The Urban Redevelopment Authority (URA) has recently announced the launch of tenders for two residential Government Land Sale (GLS) sites on December 3. These sites, located at Holland Link and Chuan Grove, are both 99-year leasehold properties and fall under the Confirmed List for the 2H2024 GLS Programme.
Situated along Holland Link off Bukit Timah Road in District 10, the Holland Link site spans 185,141 sq ft and has a maximum gross floor area (GFA) of around 257,225 sq ft. According to URA estimates, it has the potential to yield approximately 230 housing units.
The site is the first GLS land parcel to be launched in the upcoming Holland Plan precinct. Along with Bayshore and Kampong Bugis, this residential area is one of URA’s three upcoming precincts. Marcus Chu, CEO of ERA Singapore, notes that this new precinct is expected to accommodate about 2,500 new homes. He anticipates developers to bid for the Holland Link site in order to take advantage of being first-movers and inject the first 230 units into the pipeline.
Chu further observes that the site is located within a 2km radius of several 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 plus factor for families with young children looking for priority admission into these schools,” he adds.
Moreover, the Holland Link GLS site is situated near the Brizay Park Good Class Bungalow area. As a result, Mark Yip, CEO of Huttons Asia, predicts that future developments in the Holland Plain precinct are likely to focus mainly on low-density private residences.
Yip expects the Holland Link GLS site to receive between one and two bids, with the top bid estimated to be around $1,200 to $1,300 psf per plot ratio (psf ppr). Similarly, Chu anticipates a subdued response to the site due to the saturation of seven other residential sites currently open for tender. He believes that the site might receive up to three bids.
The Chuan Grove GLS site, which is located along Chuan Grove off Lorong Chuan in District 19, has a land area of 170,409 sq ft and a maximum GFA of 511,232 sq ft. It has the potential to yield approximately 555 new housing units.
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The site is conveniently located within 400m of Lorong Chuan MRT Station on the Circle Line, and is only one stop away from Bishan MRT Station (interchange with the North-South Line) and Serangoon MRT Station (interchange with the North-East Line). Chu expects the future development on this site to appeal to HDB upgraders living in the vicinity. He notes that within the next four years, an estimated 3,815 Build-to-Order (BTO) units sized four-room and larger are set to fulfil their Mandatory Occupation Period (MOP) in Toa Payoh.
Chu adds that residents of HDB flats in older estates may seek to upgrade their homes, given the increasing number of million-dollar flats in neighbouring Serangoon, Bishan, and Toa Payoh. The median transaction prices of five-room flats in Bishan and Toa Payoh over the last ten months were $792,000 and $828,000 respectively.
Chu also notes that developers could be encouraged by the better-than-expected sales performance of Chuan Park, which launched last month with 76% of the development’s 916 units sold at an average price of $2,579 psf during its launch weekend. He anticipates that bids for the Chuan Grove site could range from $571 million to $600 million, resulting in a land rate of above $1,200 psf ppr. Meanwhile, Yip predicts that the site could receive a total of three to five bids, with the top bid ranging between $1,150 and $1,250 psf ppr.
The tenders for the Chuan Grove and Holland Link sites are set to close at noon on July 8, 2025, and July 29, 2025, respectively.