River Valley's last plot drew 4 bids. The top: $750.6m, $1,730 psf ppr.

Four developers bid for the last plot of River Valley Green when the tender closed at noon today, 18 June 2026, and the top bid came from a Sunway-linked team. SMCL Haven 3 and CSC Land Group (Singapore) offered $750,569,199 — $1,730 per square foot per plot ratio — for the 99-year site at River Valley Green (Parcel C). COLI (Singapore) came second at $720.72m ($1,661 psf ppr), an Intrepid Investments–GuocoLand–TID Residential team was third at $715.86m ($1,650), and Kingsford Huray Development was fourth at $705.45m ($1,626).

That top bid is the number that matters, because it is the highest land rate anyone has paid in this pocket of River Valley. The government has sold three plots here in two years — Parcel A at $1,325 psf ppr, Parcel B at $1,420 — and Parcel C's top bid is 22% above the one right next to it. This section reads the four bids, the climb up the same street, the site, and what $1,730 of land asks of the eventual launch price.

Land figures: URA Government Land Sales tender-result release (pr26-47, tender closed 18 June 2026) and Annex A bid schedule. Site dimensions: URA land sales programme and haio site records. The tender is closed but NOT yet awarded — URA evaluates the four bids before announcing the winner. Breakeven figures are haio estimates (method in §4). Figures as at 18 June 2026.

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On this page

1. The bids: four developers, one top of $1,730 psf ppr
2. The bid ladder: how close the field ran
3. The price climb: $1,325 to $1,420 to $1,730 on the same street
4. The site: 470 homes, 0.1km to Great World MRT
5. haio's take

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1. The bids: four developers, one top of $1,730 psf ppr

Start with the table. These are the four bids URA received for River Valley Green (Parcel C), top to bottom from Annex A:

The top bid works out to $1,730 psf ppr — $750,569,199 divided by the site's 433,850 sq ft of maximum gross floor area. To see where that land rate sits against every other government residential plot on record, the chart below is haio's GLS ledger: one row per site, each reduced to a single land rate in $ psf ppr, with the estimated breakeven and launch price in the tooltip. Parcel C is in haio electric blue.

One detail to keep straight: earlier press headlines named GuocoLand as the top bidder. The Annex A schedule says otherwise. GuocoLand was part of the third-placed team at $1,650 psf ppr — and GuocoLand is the developer that already won Parcel A and Parcel B. Here, on the third and final plot, it was outbid by the SMCL–CSC Land team. Read the URA schedule, not the early headline.

Source — bid schedule (all four bids, developer names, amounts): URA Annex A to pr26-47. Land rate of the top bid: $750,569,199 ÷ (40,306 m² × 10.7639 sq ft/m²) = $1,730 psf ppr; the same arithmetic gives each rival's rate. GuocoLand's Parcel A and Parcel B wins: URA pr24-30a and pr25-06a.

2. The bid ladder: how close the field ran

Four bids is a healthy turnout for a prime District 9 plot, and the field ran tight. The top bid is $29.85m (4.1%) clear of second place — a real margin, but not the runaway gap a single hungry bidder usually opens. Read the bottom three together: COLI at $1,661, the GuocoLand team at $1,650, and Kingsford Huray at $1,626 sit inside a $35-psf band. The SMCL–CSC Land bid is the one that broke from the pack, and only by 4%.

That shape says the four developers agreed on roughly what Parcel C is worth — somewhere around $1,650 to $1,730 — and the winner paid a small premium to make sure it took the site. It is not one bidder dragging the rest up a crowded auction; it is a market that priced this plot consistently and a top bidder that wanted it a little more than the rest.

GuocoLand's position is worth a second look. It built River Green on Parcel A and River Modern on Parcel B, both of which have sold well. On Parcel C it bid $1,650 psf ppr and came third. A developer that knows this exact street as well as anyone, and is already selling two condos on it, decided $1,650 was its ceiling. The two bidders above it disagreed.

Source — the 4.1% gap: ($750.57m − $720.72m) ÷ $720.72m. All four land rates: each bid ÷ maximum GFA of 433,850 sq ft. GuocoLand's River Green (Parcel A) and River Modern (Parcel B): URA award records and haio project mapping.

3. The price climb: $1,325 to $1,420 to $1,730 on the same street

A single land bid means little on its own. Parcel C is the third government plot sold in one pocket of River Valley — same precinct, same 99-year tenure, same 3.5 plot ratio, sold about a year apart each time. That makes the comparison unusually clean:

The land rate climbed 7% from Parcel A to Parcel B, then jumped 22% from Parcel B to Parcel C. Over the two years from the first plot to the third, the rate is up 31%. The jump from B to C is the steepest of the three, and it is the clearest signal in today's result: developers are paying meaningfully more for the same street than they did sixteen months ago.

The reason sits in what the earlier plots became. River Green (on Parcel A) and River Modern (on Parcel B) both launched into strong demand — River Modern moved more than 90% of its units. When the condos you build on a plot sell fast, the next plot on the same street is worth more, and the bids show it.

Source — Parcel A: URA pr24-30a (closed 19 June 2024, $463,999,999, $1,325.27 psf ppr, 2 bids). Parcel B: URA pr25-06a (closed 7 February 2025, $627,835,896, $1,420.00 psf ppr, 5 bids). Parcel C: URA pr26-47 (closed 18 June 2026, top bid $750,569,199, $1,730.02 psf ppr, 4 bids). Land rate = bid ÷ maximum GFA at 10.7639 sq ft/m². Project names are the condos built on each parcel.

4. The site: 470 homes, 0.1km to Great World MRT, and what $1,730 of land costs the buyer

Parcel C is a 99-year leasehold site of 123,958 sq ft in River Valley, District 9 (Core Central Region), with a maximum gross floor area of 433,850 sq ft at a 3.5 plot ratio — room for about 470 private homes. It sits roughly 0.1km from Great World MRT on the Thomson-East Coast Line and about 0.1km from River Valley Primary School. Of the three parcels, this is the last undeveloped one, so it is the last chance to buy new in this exact stretch.

The land cost decides what a buyer eventually pays. At $1,730 psf ppr, every buildable square foot already carries $1,730 of land before a single brick goes up. Add construction, fees, financing and the rest, and haio's estimated breakeven for a project on this site lands at ≈$2,551 psf — these are haio estimates, built cost by cost, not the developer's books:

Assumptions (haio estimates): land at $1,730 psf ppr (top bid, §1); construction at $350–$413 psf, central $380 — the 3Q2025 quantity-surveyor band for an above-average condominium intersected with current development-cost references; professional fees 6% of construction; financing 3.5% of land plus construction; marketing 3% of gross development value; legal and statutory 6.5% of total costs; contingency 4% of total development costs. Solve T = [L + C + 0.06C + 0.035(L + C)] ÷ (1 − 0.03 − 0.065 − 0.04), giving ≈$2,551 psf central (band $2,513–$2,593 across the construction range); saleable area assumed roughly equal to maximum GFA.

Set that breakeven against what the neighbours already sell for. The chart below carries the breakeven and its margin rungs onto the same axis as the real transacted medians of the condos around the site:

River Modern, the condo on Parcel B right next to this site, has a median transacted price of $3,239 psf over the past two years across 399 deals. River Green, on Parcel A, sits at $3,150 across 442. Both trade well above haio's $2,551 breakeven and even above the +20% margin rung near $3,061. In plain terms: the developer who paid $1,730 for Parcel C is buying into a street where new condos already sell in the low-to-mid $3,000s. The land cost is high, but the prices the neighbours are getting are higher still — which is exactly why the bid was $1,730 and not $1,420.

Source — site dimensions, tenure, plot ratio, yield, MRT and school distances: URA land sales programme and haio site records. Breakeven method: haio itemized estimate (the same method haio applies to every land-tender article). Nearby medians: haio transaction records (URA caveats), per-project median $ psf over the 24 months to 18 June 2026, within ~1.5km of the site. River Modern $3,239 (n=399) and River Green $3,150 (n=442) are the two GLS-precinct comps.

5. haio's take

The bid to read is $1,730. It is the highest land rate paid in this corner of River Valley, 22% above the plot next door, and it landed on a four-bidder field that otherwise clustered around $1,650. That is a developer paying up for the last new site on a street where the last two condos sold fast and now trade above $3,150. The economics back the price: haio's estimated breakeven is around $2,551 psf, and River Modern next door is already selling at $3,239 — the headroom is real and visible. The catch for a buyer is the same one it has been on every rung of this ladder: each plot costs more than the last, and the eventual Parcel C launch will be priced off $1,730 land, not $1,420. This is the tender close, not the award — URA names the winner next, and we will update Section 1 the moment it does. Watch the launch price against this breakeven, and run your own numbers before the showflat opens.

Thinking about a River Valley home, or wondering what your budget actually buys here? Check your affordability with haio →