URA has recently announced the launch of tenders for two residential Government Land Sale (GLS) sites located at Holland Link and Chuan Grove, which are part of the Confirmed List for the 2H2024 GLS Programme. Both sites will feature a 99-year leasehold and will potentially be ready by the second half of 2024.
The Holland Link site, situated along Holland Link in District 10, spans 185,141 sq ft and is expected to have a maximum gross floor area (GFA) of 257,225 sq ft, potentially yielding around 230 housing units. This site is located within the upcoming Holland Plan precinct, one of three upcoming precincts by URA alongside Bayshore and Kampong Bugis. According to Marcus Chu, CEO of ERA Singapore, this precinct has a forecasted 2,500 new homes and is expected to be an attractive location for developers looking to capitalize on first-mover advantages.
The site has several notable features, including its proximity to esteemed schools such as Methodist Girls’ School (Primary and Secondary), Henry Park Primary School, Pei Hwa Presbyterian Primary School, and National Junior College, all within a 2km radius. This is likely to be a draw for families with young children who are seeking priority admission to these schools. Additionally, the site is located near the prestigious Brizay Park Good Class Bungalow area, which further adds to the appeal of low-density private residences as an option for future development in the Holland Plan precinct, notes Mark Yip, CEO of Huttons Asia.
However, both Chu and Yip predict a limited response to the Holland Link site, with potentially only one or two bids and a top bid of $1,200 to $1,300 psf per plot ratio (psf ppr).
Moving on to the Chuan Grove GLS site, it is situated in District 19 along Chuan Grove off Lorong Chuan. The site measures 170,409 sq ft and has a maximum GFA of 511,232 sq ft, with potential for approximately 555 new housing units. It is within 400m of the Lorong Chuan MRT station on the Circle Line, which also provides easy access to Bishan and Serangoon MRT stations. Chu expects this site to attract HDB upgraders living in the vicinity, especially with an estimated 3,815 Build-to-Order (BTO) units in Toa Payoh fulfilling their Mandatory Occupation Period (MOP) within the next four years.
Chu also notes that more residents of older HDB estates may seek to upgrade their homes, given the increasing number of million-dollar flats in nearby areas such as Serangoon, Bishan, and Toa Payoh. The median transaction prices for five-room flats in Bishan and Toa Payoh over the past 10 months were $792,000 and $828,000 respectively. Moreover, Chu believes that the recent success of Chuan Park, with 76% of its 916 units sold at an average price of $2,579 psf during its launch weekend, may encourage developers to bid for the Chuan Grove site. He predicts bids ranging from $571 million to $600 million, with a land rate of $1,200 psf ppr. Yip, on the other hand, expects a total of three to five bids with a top bid between $1,150 to $1,250 psf ppr.
The tender for the Chuan Grove site will close at noon on July 8, 2025, while the Holland Link site’s tender will close on July 29, 2025.
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