Huttons’ comments on GLS site at River Valley Green (Parcel A)

11 March 2024

The River Valley Green (Parcel A) site has direct access to Great World mrt station.

Great World City is across the road and River Valley Primary School is a short walk away.

There is technically no new supply in the area as Irwell Hill Residences is almost sold out and should be fully sold by the time this project is launched for sale.

There is a GLS site nearby at Zion Road. But Zion Road is a much bigger site and has long stay serviced apartments as part of the tender conditions which may reduce the appeal to some developers.

The site might attract a top bid of $1,500 psf ppr to $1,600 psf ppr from not more than 3 bidders. This will translate to $525 million to $560 million. This relatively lower quantum will translate to lower risks to developers.

River Valley Green (Parcel B) is unlikely to be triggered for sale. Developers may want to observe the bids for Parcel A. Furthermore Parcel B has long stay serviced apartments which are untested.