The Deal / Market Move

Singapore's Urban Redevelopment Authority (URA) has put two prime central residential sites up for tender under the first-half 2026 Government Land Sales (GLS) programme, with a combined capacity to yield approximately 785 private housing units. The sites — River Valley Green Parcel C and Peck Hay Road — represent a significant injection of supply into one of the city-state's most sought-after residential corridors, where new launch pricing has consistently surpassed S$2,500 per square foot (PSF) in recent quarters. The dual release signals the government's continued commitment to calibrating housing supply in land-scarce central districts while maintaining price stability across the Core Central Region (CCR).

  • Total estimated units: 785 homes
  • Number of sites: 2 (River Valley Green Parcel C, Peck Hay Road)
  • Programme: H1 2026 Government Land Sales (Confirmed List)
  • Location: Core Central Region, Districts 9–10
  • Recent CCR new launch pricing: S$2,500–S$2,800 PSF

River Valley Green Parcel C sits within an established residential enclave along the Singapore River, an area that has attracted strong developer interest in successive GLS exercises. The parcel follows the successful tender outcomes for Parcels A and B in earlier rounds, both of which drew competitive bids from major listed developers. Peck Hay Road, located near the Orchard Road shopping belt and within walking distance of Somerset and Dhoby Ghaut MRT stations, adds a premium positioning that is likely to appeal to both local upgraders and foreign buyers still active in Singapore's high-end market. Together, the two parcels mark one of the larger combined residential releases in the CCR this year.

Market Context

The tender launch arrives at a time when CCR transaction volumes have shown signs of recovery following several quarters of subdued activity linked to elevated Additional Buyer's Stamp Duty (ABSD) rates and tighter loan-to-value limits. According to URA Realis data, CCR new sale volumes rose approximately 18 percent quarter-on-quarter in Q1 2026, though they remain below the five-year quarterly average. Developers have shown renewed appetite for central land parcels, as evidenced by the robust eight-bid turnout for the Upper Thomson Road GLS site tendered in late 2025, which closed at S$1,108 PSF per plot ratio. Analysts at Knight Frank and CBRE expect the River Valley and Peck Hay sites to attract between five and eight bids each, with top bids likely ranging from S$1,050 to S$1,250 PSF per plot ratio depending on allowable gross floor area and plot conditions.

The government has placed both parcels on the Confirmed List rather than the Reserve List, indicating confidence that market conditions can absorb additional CCR supply without destabilising prices. The move aligns with the Ministry of National Development's stated objective of maintaining a steady pipeline to prevent sharp price run-ups in land-constrained central zones. Singapore's overall private residential price index rose 3.2 percent in 2025, moderating from the 6.8 percent gain recorded in 2024, and policymakers have signalled they intend to keep appreciation within a sustainable band through measured supply-side interventions.

What This Means for Buyers and Investors

For prospective buyers, the eventual launches arising from these two sites — likely to hit the market in late 2027 or early 2028 — will expand purchase options in a segment of central Singapore where new inventory has been limited. Investors should watch the tender closing prices closely, as winning land bids will set the cost floor for future launch pricing. A top bid above S$1,200 PSF per plot ratio would imply breakeven costs pushing new sale prices toward S$2,800 to S$3,000 PSF, reinforcing the upward pricing trajectory in Districts 9 and 10. Conversely, a muted bidding outcome could signal developer caution and potentially softer launch premiums, creating entry points for value-oriented buyers targeting the CCR ahead of the next upcycle.

Tender submissions for both sites close in the third quarter of 2026. Market participants will be watching not only bid quantum but also the breadth of participation as a barometer for broader developer sentiment toward Singapore's prime residential sector in the current interest rate environment.