TLDR
Developer confidence in Singapore’s property market is rising in 2025 despite global uncertainties, supported by strong sales in new launches. Key en bloc sites include River Valley Apartments, sold for $56 million and slated for luxury serviced apartments, signaling a possible en bloc revival. Thomson View Condominium, a large site near greenery and MRT, was bought for $810 million but is on hold due to legal issues. Hillcrest Arcadia, near MacRitchie Reservoir, failed to attract bids but remains available through private treaty. Upper Serangoon Shopping Centre, close to Serangoon MRT, is up for tender with plans for residential and retail redevelopment. These developments indicate growing developer optimism and could broaden housing options beyond the Core Central Region. Buyers are encouraged to seek tailored advice based on their individual needs.
Despite the prevailing global economic uncertainties, developer confidence in Singapore’s property market appears to be on the rise in 2025. Strong sales responses to recent new launches suggest continued demand, potentially paving the way for more en bloc sales. Here are four residential sites that could be worth watching:
This freehold, four-story walk-up at 400 River Valley Road was sold for $56 million in February to a Singapore-based family office. Built in 1970, the 12,408 sq. ft. site fetched approximately $1,622 psf. With only 24 units, each owner is expected to receive $2 million to $2.6 million. The buyer plans to redevelop the site into luxury serviced apartments, leveraging its Gross Plot Ratio (GPR) of 2.8.
The sale of River Valley Apartments is significant as it could signal a resurgence in en bloc activity after a lull period. Its Core Central Region (CCR) location, within walking distance of Great World City and Great World MRT station (TEL), offers excellent connectivity to major MRT lines. The proximity to Valley Point also provides convenient access to amenities. This prime location, coupled with the potential for redevelopment into serviced apartments, aligns with the expected pivot towards the CCR in the near term.
Located on Bright Hill Drive in the Upper Thomson area, Thomson View Condominium is a highly anticipated en bloc site. Built in 1987 with a 99-year lease from 1975, this project is known for its distinctive circular layout. A joint venture between UOL and CapitaLand purchased the site for $810 million in November 2024, following multiple unsuccessful attempts since 2007. The purchase price was lower than the previous reserve price of $918 million.
The expansive 504,000+ sq. ft. site is currently underutilized, comprising 255 units (a mix of condo, landed, and commercial units). Redevelopment could transform it into a mega-development with a potential 1,240 residential units. The location offers proximity to greenery (MacRitchie Reservoir Park) and convenience (Thomson Plaza and Upper Thomson MRT station). The revamped Thomson Plaza, no longer an aging amenity, enhances the appeal. If the en bloc proceeds, the mega-development is expected to attract significant interest, particularly from buyers seeking to live near existing landed enclaves or those looking to right-size.
However, the en bloc is currently on hold due to legal challenges from six unit owners concerning “fairness and transparency.” A High Court hearing is scheduled for May 22, 2025, which will determine the fate of this potential mega-development.
Hillcrest Arcadia, a leasehold project (lease commencing 1975) on the edge of MacRitchie Reservoir, is another en bloc site to watch. Built in 1980 with 272 units, this is its second en bloc attempt, with a reserve price of $920 million. The 442,600+ sq. ft. site, with a GPR of 1.6, could potentially yield around 773 new units. Located in a low-density area near popular schools like Raffles Girls’ Primary and Hwa Chong Institution, it appeals to those seeking privacy and spaciousness. While there’s no nearby MRT, Holland Village is a short drive away.
The tender closed on May 22, 2025, with no bids, and the project is now in a 10-week private treaty period. While bids were below the asking price, expressions of interest were received, suggesting a potential deal could still be secured or groundwork laid for future attempts. Redevelopment here would attract buyers who value a quiet, landed-style environment and are comfortable with driving.
This aging mixed-use development, completed in 1982, has a residential component and is approximately 176,792 sq. ft. With a guide price of $260 million, the price per square foot is around $1,471. The front half is zoned for commercial and residential use (GPR 3.0), while the rear is for residential use only (GPR 2.8), currently housing eight residential units.
According to the marketing agent, redevelopment could include 154 residential units, 56 serviced apartments, and 12,000 sq. ft. of retail space, significantly transforming the area. Despite its current state, the location is excellent, being very close to Serangoon MRT station (CCL, NEL) and Serangoon NEX mall. Its proximity to Methodist Girls’ Primary and the surrounding HDB cluster also adds to its appeal. The tender for Upper Serangoon Shopping Centre closes on June 10, 2025.
These potential en bloc sales are key indicators of developer confidence and could pave the way for a wider range of non-CCR new launch options in the future. Monitoring these developments is crucial for buyers looking to upgrade in the coming years.
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