A 99-YEAR leasehold private housing site next to Great World MRT Station in the River Valley area fetched five bids at a state tender that closed on Friday (Feb 7).
GuocoLand placed the highest bid at S$627.8 million – or S$1,420 per square foot per plot ratio (psf ppr) – for the site, River Valley Green (Parcel B).
The second-highest bid, from Sing Holdings Residential, was S$576.3 million or about S$1,303.50 psf ppr.
Sing-Haiyi Garnet bid S$566 million (S$1,280 psf ppr), and Garden Estates, S$553.6 million (S$1,252 psf ppr).
Kingsford Group placed the lowest bid: S$553.1 million or S$1,251 psf ppr.
The 126,325-square-foot site, zoned residential with commercial at first storey, can yield about 475 private homes.
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The tender was conducted by the Urban Redevelopment Authority.
Serviced apartment and long-stay serviced apartment uses are permitted for the site, subject to approval from technical agencies.
Long-stay serviced apartments, with a minimum stay duration of three months, are a rental concept unveiled by the government in November 2023. They differ from regular serviced apartments, which have a seven-day minimum stay.
In June last year, a neighouring site, River Valley Green (Parcel A), fetched two bids, with the winning bid by Wing Tai coming in at about S$1,325 psf ppr.
In the following month, Zion Road (Parcel B) – further away across the Singapore River – also fetched two bids, with the top bid from Allgreen Properties at S$1,304 psf ppr. Both these plots are zoned for residential use
Last April, Zion Road (Parcel A), zoned residential with commercial at first storey and which includes a mandatory long-stay serviced apartment component, drew just one bid – which worked out to S$1,202 psf ppr – from a City Developments Limited and Mitsui Fudosan (Asia) tie-up. The site was awarded.
