Winchamp Investment, an affiliate of Wing Tai Holdings, has placed the top offer of $464 million for the 99-year
leasehold site at River Valley Green (Parcel A) under the government land sales (GLS) program. The bid equates to a
rate of $1,325 per square foot per plot ratio (psf ppr) for the 100,009 square foot property.
The auction drew a competing proposal from Hong Realty, part of the Hong Leong Group, with a bid of $444.89 million, or $1,271 psf ppr.
| No. | Tenderer | Bid price | Bid price (psf per plot ratio) |
| 1 | Wing Tai Holdings | $463,999,999 | $1,325.26 |
| 2 | Hong Realty | $444,888,888 | $1,270.67 |
The River Valley Green (Parcel A) site boasts a plot ratio of 3.5 and a maximum gross floor area of 350,035 square feet, potentially accommodating up to 380 residential units. It is conveniently located next to the Great World City MRT Station on the Thomson-East Coast Line, near the Great World City shopping complex.
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Wong Siew Ying, PropNex Realty's research and content chief, notes that Wing Tai's bid surpasses the $1,202 psf ppr offer by City Developments Ltd (CDL) and Mitsui Fudosan for a different GLS site on Zion Road earlier in April.
Marcus Chu, CEO of ERA Singapore, observes that despite its smaller size and prime location near Great World City
Mall and MRT station, the site received only two bids, suggesting a cautious approach by developers in the current
land acquisition climate.
Leonard Tay, Knight Frank Singapore's research head, agrees, attributing the subdued bidding activity to the high-interest rates and existing property cooling measures.
Mark Yip, CEO of Huttons Asia, remarks that developers must weigh the potential influx of 1,300 new homes from the recently allocated Zion Road (Parcel A) site and the upcoming tender for Zion Road (Parcel B) before participating in new bids.
Another site in River Valley (Parcel B) is listed on the Reserve List and could add 360 homes and 220 long-stay serviced apartments if activated.
Nearby developments include Irwell Hill Residences by CDL, with 540 units and nearly complete sales, and The Avenir, a 376-unit freehold venture by Hong Leong Holdings, Guocoland, and Hong Realty, which is sold out.
Should Wing Tai secure the River Valley Green (Parcel A) at the quoted land rate, JLL's residential research head, Chia Siew Chuin, estimates the breakeven costs for the developer to be between $2,300 psf and $2,500 psf.
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