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Unveiling Two Prime River Valley GLS Sites: A New Horizon in Singapore’s Real Estate
Introduction to Two Prime River Valley GLS Sites
The URA, under its Government Land Sales (GLS) programme, has recently announced the release of two 99 years leasehold private residential sites located in the prestigious River Valley Green area (see media release information here).
These sites are poised to introduce approximately 960 new private residences into the market, incorporating both traditional residential units and long-stay serviced apartments. This development is seen as a pivotal move for developers and investors keen on leveraging the vibrant real estate landscape of Singapore.
The two sites are right next to the Great World (TE15) MRT station on the Thomson-East Coast Line which, has been announced to be opening 7 more new stations in the East part of Singapore, come June 2024. Thomson-East Coast Line serves many new and upcoming new launches especially the Lentor MRT station that serves new launches such as Lentoria, Lentor Mansion, Lentor Hills Residence and Hillock Green etc.
The two sites seemed to be close to the River Valley Primary School site too. Using the OneMap, we can see these are the schools within 1km and 2km of the two future condo sites. The River Valley Primary School and the Alexandra Primary School are within 1 km of these two GLS sites.
Nevertheless to get into top schools like ACS (Junior), it will be better to stay within 1km of the school such as 32 Gilstead Condo.
Detailed Insights into River Valley Green Parcel A
Key Features of Parcel A
River Valley Green Parcel A stands out with its exclusive residential zoning, promising a development of 380 private homes. The absence of a requirement for long-stay serviced apartments positions this parcel as an appealing proposition for developers, especially those with limited exposure to the hospitality industry. Its confirmed list status ensures its availability for sale, adhering to a scheduled timeline.
Specifications at a Glance
- Site Area: 9,291.1 m2
- Max Gross Floor Area: 32,519 m2
- Lease Period: 99 years
- Maximum Building Height: 164 m SHD
- Projected Completion Period: 60 months
Exploring the Potential of River Valley Green Parcel B
Parcel B’s Unique Offering
In contrast, River Valley Green Parcel B introduces a mixed-use development opportunity, combining residential units with commercial spaces on the first storey. This parcel is designed to house 580 units, including 220 units earmarked for long-stay serviced apartments. This diverse mix caters to a broader audience, albeit with a heightened focus on the serviced apartment management aspect.
Parcel B’s Composition
- Site Area: 11,737.0 m2
- Max Gross Floor Area: 41,080 m2
- Lease Period: 99 years
- Maximum Building Height: 164 m SHD
- Projected Completion Period: 60 months
Two Prime River Valley GLS Sites : Analyzing Market Trends and Developer Sentiments
The release of these GLS sites into the market is expected to spark competitive interest due to their prime locations and the limited availability of comparable plots. River Valley Green Parcel A, with its purely residential focus, is particularly noted for its straightforward appeal. However, developers are advised to remain cautious, considering the current economic landscape marked by higher interest rates and macroeconomic uncertainties. Additionally, the heightened ABSD rate for foreign buyers remains a significant consideration in investment decision-making processes.
Two Prime River Valley GLS Sites : Developer Interest and Expected Bids
Anticipations for the number of bids on River Valley Green Parcel A hover between three to five, buoyed by its optimal size and proximity to essential amenities like the Great World MRT station and Great World City mall. This strategic location is expected to generate considerable rental interest, especially given its closeness to the Central Business District.
Two Prime River Valley GLS Sites : Q&A Section
Q: What makes River Valley Green Parcel A particularly appealing to developers? A: Parcel A is exclusively residential, which simplifies the development process and is attractive to developers with limited hospitality experience.
Q: How do the GLS sites compare with freehold properties like 32 Gilstead Condo? A: While the GLS sites are attractive due to their prime locations and potential for development, freehold properties like 32 Gilstead Condo hold a special allure in Singapore’s market due to their permanence and legacy potential.
Q: What impact will the new River Valley GLS sites have on Singapore’s real estate market? A: The introduction of these sites is expected to significantly contribute to the diversity and availability of residential options in Singapore, catering to a range of housing and lifestyle needs and supporting the growth of future generations.
Let us know if you are keen on these two upcoming sites or other new launches we mentioned in this article.
