The Urban Redevelopment Authority (URA) has recently launched a tender 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 first site, located along Holland Link in District 10, spans 185,141 sq ft and has a maximum gross floor area (GFA) of about 257,225 sq ft. According to URA estimates, it can potentially yield about 230 housing units. This site is the first GLS plot to be launched in the upcoming Holland Plan precinct. Along with Bayshore and Kampong Bugis, the residential area is one of URA’s three upcoming precincts, as pointed out by Marcus Chu, CEO of ERA Singapore.
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Chu also predicts that developers will bid on this site to take advantage of the first-mover opportunity and inject the first 230 units into the pipeline. He notes that the site is within a 2km radius of several schools such as Methodist Girls’ School, Henry Park Primary School, Pei Hwa Presbyterian Primary School, and National Junior College. This could be a plus point for families with young children looking for priority admission into these schools, he adds.
In addition, the Holland Link site is close to the Brizay Park Good Class Bungalow area. This could indicate that future developments in the Holland Plain precinct will be focused on low-density private residences, according to Mark Yip, CEO of Huttons Asia. Yip predicts that the site will receive between one to two bids, with a top bid of $1,200 to $1,300 psf per plot ratio (psf ppr).
Similarly, Chu expects a muted response to the site, given that there are currently seven residential sites open for tender. He believes that the Holland Link site could receive up to three bids.
Moving on to the second site, located along Chuan Grove off Lorong Chuan in District 19, it measures 170,409 sq ft and has a maximum GFA of 511,232 sq ft. This site can potentially yield about 555 new housing units. It is also within 400m of Lorong Chuan MRT Station on the Circle Line, which is one stop away from the Bishan and Serangoon MRT Stations.
Chu expects the future development on this site to attract HDB upgraders living nearby. In the next four years, around 3,815 Build-to-Order (BTO) units, sized four-room and larger, are set to fulfill their Mandatory Occupation Period (MOP) in Toa Payoh. This could lead to residents of HDB flats in older estates seeking to upgrade their homes, given the increasing number of million-dollar flats in neighboring Serangoon, Bishan, and Toa Payoh, as noted by Chu. Over the last 10 months, the median transaction prices of five-room flats in Bishan and Toa Payoh were $792,000 and $828,000 respectively.
Chu also believes that developers could be encouraged by the better-than-expected sales performance of Chuan Park, which launched last month with 76% of its 916 units sold at an average price of $2,579 psf over its launch weekend. He predicts that the bids for the Chuan Grove site could range from $571 million to $600 million, with a land rate upwards of $1,200 psf ppr. Huttons’ Yip, on the other hand, expects a total of three to five bids, with the 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. With these developments, it is expected that the residential landscape in Holland and Lorong Chuan will see significant changes in the coming years.