale price of $2700 per square foot.
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The only two brand new developments in the vicinity — Irwell Hill Residences The Avenir , and The Avenir have both been sold out. The limited supply of housing (in this area) may lead to a strong demand for units in new developments.
River Valley Green does not have the only GLS plots for sale in the area. Last December, under the 2H2023 GLS plan, the government released 2 GLS sites on Zion Road. Zion Road was announced under the Confirmed List on April 4 and the tender for it closed. Zion Road is also open to applications under Reserve List. Zion Road’s parcel A is estimated to produce 1,170 apartment units, including four long-stay serviced residences.
River Valley Green parcel B (half the size) will be the preferred option for developers to explore the possibility of serviced apartments. Additionally, the integration of its existing Great World MRT Station entry will ensure seamless accessibility for future residents.
The River Valley Green (Parcel A), will close its tender on June 19, 2019.
