Allgreen Properties, a prominent real estate developer in Singapore, has secured a significant project at Zion Road (Parcel B), a 99-year leasehold site near the Great World City mixed-use development. The Urban Redevelopment Authority (URA) tender, which closed on July 18, 2024, attracted two bids. Allgreen’s subsidiary, Valerian Residential, submitted the top bid of approximately S$730.09 million, equating to S$1,304 per square foot per plot ratio (psf ppr). This Promenade Peak Condo bid was 10.5% higher than the competing offer from a Hong Leong Group consortium, highlighting Allgreen’s strong commitment to the site .
The Zion Road (Parcel B) site is poised to yield around 610 private homes. Its strategic location near two MRT stations—Great World and Havelock on the Thomson-East Coast Line—enhances its appeal. Additionally, the site is within walking distance to amenities such as the Great World City mall and the Zion Riverside Food Centre, and is not far from Orchard Road .
Allgreen Properties, established in 1986 and majority-owned by the Kuok Group, is renowned for its diversified portfolio, which includes residential, retail, office spaces, serviced apartments, and hotels. The company’s reputation for delivering quality developments with strong market demand underscores its confidence in the Zion Road project .
The bid for Zion Road (Parcel B) reflects a strategic move by Allgreen to expand its presence in a prime location. While the bidding interest was relatively subdued due to concerns about potential oversupply in the area, the project’s proximity to key amenities and transport links positions it as a valuable addition to Allgreen’s portfolio .
In summary, Allgreen Properties’ acquisition of the Zion Road (Parcel B) site underscores its strategic expansion in Singapore’s competitive real estate market. The development promises to offer high-quality residential options in a well-connected and amenity-rich locale, aligning with Allgreen’s commitment to delivering exceptional living spaces.