River Valley’s refresh: The Martin Modern benchmark and return of local buyers to District 9

/ EdgeProp Singapore

January 30, 2026 9:26 AM SGT

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The rooftop “secret garden” at Martin Modern, a 450-unit by GuocoLand, which was launched in July 2017, and completed in 2022 (Photo: Samuel Isaac Chua/EdgeProp Singapore)

A homeowner at Martin Modern who only wants to be known as Mr Iwan, purchased his unit there in 2018, a year after the project was launched. He moved into his new home in December 2022, when the 99-year leasehold, 450-unit luxury condo by GuocoLand was completed.

What drew Iwan to Martin Modern was its location at Martin Place in prime District 9. The development sits just across the road from the F&B and lifestyle offerings at Robertson Quay, and is about an eight-minute drive to both the CBD and Orchard Road.

Beyond location, he was also attracted by the project’s generous layouts and high ceilings, reaching up to 4.2m for selected ground-floor units.

Get the latest details on available units and prices for River Modern

Iwan had moved to Martin Modern from Novena in prime District 11. He prefers the River Valley neighbourhood for its tranquillity. “It’s very quiet,” he says, adding that proximity to “great F&B choices” is another major draw.

The game changer was the opening of the Thomson-East Coast Line in November 2022 (Photo: Samuel Isaac Chua/EdgeProp Singapore)

When Iwan bought his unit in 2018, the Thomson-East Coast Line (TEL) was still under construction, and Great World (formerly Great World City) had just announced plans for a major facelift starting in mid-April that year.

By the time he moved into his new home, the TEL had opened, and Great World had completed its revamp as a lifestyle mall, with an expanded F&B mix, more retail options and services. There was also improved connectivity to Great World MRT Station. “River Valley is very centralised,” says Iwan. “It’s close to many shopping and lifestyle destinations, and yet it’s not too busy. I get to enjoy peace when I return home.”

Great World Mall underwent a revamp in 2018, which was completed in 2020 (Photo: Samuel isaac Chua/EdgeProp Singapore)

Game-changer: Opening of Thomson-East Coast Line

Dominic Lee, head of luxury team and investment sales at PropNex, recalls marketing Martin Modern during its launch phase. “The TEL wasn’t ready; we were selling the future then,” he says. “Now that it’s up, the TEL is the best MRT line — it goes to all the places people want to go: Orchard Road, Marina Bay Sands, Changi Airport, and to Woodlands North, where it links to the Johor-Singapore RTS terminus. It’s a game-changer.”

The tender for the 99-year leasehold Government Land Sale (GLS) site at Martin Place closed in June 2016, attracting 13 bids. GuocoLand emerged as the top bidder with an offer of $595.1 million, or $1,239 psf per plot ratio (psf ppr) — a record land rate at the time.

When Martin Modern was launched a year later in July 2017, it set a new benchmark for the neighbourhood, achieving an average price of $2,207 psf in its first three months. This exceeded prices at the neighbouring freehold Martin Place Residences, where resale transactions averaged $2,208 psf that same year. The latest transaction at the 302-unit Martin Place Residences was for a 1,163 sq ft two-bedroom unit that changed hands for $3.4 million ($2,925 psf), based on a caveat lodged on Jan 5. This is the highest psf price achieved at the development to date.

At Martin Modern, the most recent transaction was for a 764 sq ft, two-bedroom unit on the 17th floor that sold for $2.15 million ($2,815 psf) in December.

The Singapore River Promenade starts at Kim Seng Park and extends to Robertson Quay, Clarke Quay, Boat Quay, and all the way to the Marina Bay area (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Significant transformation

“The River Valley area has undergone a significant transformation over the past decade,” says Mark Yip, CEO of Huttons Asia. After Martin Modern, the next GLS site to be sold in the area was at Jiak Kim Street, where Frasers Property submitted the winning bid of $955.4 million, or $1,733 psf ppr.

The site was launched as the 455-unit Riviere in May 2019 at an average price of $2,894 psf. The project was completed and fully sold in 2023.

During the collective sales boom of 2017 and 1H2018, several freehold sites in River Valley were sold en bloc and redeveloped. For instance, RIviera Point was sold to Macly Group and LWH Holdings, and was launched in June 2019 as the 51-unit The Iveria.

Pacific Mansion, meanwhile, was sold en bloc to a GuocoLand-Hong Leong joint venture for $980 million. The site was redeveloped into The Avenir, a 376-unit luxury freehold project launched in January 2020 at prices ranging from $2,960 to $3,560 psf. The project was completed in 2024 and has since been fully sold.

Roxy-Pacific Holdings’ 140-unit freehold RV Altitude, launched in January 2019 on a former vacant plot, was likewise fully sold on completion in 2023.

In 2021, a joint venture between Macly Group and Roxy-Pacific acquired the apartment block at 10A/B and 11 Institution Hill for $33.6 million. The site has since been redeveloped into a new residential project.

The 540-unit Irwell Hill Residences was launched in 2019, completed in the middle of 2025

The 455-unit Riviere was launched in 2019, and fully sold and completed in 2023

The 376-unit freehold The Avenir, a redevelopment of the former Pacific Mansion, was launched in early 2020 and completed in 2024

Return to District 9

Robust take-up across these developments prompted the government to release another GLS site at Irwell Bank Road in 2019, says Yip. The site was developed into the 540-unit, 99-year leasehold Irwell Hill Residences by City Developments (CDL).

Launched in April 2021, Irwell Hill Residences achieved an average selling price of $2,700 psf. One buyer, a Singaporean identified only as Ms Wong, secured a two-bedroom unit during the preview at about $2,500 psf.

After the project was completed in the middle of last year, Wong rented out her unit for two years but plans to move in when the lease ends. “The development has turned out very nicely,” she says. “Great World is just a five- to 10-minute walk away, and Orchard Road is around the corner.” She also likes the unit’s layout and facilities.

Wong notes that many residents at Irwell Hill Residences are expatriate tenants. “It shows that expats still want to live in the prime districts,” she says.

Currently living in Paya Lebar, Wong intends to sell her existing home and upgrade to prime District 9 by moving into her unit at Irwell Hill Residences. “The Core Central Region — especially District 9 — is popular again,” she adds.

In addition to the opening of the TEL, the government awarded the former Nan Chiau High School site to The Lo & Behold Group in 2023. The site was redeveloped into a lifestyle cluster, New Bahru, which opened in 2024.

The tender for the former Nan Chiau High School was awarded to Lo & Behold Group, which has repositioned the property into a lifestyle destination, which opened in 2024 (

Recent spate of GLS sites sold in River Valley area

In 2024, three land parcels in the River Valley area were sold. Zion Road Parcel A was awarded to a CDL-Mitsui Fudosan Asia joint venture and launched as the 706-unit Zyon Grand in October. The project sold 84% of its units over the launch weekend at an average price of $3,050 psf.

Zion Road Parcel B was sold to Allgreen Properties, which launched the 596-unit Promenade Peak in August 2025. Then, the project sold more than 54% of its units at an average price of $3,343 psf.

Wing Tai Holdings also launched its 524-unit River Green on the same weekend. About 88% of the units were sold at an average price of $3,130 psf.

Meanwhile, GuocoLand acquired River Valley Green Parcel B in February 2025 for $627.84 million, or $1,420 psf ppr. The upcoming project, River Modern, will be the only new launch in District 9 this year, notes Yip.

River Valley Green (Parcel C) has been released on the Reserve List of the government land sales (GLS) programme. Under the 1H2026 GLS programme, the government has also placed a site at Morrison Lane on the Reserve List (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Frasers Property, together with Sekisui House, redeveloped Fraser Place and Robertson Walk into the 999-year leasehold, 348-unit Robertson Opus. Launched in July last year, the project sold 41% of its units at an average price of $3,360 psf.

Under the 1H2026 GLS programme, the government has placed a site at Morrison Lane on the Reserve List to meet potential demand in River Valley, says Yip.

Across recent launches in River Valley and the broader Robertson Quay precinct, there has been a higher proportion of Singaporean buyers — “a trend that has become more pronounced since 2024” owing to the increase in additional buyer’s stamp duty (ABSD) for foreigners from April 2023, says Marcus Chu, CEO of ERA Singapore.

Propensity to favour two-bedders

New-home transactions in District 9 also appear to follow a four-year cycle, peaking in 2017, 2021 and 2025 — years marked by major launches, notes Yip. These years also saw more buyers with HDB addresses, indicating upgrader demand.

Huttons’ data shows that the average prices of four- and five-room flats under 10 years old in Bukit Merah reached $1.1 million and $1.4 million, respectively.

Meanwhile, ERA data indicates that Bukit Merah recorded 216 million-dollar HDB resale transactions last year, while the figure for Queenstown was 173 transactions over the same 12-month period.

“This price appreciation has enabled some homeowners to unlock enough equity to upgrade to private homes nearby,” says Chu.

At the same time, the average quantum paid by HDB upgraders for new homes in District 9 has remained around $2 million over the years, Yip observes. “With cash and CPF savings, a District 9 home is within reach. That’s why we saw more buyers with HDB addresses in 2025.”

Charts: URA (as at Jan 27), ERA Research and Market Intelligence

Larger, more functional layouts

Recent River Valley launches have also seen a higher proportion of owner-occupiers than investors. Traditionally, investors favoured smaller one- and two-bedroom units for rental yield, targeting expatriates, singles and double-income, no-kids (or Dink) households, says Chu.

However, take-up across five projects launched in 2025 shows stronger demand for larger units, pointing to a shift towards owner-occupiers and family buyers. “Higher ABSD rates have reduced investor demand and encouraged developers to recalibrate towards local buyers,” Chu adds.

As a result, newer projects now feature larger, more functional layouts suited for family living, supported by established amenities, schools and MRT connectivity. “With rising household incomes, more buyers can now afford homes in prime CCR locations such as River Valley,” says Chu.

Indeed, buyers are increasingly discerning, seeking projects that offer the best value within their budget, notes Yip.