Sunway MCL, CSC make bold bet on River Valley site with S$1,730 psf ppr bid at S$750.6 million

[SINGAPORE] A tie-up between Sunway MCL and CSC Land Group (Singapore) topped a field of four bidders with a S$750.6 million offer for the third River Valley Green site to be released for sale – likely the last available plot near Great World.

The top bid at Thursday’s tender (Jun 18) for the prime District 9 parcel works out to a land price of S$1,730 per square foot per plot ratio (psf ppr), above expectations of between S$1,350 and S$1,700 psf ppr forecast by analysts.

At about 22 per cent higher than the land price of the last site sold in the area in 2025, the bid marks a new high for land in River Valley. It also reflects a bullish read on demand and pricing for the project when it comes to market in 2027/2028.

“A tight bid spread across the bidders suggests that the market has formed a consensus on the valuation for the site, the buying demand and the potential selling prices that can be achieved,” said Wong Siew Ying, head of research and content at PropNex.

Sunway MCL and CSC pipped the second-highest offer from a unit of China Overseas Land & Investment (COLI) by a mere 4 per cent. COLI had bid S$720.7 million or S$1,661 psf ppr.

Hong Leong Holdings, GuocoLand and TID Residential came in third with S$715.9 million or S$1,650 psf ppr. Kingsford Group was fourth with its bid of S$705.4 million (S$1,626 psf ppr).

Mark Yip, CEO of Huttons Asia, said: “With the current upward trajectory in Core Central Region (CCR) land prices, future selling prices of CCR homes in 2027 are likely to be calibrated upwards and test the S$3,600 psf level.”

As at May 2026, the median selling prices of nearby new launches River Green, River Modern and The Robertson Opus were just under S$3,500 psf, he noted.

The River Valley Green (Parcel C) site is 11,516 square metres (sq m) in size, with a gross floor area of 40,306 sq m. The 99-year leasehold plot is expected to yield 470 homes.

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Sunway MCL and CSC plan to develop the site into a high-rise residential development comprising over 500 units across two 36-storey towers, catering to young families, professionals, multigenerational households and investors.

In a statement released last night, Sunway MCL CEO Lee Tong Voon said: “As the last government land sale (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.”

This is the second time the two developers have teamed up, following an earlier joint venture for a Clementi project Elta, which is expected to be completed in 2028, noted Qian Liang Zhong, chairman of China Construction (South Pacific) Development Co, the parent company of CSC Land.

Analysts had anticipated firm interest in the site, projecting up to seven bids given its coveted location close to Great World MRT station, Great World mall and the popular River Valley Primary School.

Strong take-up in neighbouring new projects and limited future land supply in the prime CCR enclave also fuelled developers’ optimism, analysts said.

Among recent launches is River Modern on the River Valley Green (Parcel B) site, which GuocoLand clinched in February 2025 for S$627.8 million or S$1,420 psf ppr. The project sold 90 per cent of its 455 units at an average of S$3,266 psf when it was launched for sale in March. To date, it has sold 423 units, or 93 per cent of the project, at a median price of S$3,229 psf.

Nearby, the River Valley Green (Parcel A) site was bagged by Wing Tai at S$464 million or S$1,325 psf ppr in a June 2024 tender. Its River Green project moved 88 per cent of its 524 units at an average price of S$3,130 psf during its launch weekend last August. It has since sold 94 per cent of its units at a median price of S$3,128 psf.

Also in the River Valley area, Promenade Peak sold about 71 per cent of its units at a median price of S$2,942 psf at launch. The project sits on the Zion Road (Parcel B) site, awarded to Allgreen Properties for S$730.1 million (S$1,304 psf ppr) in August 2024.

Neighbouring Zyon Grand has sold 90 per cent of units at a median price of S$3,050 psf. The residential and long-stay serviced apartment development sits on Zion Road (Parcel A), which received a sole bid in April 2024 from a City Developments Ltd-Mitsui Fudosan tie-up at S$1.1 billion, or S$1,202 psf ppr.

Combined, the four projects supplied almost 2,300 units, of which about 300 units are still unsold.

“The tender of Parcel C came at a time when much of the competing supply in the area has been absorbed,” said Wong.

“The strong take-up rates and the limited unsold inventory in what we think is a highly desirable neighbourhood likely also encouraged developers to place firm land bids.”

While several CCR sites have been awarded recently, including in Dunearn Road, Holland Plain, Bukit Timah Road and Peck Hay Road, homebuying demand for the future development on the River Valley site is likely to remain robust.

“The River Valley market caters to a potentially different buyer profile, with its appeal rooted in its more central location, as well as proximity to Orchard Road, the central business district, and the Singapore River,” said Wong.

ERA Singapore’s CEO Marcus Chu added that the future project could attract HDB upgraders from nearby Queenstown, where 2,405 flats are expected to reach their minimum occupation period this year, and owners of older CCR condo units and city-fringe residents seeking a more central location.