Two sites at River Valley Green launched for tender
URA released a press release on March 11 stating that two residential sites in River Valley Green were made available for sale through the 1H2024 GLS Programme. Both plots lie next to Great World MRT Station along the Thomson-East Coast Line, and close to Great World City Mall.
The Parcel A Site, occupying approximately 99.972 square feet is available under the Confirmed List. This site could yield up 380 units. Parcel A, located adjacent to it, is a site of approximately 126290 sqft. It can be purchased under the Reserve List. River Valley Green, Parcel B could result in 580 apartments including 220 long-stay services apartments.
The site at River Valley is a parcel A. If developed, it could appeal to couples without kids and single professionals with dual income.
Great World City will be within easy walking distance of future residents. The proximity of the CBD may also lead to a strong demand for rental properties. River Valley Primary School, which is located within 1km from the site, may appeal to prospective homebuyers who have young children.
City Developments Limited has developed the Irwell Hill Residences, a 540-unit development at Irwell Bank Road. In 2020, the developer submitted the highest bid at $583.9m, translating to a land price of $1,515psf for each plot ratio. Irwell Hill Residences were launched for sale at an average selling rate of $2,700 per sq. ft. in April 2021.
The only two new launches that have been made in the area – Irwell Hill Residences, and The Avenir – are completely sold out. There is a limited number of new housing units (in this region) and we could see strong demand for future development.
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Not only are there two GLS sites in River Valley Green, but there are also other GLS plots available for sale in this area. The government released two GLS locations at Zion Road in December under the 2H2023 GLS Programme. Zion Road’s parcel A (the confirmed list) closed its tender on 4 April, while Zion Road’s parcel B (the reserve list) is currently open for applications. Zion Road parcel A could produce 1,170 apartments, including 435 long-stay serviced apartment.
River Valley Green is a more manageable choice for developers looking to explore serviced apartments, as it is only half the size of Zion Road. The integration of the Great World MRT Station with its entrance will provide seamless connectivity to future residents.
The deadline for River Valley Green (Parcel A), which is the tender for River Valley Green, will be June 19.
