The Urban Redevelopment Authority (URA) has opened tenders for two residential sites located at Peck Hay Road and River Valley Green (Parcel C) in Singapore’s Core Central Region (CCR). These sites are expected to collectively provide approximately 785 new private homes. Wong Siew Ying, Head of Research and Content at PropNex, anticipates strong interest from developers due to the robust demand for new homes in the CCR.
Recent launches in the CCR have seen significant success, with projects like Newport Residences and River Modern achieving high sales rates. Newport Residences sold over 74% of its 246 units since January, whilst River Modern sold 90% of its 455 units during its launch weekend in March. This trend suggests that the new sites, with their proximity to MRT stations and amenities, will be attractive to potential buyers.
The River Valley Green (Parcel C) site, near River Valley Primary School and Great World MRT station, could yield 470 units. PropNex projects that this site may attract five to seven bids, with top bids ranging from $1,550 to $1,650 per square foot per plot ratio (psf ppr).
Meanwhile, the Peck Hay Road site, offering an estimated 315 homes, is strategically located near the Newton MRT interchange. It is part of a new “mixed-use urban village” envisioned under the URA Master Plan 2025. This site is expected to garner six to eight bids, with top bids potentially between $1,650 and $1,750 psf ppr.
These developments reflect the ongoing demand for prime residential properties in Singapore, with developers keen to capitalise on the limited supply and strategic locations of these new sites.
