URA has just announced the launch of tenders for two residential Government Land Sale (GLS) sites located at Holland Link and Chuan Grove on December 3. These 99-year leasehold sites are part of the Confirmed List for the 2H2024 GLS Programme.
The Holland Link site is situated along Holland Link, just off Bukit Timah Road in District 10. With a land area of 185,141 square feet and a maximum gross floor area of about 257,225 square feet, it has the potential to yield around 230 housing units, according to estimates from URA.
This site is the first GLS plot to be launched in the upcoming Holland Plan precinct. In addition to Bayshore and Kampong Bugis, this precinct is one of the three upcoming areas identified by URA. Marcus Chu, CEO of ERA Singapore, notes that the residential area is expected to accommodate approximately 2,500 new homes.
Chu predicts that developers will be eager to bid for the Holland Link site to gain a first-mover advantage by introducing the first 230 units to the market. He also points out that the site is within a 2km radius of several prestigious schools, such as Methodist Girls’ School (Primary and Secondary), Henry Park Primary School, Pei Hwa Presbyterian Primary School, and National Junior College. This could be a major draw for families with young children who are looking for priority admission to these schools.
The Holland Link GLS site is also near the Brizay Park Good Class Bungalow area. As such, Mark Yip, CEO of Huttons Asia, predicts that the future developments in the Holland Plain precinct could focus primarily on low-density private residences.
Yip anticipates that there will be a limited response to the Holland Link site, with only one or two bids and a top bid of around $1,200 to $1,300 per square foot per plot ratio (psf ppr). Similarly, Chu believes that the site may receive up to three bids due to the current saturation in the tender process for residential sites, with a top bid of around $1,200 psf ppr.
The Chuan Grove GLS site is located along Chuan Grove, off Lorong Chuan in District 19. Covering an area of 170,409 square feet, it has a maximum gross floor area of 511,232 square feet and can potentially yield approximately 555 new housing units.
This site is just 400m away from Lorong Chuan MRT Station on the Circle Line, making it very accessible. The station is also only one stop away from Bishan MRT Station and Serangoon MRT Station, both of which are interchanges for other MRT lines. According to Chu, this future development has the potential to attract HDB upgraders living in the vicinity. Within the next four years, an estimated 3,815 Build-to-Order (BTO) units, sized four-room and larger, are set to fulfill their Mandatory Occupation Period (MOP) in Toa Payoh.
Chu adds that residents of HDB flats in older estates may be looking to upgrade their homes due to the increasing number of million-dollar flats in neighboring Serangoon, Bishan, and Toa Payoh. Over the past 10 months, the median transaction price of a five-room flat in Bishan and Toa Payoh was $792,000 and $828,000, respectively.
The stellar sales performance of Chuan Park, with 76% of its 916 units sold at an average price of $2,579 psf during its launch weekend, could also be a driving factor for developers to bid for the Chuan Grove site, says Chu. He expects bids to range from $571 million to $600 million, translating to a land rate of at least $1,200 psf ppr. Yip, on the other hand, predicts a total of three to five bids, with a top bid between $1,150 and $1,250 psf ppr.
The tenders for both the Chuan Grove and Holland Link sites will close at noon on July 8, 2025, and July 29, 2025, respectively.
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