GuocoLand sells over 90% of River Modern on launch day at an average of $3,266 psf
Crowd at the preview of River Modern (Photo: GuocoLand)
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Singapore-listed developer GuocoLand sold over 90% of the 455 units at River Modern on its launch day on March 7, with 410 units taken up at an average price of $3,266 psf — an early sign of resilient demand for prime homes despite heightened geopolitical uncertainty.
Singaporeans and permanent residents accounted for nearly all the buyers, says GuocoLand. The majority were owner-occupiers, with household sizes ranging from singles to multi-generational families, the developer adds.
Units sold (red boxes) on launch day at River Modern (Source: Agents)
Buyers were mainly drawn to River Modern’s prime location, rare riverfront setting, lush landscaping and proximity to established schools, including River Valley Primary School just across the road, says Dora Chng, residential director at GuocoLand.
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Chng believes the developer’s strong branding also played a part, alongside the project’s efficient layouts, landscaping and facilities, which make River Modern “a highly liveable development”.
Owner occupiers dominate
The relatively accessible entry price — from $1.548 million for a two-bedroom unit — proved to be attractive, says Mark Yip, CEO of Huttons Asia.
Three-bedroom units were the most popular, with over 90% taken up, according to Huttons. Meanwhile, the two- and four-bedroom types were more than 80% sold, underscoring the project’s appeal across both investors and owner-occupiers.
The strong response came amid the war in the Middle East, which has roiled global markets and pushed up oil prices, energy costs and airfares.
Safe haven appeal amid geopolitical tension
River Modern’s sales serve as an early gauge of market sentiment amid ongoing geopolitical uncertainty and heightened caution, says Kelvin Fong, CEO of PropNex. The performance reflects “the resilience of Singapore’s property market, which is underpinned largely by local housing demand”.
“The geopolitical tensions in other parts of the world highlight the importance of stability and enhance Singapore’s status as a safe haven,” says Yip. “Some buyers may have taken these factors into consideration and decided that investing in a stable asset such as property could be a better option.”
According to Huttons Data Analytics, past geopolitical conflicts have had a limited impact on Singapore’s private residential market. During the Iraq War in 2003, private home prices rose 2.8% year-on-year in 2004.
Core Central Region value proposition
“The prime market in the Core Central Region (CCR) continues to ride a wave of positive buying sentiment,” says Yip.
He notes that the narrowing price premium between the CCR and city-fringe developments in the Rest of Central Region (RCR) has created a value proposition that many buyers find hard to ignore.
River Modern — located in the CCR — illustrates this trend. The project sits on what Yip describes as “probably the last plot of land along the Singapore River” in prime District 9.
“It is possibly the best-selling project launch weekend seen in the River Valley area,” says Marcus Chu, CEO of ERA Singapore. It is also the largest project launch in District 9 this year, he adds.
During its preview phase, GuocoLand received more than 1,000 cheques as expressions of interest, translating into a subscription rate of about two buyers per unit.
River Modern's strong and brisk sales reflect sustained demand for well-located homes in the prime city centre, coupled with the project's "thoughtful inside-out design", notes Justin Quek, deputy group CEO of Realion (OrangeTee & ETC).
Window of opportunity
River Modern also benefited from a window of opportunity within the immediate area, says Mohan Sandrasegeran, head of research and data analytics at SRI. The next project in the precinct will be on the neighbouring River Valley Green site, which is scheduled for sale by tender in April. Any resulting development is likely to be introduced only around 2027 based on typical development timelines, he estimates.
The strong sales this weekend could also bode well for upcoming launches in the pipeline. Projects expected in 2Q2026 include Rivelle Tampines executive condominium, which previewed this weekend, and the upcoming Pinery Residences, both located in the Tampines West neighbourhood.
Following River Modern, GuocoLand’s next project launch will be in the Outside Central Region (OCR) — Tengah Garden Residence — which is targeted for launch later this year.
On March 3, GuocoLand, together with Hong Leong Holdings and CSC Land Group, also secured a government land sale site at Lentor Central with a bid of $657.1 million ($1,278 psf per plot ratio). The project is likely to be launched sometime in 2027.
Securing the Lentor Central site could be viewed as a “strategic replenishment” of GuocoLand’s development pipeline, ensuring continuity in its future launch schedule and maintaining a steady presence in upcoming residential launches, notes Sandrasegeran.
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