Tho Leong Chye learnt first-hand that the Government Land Sales (GLS) tender process is a winner-takes-all game, just a day after he became managing director of Allgreen Properties. Former investment banker and current group CFO of Kuok Group Singapore, he was appointed managing director of Allgreen Properties on 16 October 2023. The very next day, Oct 17, the tender for a GLS site on Orchard Boulevard was launched.
When the tender closed on Feb 1, 2024, there were four bids. Allgreen Properties’ offer was the second highest, just $10.28 million short of the top bid of $428.28 million ($1,617 psf per plot ratio) submitted by UOL Group and Singapore Land Group. It was Tho’s first time participating in a GLS tender.
Tho: We know the area well because our base is here, and the shoppers at Great World mall are predominantly local residents. That gives us insights into their profile and spending power (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Undeterred, Allgreen Properties — one of Singapore’s largest property developers, controlled by the family of 101-year-old tycoon Robert Kuok, who is consistently ranked among Malaysia’s richest individuals with a net worth of US$12.5 billion ($16 billion) — set its sights on Zion Road (Parcel B).
At the time, Zion Road (Parcel B) was on the Reserve List of the 1H2024 GLS programme. Allgreen triggered the release of the site by committing to a minimum bid of $604.57 million. Its identity was not disclosed in URA’s April 22, 2024, announcement of the tender launch.
When the tender closed in July 2024, only two bids were submitted. Allgreen topped the list with a bid of $730.09 million ($1,304 psf ppr) for the 99,953 sq ft, 99-year leasehold site, which allows for a maximum gross floor area (GFA) of 559,745 sq ft.
Promenade Peak is located at 1 Zion Promenade on the site of Zion Road (Parcel B) [Source: EdgeProp Landlens)
Next door, Zion Road (Parcel A) had been launched earlier as the first GLS site to pilot long-stay serviced apartments with a minimum three-month stay. The 99-year leasehold, 164,439 sq ft site is zoned residential with commercial use on the first storey. The tender closed on April 4, 2024, and received a sole bid of $1.107 billion ($1,202 psf ppr) from a joint venture between City Developments (CDL), controlled by the Kwek family and Japanese developer Mitsui Fudosan. The joint venture partners intend to develop a new mixed-use project named Zyon Grand, featuring 706 residential units across two high-rise towers, a third block with 309 serviced apartments, and a retail podium. The project is expected to launch in 4Q2025.
Meanwhile, Allgreen Properties will preview its new development on Zion Road (Parcel B) — Promenade Peak — on July 17. The 596-unit residential tower will soar to 240m. “At 63 storeys, it will be the world’s tallest residential tower built using PPVC [Prefabricated Prefinished Volumetric Construction] method,” says Tho.
Promenade Peak is the first PPVC project undertaken by Allgreen Properties, as well as its project architect DCA Architects (which also designed Allgreen’s Pasir Ris 8) and main contractor Woh Hup.
In 2020, Great World had a $50 million makeover, including its serviced residences. The mixed-use development sits beside Great World MRT Station on the Thomson-East Coast Line (All photos by Samuel Isaac Chua/EdgeProp Singapore)
Great World connection
One reason Allgreen was drawn to Zion Road (Parcel B) is its proximity to Great World, its flagship mixed-use property comprising a six-storey mall, two 18-storey office towers and a 34-storey serviced apartment tower with 304 units.
Built on the site of the former Great World Amusement Park, Great World (formerly Great World City) was completed in 1997. The mall underwent a $50 million revamp completed in 2020, ahead of the opening of the Great World MRT Station on the Thomson-East Coast Line in November 2022. The mall is directly linked to the MRT station.
Zion Road (Parcel B) is separated from Great World by just a bridge across Alexandra Canal and Kim Seng Promenade. Allgreen plans to build a covered walkway linking Promenade Peak and the neighbouring Zyon Grand to the Great World mall. “In the future, the residents in these new projects will be the shoppers of our mall,” says Tho.
Like Great World’s address at 1 Kim Seng Promenade, Promenade Peak will have the address 1 Zion Promenade. “We used the same naming convention,” says Tho. “The name ‘Promenade Peak at 1 Zion Promenade’ not only conveys exclusivity, but the site’s curved frontage along the water is also regarded as auspicious from a feng shui perspective.”
The 288-unit Yong An Park, completed in 1986, was Allgreen Properties’ first residential project in the River Valley area
The 292-unit Regency Park was the second development in the River Valley area completed by Allgreen Properties, and was completed in 1987
The 248-unit RV Residences was the third residential project in the River Valley area developed by Allgreen Properties, and was completed in 2015
Allgreen is no stranger to the neighbourhood. Its maiden residential project was the 288-unit Yong An Park, located on River Valley Road in prime District 9, which was completed in 1986. It was followed by the 292-unit Regency Park on Nathan Road, off River Valley Road in District 10. Regency Park was completed in 1987. Both Yong An Park and Regency Park are freehold condos. The third was the 248-unit, 999-year leasehold RV Residences, completed in 2015.
“We know the area well because our base is here,” says Tho. “Many of our mall’s shoppers are local residents. That gives us insights into their profile and spending power. Hopefully, that helps us serve them better.”
Promenade Peak will feature three tiers of residences separated by garden terraces. The two lower tiers, named the Promenade Collection, will house 518 units across identical floor plates with 12 units per floor. These include 80 one-bedroom units (527 sq ft), 320 two-bedroom units (657 sq ft to 797 sq ft) and 118 three-bedroom units (1,033 sq ft to 1,195 sq ft).
Showflat of the two-bedroom plus study at Promenade Peak
The second bedroom of the two-bedroom plus study show unit
Showflat of a 1,033 sq ft, three-bedroom unit at Promenade Peak, where the dining room open out to a balcony
The kitchen of the three-bedroom unit has a window where food can be passed through to the balcony
The stuidy area of the three-bedroom unit
The top tier — Promenade Suites — comprises 78 premium units with six units per floor: 57 four-bedroom units (1,421 sq ft to 1,582 sq ft), 19 five-bedroom units (1,884 sq ft) and two 4,144 sq ft penthouses on the 63rd floor, to be sold as white spaces. Units in the Promenade Suites will feature private lifts, high ceilings and unobstructed views, says Tho. The 64th-floor roof terrace will house a 20m lap pool and a private dining room. “It will be the highest pool in Singapore,” he adds.
Four-bedroom premium and five-bedroom units will feature a customised kitchen display with double-doors that can be concealed (Photo: Samuel isaac Chua/EdgeProp Singapore)
All the four-bedroom and five-bedroom premium units will have kitchens with island
The master bathroom of the four-bedroom premium unit at Promenade Peak
RCR vs CCR: Where value trumps zoning
Although just across the road from the District 9 boundary, Promenade Peak falls within District 3 and the Rest of Central Region (RCR), not the Core Central Region (CCR).
“In today’s market, there is little price differentiation between districts, especially when they are separated by just a road,” says Mark Yip, CEO of Huttons Asia. “Buyers are discerning enough to spot projects which offer them the best value for their budget.”
Promenade Peak’s July 17 preview coincides with Wing Tai Holdings’ 525-unit River Green at River Valley Green (Parcel A). Wing Tai paid $646 million ($1,325 psf ppr) for the GLS site in June 2024. River Green is located in District 9 but is likely to appeal to upgraders, says Christine Sun, chief researcher and strategist at Realion Group. She attributes this to the relatively compact sizes of units with more bedrooms, such as the four-bedders, which translates to more affordable absolute prices..
Wing Tai Holdings’ 525-unit River Green at River Valley Green (Parcel A) will preview on July 17 (Photo: Samuiel Isaac Chua/EdgeProp Singapore)
The River Valley area will see four launches totalling 2,175 units in 2H2025: Promenade Peak, River Green, The Robertson Opus (348 units) and Zyon Grand (706 units), notes Yip.
Including pipeline projects such as River Valley Green (Parcel B), a site acquired by GuocoLand for $627 million ($1,420 psf ppr) in February 2025, where it plans to develop 455 residential units; as well as River Valley Green (Parcel C), currently on the Reserve List with the potential to yield 470 units, Realion’s Sun estimates the total upcoming residential supply in the area could reach around 3,100 units.
“The competition for buyers among the many upcoming launches, coupled with the pressure to sell out before the ABSD [Additional Buyer’s Stamp Duty] deadline, may have created a sense of urgency to launch as soon as possible,” says Yip from Huttons. “Developers are competing for a first-mover advantage by launching and selling early.”
River Valley Green (Parcel B), a site acquired by GuocoLand for $627 million ($1,420 psf ppr) in February 2025, where it plans to develop 455 residential units (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Targeting PMETs with ‘realistic’ pricing
Pricing at Promenade Peak will be “realistic,” says Tho. “Our target buyers are PMETs [professionals, managers, executives and technicians]. Districts do not matter as much to them. Ultimately, it’s about where they want to live and what they can afford.”
Ismail Gafoor, CEO of PropNex, agrees. “Buyers assess projects based on value and quality, not just zoning. District boundaries don’t always define price.”
He cites Riviere on Jiak Kim Street in District 3 as the closest comparable new development to Promenade Peak. The 455-unit, 99-year leasehold project was completed in 2023 and is fully sold. From January to July 2025, resale prices have ranged from $2,848 to $3,056 psf, with an average of $2,927 psf.
Based on this, sources expect Promenade Peak to be priced at around $3,000 psf.
From January to July 2025, resale prices at the 455-unit Riviere on Jiak Kim Street have ranged from $2,848 to $3,056 psf, with an average of $2,927 psf (Photo: Samuel Isaac Chua/EdgeProp Singapore)
SRI head of research Mohan Sandrasegeran notes that the Great World area is undergoing major urban renewal. “These upcoming projects will revitalise the district and align with the government’s broader strategy to increase housing options in the Central Region,” he says.
He believes the new launches will breathe new life into this established neighbourhood and meet evolving housing needs.
ERA CEO Marcus Chu says Promenade Peak “will stand out as an iconic landmark for its height and panoramic views.” With its larger premium units, Chu expects the development to attract buyers from older nearby condos who are seeking modern homes with updated features and fresh leases.
Buyers are likely to include both investors and upgraders, notes Gafoor. Among them are HDB owners from nearby estates such as Bukit Merah, Zion Road, Tiong Bahru and Redhill. “These flats tend to command strong resale prices, enabling sellers to upgrade to private property,” he says.
New launches such as Allgreen Properties’ upcoming 596-unit Promenade Peak and City Developments & Mitsui Fudosan’s Zyon Grand, with 709 residential units for sale and 309 long-stay serviced apartments, along with the other upcoming projects at River Valley Green, are expected to enliven the neighbourhood (Photo: Samuel Isaac Chua/EdgeProp Singapore, taken in December 2024)
The area’s appeal is further boosted by amenities such as River Valley Primary School, Great World mall and Zion Riverside Food Centre.
Future residents of Promenade Peak will be within a five-minute walk of two MRT stations: Great World and Havelock on the Thomson-East Coast Line.
“Promenade Peak will be the tallest tower along the Singapore River and offer commanding views of Orchard, Marina Bay Sands and Sentosa,” says Huttons’ Yip. “It will also have the highest infinity pool in Singapore.”
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