Valley Point Is Coming Down for 407 Homes on a 999-Year Lease. Our Resale Data Says Tenure Is Not the Selling Point

If you have driven down River Valley Road towards the river, you have passed it: Valley Point, a retail and office building, with the Fraser Suites Singapore serviced residences beside it. Neither is famous. Both are about to disappear.

The two companies said on 30 September that both properties are expected to cease operations on 31 March 2027. In their place will come a single mixed-use development:

• 407 luxury homes and sky villas
• 184 Fraser Suites serviced residences
• Dining, retail and lifestyle space

The maximum allowed gross floor area is 54,309 square metres. The companies plan to launch in 2027 and complete in 2031.

Frasers Property will hold 51 per cent of the joint venture and Mitsubishi Estate 49 per cent. Kato Shinya, managing director of Mitsubishi Estate Asia, said the partners aim to create "a landmark destination that will enhance the Singapore River precinct".

The timing comes from a corporate tidy-up rather than from the property market.

As The Straits Times reported, the project follows a review and restructuring of Frasers Hospitality Trust, which was taken private in 2025. That left Frasers Property with 100 per cent ownership of Fraser Suites Singapore. With both buildings on River Valley Road under one owner, they could be planned as a single site.

Soon Su Lin, who stepped down as chief executive of Frasers Property Singapore on 1 October and now serves as an adviser to the group chief executive, described it as a move to "unlock the highest and best use of this prime heritage site of the group along the Singapore River".

That phrase, "highest and best use", is how a landlord says a building is worth more as something else. A mid-sized office and retail block and a serviced residence earn rent. A new block of luxury homes on a near-permanent lease sells for a large one-off sum, plus whatever the new serviced residences and shops earn afterwards.

We wrote last month that seven landmark buildings are being redeveloped with homes inside, adding about 1,293 homes between them. Valley Point was not one of the seven. It adds 407 more.

Valley Point is in District 10 (Tanglin, Holland, Bukit Timah). Over the past year, URA caveats show:

New homes sold at a median 32 per cent above existing ones. And the busiest projects show how lopsided that new-sale figure is:

A further 57 sales were recorded without a project name and are not shown.

Skye at Holland alone made up 666 of the district's 727 new sales. The district's new-sale median is mostly Skye at Holland's price. The district is also large and varied: Holland, Leedon, Orchard Boulevard and River Valley are different markets.

The most useful comparison is right next to the site.

Valley Park sits at 473 to 479 River Valley Road, a short walk from Valley Point at number 491. It is a 728-unit condo completed in 1997, and, like the new project, it is on a 999-year lease: its title runs from 1877.

Over the past year, 20 Valley Park homes resold at a median $2,254 per square foot.

That is almost exactly the median for all resales in the district, $2,256. It is also well below the district's new-sale median of $2,976.

So a long lease on River Valley Road has not given Valley Park a price above the district's other resale homes. The project is nearly 30 years old, and buyers price its age and condition more than its tenure. The new project will sell at new-launch prices, but in a generation's time it will be priced like Valley Park is today: as an older home in a good location, with a lease that no longer stands out.

For practical purposes, yes. A 999-year lease that started in the 19th century still has more than 800 years to run. A new one has 999. No buyer, or their grandchildren, will ever see it end, and lenders and buyers treat it the same way as freehold.

That is why our own data, like most market analysis, puts 999-year leases in the freehold group. The difference that matters to buyers is between those and the standard 99-year lease, which does run down within a lifetime and can affect financing and resale later in its life.

We set out the legal differences in our guide to 999-year leases and freehold. The more useful question for buyers is the one in the next section: has freehold-type tenure actually paid off when owners sell?

This is the claim that sells long-tenure homes, so it is worth testing.

We compared every resale of a condo or apartment where we have both the buy and sell price, split by tenure and matched by unit size so that small and large homes are compared with each other:

Freehold includes 999-year leases. Executive condominiums and landed homes are excluded.

Leasehold homes had higher odds of a profit in three of the five size bands. The other two were level, within half a percentage point. Freehold led in none. Leasehold's median gain was also the higher one in four of the five bands.

That does not mean freehold is a worse home. Freehold buyers usually pay more to begin with, and they may care more about passing the home on than about the resale gain. But the idea that freehold or 999-year tenure holds its value better when you sell does not show up in the records.

For the new Valley Point project, that is the useful lesson. Buyers will pay for the address, the river, the newness and the 999-year lease. On past evidence, it is the first three that will drive their resale outcome.

Our freehold vs leasehold profit analysis goes into more detail.

Nothing has been priced yet. When the project launches in 2027, these are the comparisons worth making:

Price against the district. District 10's new sales went at a median $2,976 per square foot over the past year, and Skye at Holland's at $2,949. A riverside luxury project will likely aim above that. The question is how far.

Price against the neighbours. Valley Park next door resells at about $2,254. Any new project starts well above older homes nearby. A buyer should be sure the premium is for things they value, not just for being new.

What else is in the building. The project will mix private homes with 184 serviced residences and retail. That can mean better amenities and more activity downstairs, and also more non-resident traffic and shared spaces than in a purely residential condo.

The wait. Completion is planned for 2031. Buyers at launch will wait about four years to move in, and anything can change in the market in that time.

This is general commentary, not advice on any purchase.

Some limits worth stating.

Valley Park's median rests on 20 resales. That is enough to describe its recent price level, not to draw fine conclusions.

District 10's new-sale figure is mostly Skye at Holland, which accounted for 666 of 727 new sales. It describes that project as much as the district.

The tenure comparison uses percentage gains, before costs. It covers condos and apartments sold across many years and every part of Singapore, not just River Valley. Freehold homes usually cost more to buy, so a similar percentage gain is a larger dollar gain. And we only see resales that happened, not owners who held on.

Nothing about the new project's price is known. We are not forecasting it.

What we would not hedge on: on our records, freehold-type tenure has not delivered better resale odds than 99-year leasehold for homes of the same size, and the 999-year condo next door trades at the district's typical resale price.

Two kinds of numbers, kept apart.

From the reporting: the joint venture and its shares, the unit counts, the GFA, the closing date, the launch and completion years, the Frasers Hospitality Trust background and the executives' comments come from The Straits Times (reporting by The Business Times), linked below.

PropKaki's own data, as of 6 October 2026:

• District 10 figures cover URA private-sale caveats in postal district 10 over the trailing 365 days (1,625 priced sales), split by type of sale and by project. Duplicate caveats for the same unit are counted once.
• Valley Park's address, unit count, completion year and lease come from our condo directory and its URA caveat records; its price is the median of its 20 caveats in the same window.
• The tenure comparison covers resales of condominiums and apartments where we hold both the purchase and sale price, matched into five unit-size bands; executive condominiums and landed homes are excluded, and 999-year leases count as freehold. Gains are gross.

The news:

• The Straits Times: Frasers Property and Mitsubishi Estate redevelop Valley Point Singapore, 3 October 2026, reported by The Business Times.

The data:

• PropKaki analysis of URA private-sale caveats in postal district 10, trailing 365 days.
• PropKaki condo directory and URA caveat records for Valley Park, River Valley Road.
• PropKaki analysis of freehold and leasehold resale outcomes for condominiums and apartments, matched by unit size.

This is commentary by the PropKaki Editorial Desk on reporting by The Straits Times and The Business Times. The project details and comments belong to that reporting and to the companies; the District 10, Valley Park and tenure analysis, the framing and the opinions are ours.

It is opinion and general information, not financial, legal or property advice, and not a forecast of the project's price or a recommendation to buy.

Published 6 October 2026.