Ura Launches Tenders Gls Sites Holland Link And Chuan Grove
On December 3, URA released tenders for two residential Government Land Sale (GLS) sites at Holland Link and Chuan Grove. These sites, which have a leasehold of 99 years, are part of the Confirmed List in 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 257,225 sq ft. It is expected to yield about 230 housing units, according to URA estimates. This site is the first to be launched in the upcoming Holland Plan precinct, one of URA’s three upcoming precincts along with Bayshore and Kampong Bugis, notes Marcus Chu, CEO of ERA Singapore.
Chu anticipates developers bidding for the Holland Link site to take advantage of being the first in the pipeline to develop the 230 units. Additionally, the site is located within a 2km radius of several top schools such as Methodist Girls’ School, Henry Park Primary School, Pei Hwa Presbyterian Primary School and National Junior College. “This could be a plus for families with young children looking for priority admission into these schools,” adds Chu.
Noting the site’s proximity to the Brizay Park Good Class Bungalow area, Mark Yip, CEO of Huttons Asia, predicts that future developments in the Holland Plain precinct will consist of low-density private residences.
As for the bidding, Yip believes the Holland Link site will receive between one and two bids, with a top bid of $1,200 to $1,300 psf per plot ratio (psf ppr). Similarly, Chu anticipates a muted response to the site with a maximum of three bids due to the saturation of seven residential sites currently open for tender.
Moving on to the Chuan Grove site, located off Lorong Chuan in District 19, it spans 170,409 sq ft and has a maximum GFA of 511,232 sq ft. It is expected to yield about 555 new housing units. The site is within 400m of Lorong Chuan MRT Station on the Circle Line, one stop away from Bishan MRT Station and Serangoon MRT Station.
Chu expects the future development on this site to attract HDB upgraders living nearby. In 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. “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,” he adds. The median transaction price of five-room flats at Bishan and Toa Payoh in the last 10 months were $792,000 and $828,000 respectively.
Chu also notes that the sales performance for Chuan Park has been better than expected, with 76% of the development’s 916 units sold at an average price of $2,579 psf during its launch weekend. He predicts bids for the Chuan Grove site to range from $571 million to $600 million, which translates to a land rate upwards of $1,200 psf ppr. Meanwhile, Yip expects a total of three to five bids, with a top bid between $1,150 and $1,250 psf ppr.
The tenders for the Chuan Grove and Holland Link sites will close at noon on July 8, 2025, and July 29, 2025, respectively.
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