The Urban Redevelopment Authority (URA) has announced the release of two residential Government Land Sale (GLS) sites under the Reserved List of the 2H2024 GLS Programme on December 3. The sites – Holland Plain and River Valley Green (Parcel C) – are now available for application and will be put up for sale if a developer offers a minimum price that is accepted by the government. A Reserved List site may also be considered for tender launch if more than one developer submits a minimum price close to the government’s reserve price. This move is in line with URA’s efforts to maintain a stable and sustainable property market while providing developers with a pipeline of sites for development.
The Holland Plain GLS site spans about 169,175 square feet with a maximum gross floor area (GFA) of approximately 304,522 square feet. It can potentially yield 280 residential units and has a 99-year leasehold tenure. The site’s location next to the Holland Link GLS site, which was launched for tender on the same day, is expected to further boost its attractiveness. The Holland Link site can house an estimated 230 units and its tender will close in July 2025.
On the other hand, the River Valley Green (Parcel C) site is situated near the Great World MRT Station on the Thomson-East Coast Line. The 99-year leasehold site spans 123,964 square feet and has a maximum GFA of 433,882 square feet. It can yield an estimated 470 new housing units. However, property experts predict that this site is also unlikely to be triggered for sale given that there is an existing tender for the neighbouring River Valley Green (Parcel B) plot, which is set to close in February next year. The site can yield 580 units, including 220 long-stay serviced apartments. Additionally, the site is close to three other recently awarded GLS sites. Hence, it is expected that there will be little incentive for developers to trigger River Valley Green (Parcel C) for sale.
Mark Yip, CEO of Huttons Asia, believes that there is a low chance that the Holland Plain site will be triggered for sale. He explains, “Developers are likely to observe the response to the Holland Link GLS site first.” The tender for the plot is not set to close until July 2025. Similarly, Yip predicts that the River Valley Green (Parcel C) site is unlikely to be triggered for sale. He points out that the site is close to an existing tender for a neighbouring plot and has three other recently awarded GLS sites in the vicinity. Hence, it is unlikely that there will be sufficient demand from developers to trigger the site for sale.
Investing in a condo in Singapore has gained immense popularity among domestic as well as international investors. This can be attributed to the country’s strong economy, unshakeable political stability, and luxurious standard of living. With the real estate market in Singapore brimming with lucrative options, condos have emerged as the top choice for many, owing to their convenience, abundance of amenities, and potential for high returns. New Condo Launches are continually adding to the charm of investing in a condo in Singapore. In this article, we will delve into the advantages, considerations, and necessary steps to take when embarking on a condo investment journey in Singapore.
With the upcoming supply from the three recently awarded sites, there is little incentive for developers to trigger River Valley Green (Parcel C) for sale, according to Yip. This is because the three sites will provide a significant amount of housing units. Furthermore, private residential rental prices have increased by 0.8% in the third quarter of 2024, driven by a double-digit vacancy rate in the Core Central Region (CCR). This is a further indication of the current excess supply in the property market, which is expected to dampen the demand for new sites in prime locations.