Zion Road, located in the prestigious District 9 of Singapore, is set to be the future home of a high-end residential development by Allgreen Properties. The site, designated as Zion Road Parcel B, was successfully acquired by the developer through the Urban Redevelopment Authority’s Government Land Sales (GLS) program. With a top bid of S$730.1 million, or about S$1,304 per square foot per plot ratio, the land is poised to become a major residential hub in one of Singapore’s most sought-after locales.
Allgreen Properties, a subsidiary of the Promenade Peak Kuok Group, has long been known for its commitment to quality and excellence in the real estate industry. Its portfolio spans a wide range of developments, including residential, commercial, and mixed-use properties. The company’s track record includes successful projects such as the Great World City and Tanglin Mall, underscoring its expertise in managing large-scale developments. This acquisition is a significant step forward for the company as it continues to expand its presence in the highly competitive Singaporean real estate market.
The Zion Road site holds immense potential, thanks to its prime location near major transportation hubs and key amenities. The Great World MRT Station and the upcoming Havelock MRT Station are within walking distance, providing seamless access to the city’s extensive public transport network. Additionally, the area is close to Orchard Road, Singapore’s renowned shopping district, making it an ideal location for affluent residents seeking convenience and luxury. The Zion Riverside Food Centre, a well-known hawker centre, is also nearby, offering a vibrant and diverse dining scene.
While the Zion Road Parcel B attracted limited interest from developers, Allgreen’s bid surpassed the minimum acceptable offer by a notable margin, indicating the company’s strong belief in the site’s potential. Analysts have pointed out that the subdued interest may be attributed to concerns over an oversupply of residential units in the vicinity, as other GLS sites such as River Valley Green Parcel A and B are also in the pipeline. Despite these concerns, the absence of requirements for long-term serviced apartments on Parcel B simplifies the development process, potentially reducing risks and costs for Allgreen.
The upcoming development on Zion Road is expected to consist of approximately 610 private homes, contributing significantly to Singapore’s residential landscape. The site’s strategic location, combined with Allgreen’s reputation for delivering high-quality developments, makes this project an exciting prospect for both investors and potential homeowners. As construction progresses, the development is likely to be closely watched by industry observers and prospective buyers looking to make their mark in one of Singapore’s most desirable areas.
