URA has recently announced the launch of tenders for two residential Government Land Sale (GLS) sites on Dec 3. These sites, located at Holland Link and Chuan Grove, are both 99-year leasehold properties and are part of the Confirmed List under the 2H2024 GLS Programme.
The Holland Link site is situated along Holland Link off Bukit Timah Road in District 10 with a total area of 185,141 sq ft and a maximum gross floor area (GFA) of approximately 257,225 sq ft. According to URA, it has the potential to yield around 230 housing units.
This site is the first GLS plot to be launched in the upcoming Holland Plain precinct, which is one of the three future precincts identified by URA alongside Bayshore and Kampong Bugis. Marcus Chu, CEO of ERA Singapore, notes that this new residential area is expected to accommodate around 2,500 new homes. He believes that developers will be keen to bid for the Holland Link site to gain first-mover advantage and inject the first 230 units into the market.
Chu also highlights the site’s strategic location within a 2km radius of several reputable schools such as Methodist Girls’ School (Primary and Secondary), Henry Park Primary School, Pei Hwa Presbyterian Primary School, and National Junior College. He believes that this could be an attractive factor for families with young children seeking priority admission to these schools.
Moreover, being near the Brizay Park Good Class Bungalow area, future developments at Holland Plain could potentially focus on low-density private residences, predicts Mark Yip, CEO of Huttons Asia.
Given the current market conditions, Yip anticipates that the Holland Link site will receive between one to two bids, with the top bid ranging from $1,200 to $1,300 psf per plot ratio (psf ppr). Similarly, Chu expects a muted response to the site as there are currently seven residential sites open for tender, leading to potential saturation in the tender process. He estimates that the Holland Link site could receive up to three bids.
The second site, Chuan Grove GLS, is located along Chuan Grove off Lorong Chuan in District 19. With a land area of 170,409 sq ft and a maximum GFA of 511,232 sq ft, this site has the potential to yield around 555 new housing units.
One of the significant selling points of this site is its proximity to Lorong Chuan MRT Station on the Circle Line, which is just one stop away from the Bishan MRT Station (interchange with the North-South Line) and the Serangoon MRT Station (interchange with the North-East Line). According to Chu, this makes the site appealing to HDB upgraders living in the vicinity. Moreover, in 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 seek to upgrade their homes, considering the increasing number of million-dollar flats in neighboring Serangoon, Bishan, and Toa Payoh. The median transaction prices of five-room flats in Bishan and Toa Payoh over the last 10 months were $792,000 and $828,000, respectively.
Chu believes that developers could also be motivated by the better-than-expected sales performance of Chuan Park, which launched last month. During its launch weekend, 76% of the development’s 916 units were sold at an average price of $2,579 psf. He anticipates bids for the Chuan Grove GLS site to range from $571 million to $600 million, translating to a land rate of over $1,200 psf ppr. On the other hand, Yip predicts a total of three to five bids for the site, with the top bid between $1,150 and $1,250 psf ppr.
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The tenders for the Chuan Grove and Holland Link sites will close at noon on July 8, 2025, and July 29, 2025, respectively.