River Valley GLS parcel draws tight bidding with top offer at $750m

The winning bid was made by a joint venture between Sunway MCL and CSC Land Group.

The Urban Redevelopment Authority (URA) Government Land Sales (GLS) tender for River Valley Green Parcel C drew four bids, with the top offer at $1,730 per square feet (psf) per plot ratio (psf ppr).

The narrow bid spread across offers reflects closely aligned valuation assumptions amongst developers, according to analysts.

The 470-unit site saw bids ranging from $1,626 psf ppr to $1,730 psf ppr, a gap of about 6%.

The top bid of about $750.6m came from a joint venture between Sunway MCL and CSC Land Group.

It was 4.1% higher than the second-highest bid of $1,661 psf ppr from China Overseas Land & Investment (Singapore), whilst Kingsford Group submitted the lowest qualifying bid at $1,626 psf ppr.

CBRE Research said the tight pricing band reflected aligned valuation assumptions, supported by recent sales activity in the River Valley precinct.

PropNex head of research and content Wong Siew Ying said the outcome pointed to consistent pricing expectations amongst developers.

“A tight bid spread across the top four bidders suggests that the market has formed a consensus on the valuation for the site,” she said.

“The difference between the bids is 6.4%, indicating market consensus on the value of the site,” he said.

OrangeTee & ETC deputy group chief executive Justin Quek said earlier launches in the Core Central Region (CCR) helped support developer confidence.

Huttons Asia CEO Mark Yip said participation was supported by strong site fundamentals and recent launch performance in the area.

CBRE Research noted that the top bid sets a new benchmark for the River Valley Green and Zion Road cluster, about 21.8% higher than the previous high of $1,420 psf ppr for Parcel B awarded in February 2025.

Earlier developments in the precinct have recorded strong absorption. River Green is about 94% sold, whilst River Modern is about 93% sold based on caveat data.

CBRE said the result reflects both site-specific fundamentals and expectations of firm selling prices in the Core Central Region, with indicative future pricing potentially above $3,300 psf.

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