The River Opus: what should a 999-year River Valley home cost? We estimate $2,970–$3,350 psf.

The River Opus is the redevelopment of Valley Point and Fraser Suites Singapore on River Valley Road, District 10. Frasers Property and Mitsubishi Estate plan about 407 homes on a 999-year lease, with a preview targeted for February 2027 (est.). There is no land price, because Frasers already owns the site. Valuing the land at River Modern's price, we estimate $2,970 to $3,350 psf, with the top of that range more likely than the bottom.

Below we show how we reached that figure. We also look at how six River Valley launches sold on their first weekend, the schools and amenities nearby, and what older condos around Valley Point resell for. The estimated cost breakdown and live data are on our River Opus project page.

What is The River Opus?

It is a mixed-use project replacing three buildings at 491 River Valley Road: Valley Point's 20-storey office tower, its two-storey mall and the 255-key Fraser Suites Singapore. Frasers Property holds 51% of the joint venture and Mitsubishi Estate 49%. The two firms announced the plan on 30 September 2026.

The scheme has about 407 homes and sky villas, a new 184-unit Fraser Suites, and dining and retail space. The site is 13,439 sqm, roughly the size of two football fields, with up to 54,309 sqm of floor area. Valley Point and Fraser Suites close on 31 March 2027. The developers say the homes will launch in 2027 and complete in 2031. The February 2027 preview is a target and has not been confirmed by the developers.

The land has stayed in the same corporate family for a long time. EdgeProp reports it once held Fraser & Neave's first aerated-water canning plant in Southeast Asia, and Fraser Suites opened here in 1998. This is the third time Frasers has rebuilt its own property as homes, after Robertson Walk (now The Robertson Opus) and Bedok Point (now Sky Eden@Bedok).

What would the land cost if it were bought today?

Nobody knows what Frasers' land cost is. It has owned the site for decades. Any differential premium, the charge the state levies when a site's use or intensity changes, has not been published. So we value the land at what a developer recently paid nearby. We use River Modern's $1,420 psf ppr, from River Valley Green Parcel B in February 2025. It is 850m away and it is the most recent River Valley land price backed by a full launch.

We estimate the launch price this way. At $1,420 psf ppr, the land over 54,309 sqm of floor area is worth about $830 million. Our cost model adds construction ($319 million), financing ($131 million), professional fees and stamp duty ($143 million) and marketing ($85 million). The total is about $1.51 billion, or a breakeven of $2,579 psf ppr. Our standard 15% to 30% margin then gives $2,970 to $3,350 psf. The pricing methodology explains the model.

The same model gives River Modern exactly the same breakeven, and River Modern launched 27% above it. That is why we trust the base. What the base leaves out is the lease. River Modern is 99 years; The River Opus is 999. Land has also become dearer. Parcel C cost $1,730 psf ppr in June 2026, and using that price would lift our range to $3,460 to $3,910 psf. The Robertson Opus, Frasers' 999-year launch a year ago, averaged $3,360. We therefore expect pricing near the top of our range, and possibly above it.

How did the last six River Valley launches sell on launch weekend?

The River Opus has not previewed yet. Its neighbours give a clear benchmark, because six projects within 1.6km launched between July 2025 and March 2026.

The pattern is simple. Every launch that averaged $3,266 psf or less sold at least 84% on its first weekend. Every launch that averaged $3,343 or more sold about half or less.

The Robertson Opus is the closest match to The River Opus: same developer, same 999-year lease, also with shops and a serviced residence on site. It cost only 3% more per sq ft than River Modern but sold less than half as fast. Buyers in River Valley have so far put total price and the station walk ahead of tenure. That is the main thing The River Opus's preview will test.

Which primary schools are near The River Opus?

Three primary schools are within 1km radius of the development on our dataset, measured in a straight line from OneMap coordinates. MOE measures home-to-school distance its own way, and the block addresses do not exist yet. River Valley Primary is only about 3m inside 1km, so check on MOE SchoolFinder before counting on it.

Alexandra Primary is the closest and the most contested. In 2026, 86 children applied for 55 Phase 2C places, so a home here gets a child into the ballot, not into the school. Zhangde had places to spare in both years and is the steadier option. CHIJ (Kellock) and Radin Mas are sometimes listed for this area, but both are just over 2km away on our measure. Our schools and new-launch demand study explains the phases.

What is within walking distance of The River Opus?

The mall on the site closes in March 2027, so for about four years residents will shop elsewhere. Most daily needs are still within ten minutes on foot.

The Alexandra Canal park connector runs along the southern edge of the site. Orchard Road is one MRT stop from Great World, and Outram Park, where three lines meet, is two stops. The new podium will bring shops and dining back to the site, but the developers have not named any tenants, so a supermarket is not assured.

What do condos around Valley Point resell for?

We looked at eight older condos within about 1.2km. Every exit figure counts losses as well as gains, because we only use resales where both the buying and selling price are known.

Here is the good news. Most sellers here made money, and the long-held freeholds have done well: One Jervois at a median 6.7% a year and Rivergate at 5.6%. The caution is that newer projects bought at launch prices have grown slowly. RV Residences, the newest 999-year block nearby, has returned 1.3% a year, and Riviere still resells close to its 2019 launch average.

The River Opus will likely command a premium. At our range it would cost 32% to 49% more than Valley Park. It would sit near Irwell Hill Residences, a 2024 project on a 99-year lease. Buyers who mainly want a 999-year address on this road may opt for a comparable resale instead. Rents at Riviere average $8.49 psf a month across 433 lodged contracts. At our range that is a gross yield of about 3.0% to 3.4% (est.). Treat it as a ceiling, not a forecast.

Plus points for The River Opus

• The lease. 999 years is rare in new River Valley launches; the last one was The Robertson Opus in 2025.
• A tested pricing base. River Modern, on the land price we use, sold 90% on day one at $3,266 psf.
• A developer that has done this before. Frasers has rebuilt Robertson Walk and Bedok Point as homes, and Riviere sold out by 2023.
• Schools. Three primary schools within 1km radius of the development, including Zhangde, which had places to spare in 2025 and 2026.
• Good MRT connectivity. Great World, Tiong Bahru and Havelock are all within about 900m and already running.

Minus points for The River Opus

• Thin day-one demand for long leases. The Robertson Opus sold 41% at launch against 84% to 90% for three 99-year neighbours.
• Not on the station. About 680m to Great World, against a few minutes for River Green, River Modern and Parcel C.
• A crowded resale window. About 2,600 new River Valley homes complete around 2029 to 2030, before The River Opus.
• No mall on site until completion. Valley Point closes in March 2027.
• An unconfirmed date and price. Our estimate rests on a proxy land price, and the developers have said only "2027" for the launch.

What would prove our estimate wrong?

If the launch averages above $3,350 psf, our River Modern base was too low for a 999-year site. Parcel C's land price would then have been the better guide. If it averages below $2,970, the developers have priced for speed. The River Opus would then be cheaper per sq ft than River Modern despite the longer lease. We will set the actual price against this range on the day the price list is published.

The short version

What we found

So what should you do with this?

• Decide how long you will hold. The 999-year lease pays off over decades, not in the first five years.
• Get a bank's in-principle approval about two months before the preview, and run the stamp duty and progressive payment calculators on a $3 million to $3.4 million unit.
• At the preview, compare the average psf with River Modern's $3,266 and The Robertson Opus's $3,360 before you choose a unit.

Frequently asked questions

Sources & methodology

How we checked this

The project facts come from the Frasers Property and Mitsubishi Estate announcement of 30 September 2026, as reported by EdgeProp. Because no land was bought, our launch estimate values the land at River Modern's $1,420 psf ppr and runs it through the PropertyInsider.sg cost model over the full 54,309 sqm of floor area, costed at October 2026 rates. That floor area includes the serviced residence and shops, whose share has not been published.

Launch-weekend figures are the developers' own, as reported at the time. Resale figures use only resales where both prices are known, so losses count as well as gains. Distances are straight lines from OneMap coordinates, not MOE's measure.

Where the figures come from

Project: EdgeProp, 30 September 2026. Launches: River Modern (EdgeProp, 8 March 2026); The Robertson Opus (EdgeProp, 20 July 2025); River Green, Promenade Peak and Zyon Grand (EdgeProp 2025 review). Land: URA tender results in our land cost tracker. Schools: MOE Primary 1 results, 2025 and 2026. Resale and rents: URA caveat and lodged-rent data in our price trends dataset.

See the cost breakdown and live data for The River Opus