URA has recently launched two tenders for residential Government Land Sale (GLS) sites at Holland Link and Chuan Grove on Dec 3. These sites, which are on the Confirmed List of the 2H2024 GLS Programme, have a 99-year lease and are expected to be completed by 2024.
Located in District 10, the Holland Link site covers an area of 185,141 sq ft and has a maximum gross floor area (GFA) of 257,225 sq ft. According to URA estimates, this site can potentially accommodate around 230 housing units.
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This site is part of the upcoming Holland Plan precinct, which is one of URA’s three upcoming precincts along with Bayshore and Kampong Bugis. Marcus Chu, CEO of ERA Singapore, notes that this new precinct is expected to house around 2,500 new homes. The Holland Link site is also the first GLS plot to be launched in this precinct, making it an attractive opportunity for developers to secure a first-mover advantage by injecting the first 230 units into the market.
Furthermore, 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 could be a plus point for families with young children looking for priority admission into these schools.
The Holland Link GLS site is also situated near the prestigious Brizay Park Good Class Bungalow area. As a result, future developments in the Holland Plain precinct are likely to be focused on low-density private residences, according to Mark Yip, CEO of Huttons Asia.
Both Chu and Yip expect the Holland Link site to receive a muted response from developers. With seven residential sites currently open for tender, the market may be reaching saturation, and this could affect the number of bids received for the site. However, they both believe that the top bid for the site could range from $1,200 to $1,300 psf per plot ratio (psf ppr).
The other site, Chuan Grove, is located along Lorong Chuan in District 19. Spanning an area of 170,409 sq ft, this site has a maximum GFA of 511,232 sq ft, which can potentially yield around 555 housing units.
One of the main selling points of this site is its proximity to Lorong Chuan MRT Station on the Circle Line. This station is just one stop away from the Bishan MRT Station, which is an interchange with the North-South Line, and the Serangoon MRT Station, which is an interchange with the North-East Line.
CEO of ERA Singapore, Marcus Chu, believes that the future development on the site will attract HDB upgraders from nearby areas. In the next four years, around 3,815 Build-to-Order (BTO) units of four rooms or larger are expected to fulfill their Mandatory Occupation Period (MOP) in Toa Payoh. This could lead residents of HDB flats in older estates to seek an upgrade in their homes, given the rising number of million-dollar flats in neighbouring Serangoon, Bishan, and Toa Payoh. The median transaction price of five-room flats in Bishan and Toa Payoh over the past 10 months were $792,000 and $828,000, respectively.
Chu also notes that the recent successful launch of Chuan Park, which saw 76% of its 916 units sold at an average price of $2,579 psf during its launch weekend, could encourage developers to bid for the Chuan Grove site. He expects bids for this site to range from $571 million to $600 million, which translates to a land rate of at least $1,200 psf ppr. On the other hand, Huttons’ CEO Mark Yip forecasts a total of three to five bids, with a top bid ranging from $1,150 to $1,250 psf ppr.
The tender for the Chuan Grove site will close at noon on July 8, 2025, while the tender for the Holland Link site will close at noon on July 29, 2025.