HomeLand Sales2 Private Property GLS Land Sales Sites in River Valley Green Up For Sale
River Valley Green GLS Land Sales Sites

2 Private Property GLS Land Sales Sites in River Valley Green Up For Sale

The 2 River Valley Green GLS Land Sales Sites Can Yield About 960 Private Homes

Two leasehold private residential sites near Great World City were released for sale on March 11 under the first-half 2024 Government Land Sales (GLS) programme. 

The site at River Valley Green Parcel A, which can yield 380 private homes, was launched for sale under the confirmed list. 

The other plot, Parcel B, which can yield 580 units, including 220 long-stay serviced apartments, is available for applicable under the reserve list. Such sites are launched only upon successful application by a developer that has given an undertaking to offer a minimum bid that is acceptable to the Government. 

Developers may be more interest in the Parcel A site as it has a smaller development size and there is no requirement to offer long-stay serviced apartments, which may put off those without hospitality-sector experience. 

Market watchers think that Parcel B is unlikely to be triggered for sale as developers may wait to see how the bids for Parcel A turn out plus it is less straightforward due to the serviced apartment component. . Additionally, developers will be mindful of the higher-for-longer interest rates, the macroeconomic uncertainty and the 60% ABSD levied on foreign buyers. 

The market also foresees strong interest in the smaller Parcel A site, give its desirable location at the edge of the prime River Valley residential enclave and its close proximity to Orchard Road. 

Analysts estimate bids for Parcel A could range between S$1,380 psf and S$1,600 psf, coming in between S$483 million and S$560 million. 

The last state land plot sold in the River Valley area was at Irwell Bank Road. The project has since been redeveloped into Irwell Hill Residences by City Developments Limited (CDL). 

CDL acquired the site in January 2020 for S$583.9 million or S$1,515 psf ppr. The 540-unit development is now 99 per cent sold, at an average of S$2,713 psf. 

The tender for the Zion Road Parcel A plot will close in April 2024. This site, which is near Havelock Road MRT station, can yield 1,170 units, including 435 long-stay serviced apartments. 

(Source: Straits Times)

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