The tender for River Valley Green Parcel C has concluded with a record-breaking top bid of $750.57m, translating to $1,730 per square foot per plot ratio (psf ppr). This bid, submitted by a joint venture between Sunway MCL and CSC Land Group, surpassed expectations and marked a 21.8% increase over the previous high set by River Valley Green Parcel B earlier this year.
The competitive bidding saw four submissions, with the top bid narrowly outpacing the second-highest offer from China Overseas Land and Investment by 4.1%. The lowest bid, from Kingsford Group, was within a tight 6% margin of the top bid, indicating strong consensus on the site’s value.
River Valley Green Parcel C, the final plot in the precinct, benefits from its prime location near the Central Business District and Orchard Road, as well as its proximity to Great World MRT Station. The area is known for its upscale riverside charm and robust demand, supported by successful sales in previous launches such as River Green and River Modern, which have sold 94% and 93% of their units, respectively.
The new record land rate reflects not only the site’s desirability but also cheaper financing costs and a positive outlook from developers. The developer plans to launch the project at an average price of $3,400 to $3,500 psf, capitalising on the area’s established track record of strong demand and firm pricing.
