The Urban Redevelopment Authority (URA) has recently unveiled tender opportunities for two residential Government Land Sale (GLS) sites located at Holland Link and Chuan Grove. These 99-year leasehold sites are part of the Confirmed List in the 2H2024 GLS Programme.
Located 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 about 257,225 sq ft. The estimated potential yield of this site is 230 housing units, according to URA.
This site is the first GLS site to be launched in the upcoming Holland Plan precinct. It is one of the three upcoming precincts identified by URA, along with Bayshore and Kampong Bugis, notes Marcus Chu, CEO of ERA Singapore.
Chu anticipates strong interest from developers for this site, as being the first to develop in the new precinct will provide a first-mover advantage. He also points out that the site is within a 2km radius of several top 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 point for families looking for priority admission into these schools.
The Holland Link site is also located near Brizay Park Good Class Bungalow area, which suggests that future developments in the Holland Plain precinct will likely be focused on low-density private residences, predicts Mark Yip, CEO of Huttons Asia.
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According to Yip, the Holland Link GLS site is likely to receive between one and two bids, with a top bid of $1,200 to $1,300 psf per plot ratio (psf ppr).
Chu has a similar prediction, anticipating a muted response to the site. With a total of seven residential sites currently open for tender, oversaturation in the market could lead to a subdued bidding process. He expects the Holland Link site to receive up to three bids.
In another GLS site launched by URA, the Chuan Grove GLS site is located along Chuan Grove off Lorong Chuan in District 19. This site measures 170,409 sq ft and has a maximum GFA of 511,232 sq ft, with a potential yield of 555 new housing units.
The site is conveniently located within 400m of Lorong Chuan MRT Station on the Circle Line. It 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).
Chu expects this site to attract HDB upgraders living in nearby areas. In the next four years, about 3,815 Build-to-Order (BTO) units of four-room sizes or larger are expected to complete their Mandatory Occupation Period (MOP) in Toa Payoh.
“Residents of HDB flats in older estates could seek to upgrade their homes given the increasing number of million-dollar flats in neighbouring Serangoon, Bishan and Toa Payoh,” explains Chu. 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.
Additionally, the better-than-expected sales performance of Chuan Park also offers encouragement for developers to bid for the Chuan Grove site, notes Chu. The development launched last month has sold 76% of its 916 units at an average price of $2,579 psf during its launch weekend.
Chu forecasts bids for the Chuan Grove site to range from $571 million to $600 million, translating to a land rate of over $1,200 psf ppr. Huttons’ Yip predicts a total of three to five bids for the site, with a top bid between $1,150 and $1,250 psf ppr.
Interested bidders for both the Chuan Grove and Holland Link sites have until noon on July 8, 2025, and July 29, 2025, respectively, to submit their tenders.