URA Launches Tenders for Pair of Central Singapore Sites Yielding 785 Homes

The Urban Redevelopment Authority on Thursday released two central Singapore residential sites for tender under the Government Land Sales programme with capacity to provide a total of 785 private homes.

The sites, River Valley Green Parcel C and Peck Hay Road, have been launched amid a rebound in luxury home demand, with developers expected to compete for scarce land in the Core Central Region following a strong run of sales in 2025 and early 2026.

River Valley Green Parcel C is the larger of the pair, spanning 123,955 square feet and capable of providing 470 residential units across 433,850 square feet (40,306 square metres) of built area, according to URA data. The site represents the final parcel available in the River Valley Green precinct, adding to its appeal among builders seeking exposure to a proven submarket, according to Huttons Asia CEO Mark Yip.

“Exceptional sales at River Modern during launch weekend showed strong latent demand for homes in the River Valley area,” Yip said, referring to GuocoLand’s 455-unit project. “Sales momentum in the CCR is likely to continue as these sites offer deep value to buyers.”

Sought-After Submarket

River Valley Parcel C sits opposite Great World MRT station and within walking distance of River Valley Primary School and Great World City mall, placing it in one of Singapore’s most tightly held residential enclaves, according to Huttons.

The consultancy expects the site to attract up to five bidders, with a top bid ranging from S$1,400 to S$1,600 ($1,098 to $1,255) per square foot of accommodation, reflecting confidence in achievable selling prices.

That optimism is grounded in recent GLS tenders in the same enclave, where Parcel A drew a top bid of S$1,325 per square foot in June 2024 and Parcel B fetched S$1,420 per square foot in February 2025.

Projects developed on those sites — River Green and River Modern — have since recorded take-up rates above 90 percent, with River Modern selling roughly 90 percent of its units during its launch weekend last month.

Average selling prices for the two projects have exceeded S$3,000 per square foot, giving developers a clear benchmark for underwriting bids on the latest parcel.

Transforming Newton

The second site at Peck Hay Road, while smaller, is also expected to draw keen interest, with the 59,346 square foot plot able to yield 315 units across 290,809 square feet of built area.

Located near the Newton MRT interchange, the site forms part of a broader transformation of the Newton Circus and Scotts Road area into a mixed-use urban village under the URA Master Plan 2025.

The Peck Hay plot follows the November 2025 tender of a nearby Bukit Timah Road site, which achieved S$1,820 per square foot of accommodation — one of the highest rates recorded for a pure residential GLS site in the Core Central Region.

Huttons estimates that the Peck Hay site could attract up to five bidders with a top bid of S$1,600 to S$1,800 per square foot. PropNex projects even stronger participation of six to eight bidders, with peak bids potentially reaching S$1,650 to S$1,750 per square foot, supported by the area’s long-term redevelopment potential.

“In assessing the plot, developers will consider the rebound in CCR new private housing demand, the government’s push for more city living, the growth potential from future urban transformation, as well as limited new private residential supply in that area,” said PropNex research head Wong Siew Ying.

The two site tenders, which close in June, comes as Singapore’s private housing market continues to recalibrate following a series of cooling measures, with policymakers maintaining a steady pipeline of land supply to balance demand and price growth.

Despite those measures, CCR projects have staged a recovery, driven by renewed interest from both local and foreign buyers seeking centrally located, transit-oriented developments.