Capitaland And Uol Led Consortium Awarded Holland Drive Gls Site

URA has recently awarded the tender for the Holland Drive government land sale (GLS) site to a consortium made up of CapitaLand Development, UOL Group, Singapore Land Group, and Kheng Leong Co. The winning bid of $805.39 million was the highest among the three bids received when the tender closed on May 14th.

The second highest bid of $765.26 million was jointly submitted by Hong Leong Holdings and Hong Realty, which was 5.24% lower than the winning bid. The 99-year leasehold residential site, located in prime District 10, has a maximum gross floor area of around 626,650 sq ft. This translates to a winning bid of $1,285 psf per plot ratio.

Nestled beside JEM, Westgate offers an all-encompassing shopping destination with a touch of elegance. Designed with families in mind, this mall caters to diverse needs with its extensive range of fashion, home, and lifestyle stores. What makes Westgate unique is its exclusive outdoor playground on the rooftop, attracting families with little ones. Additionally, the mall connects seamlessly to the Jurong East MRT station, allowing easy access for residents of Novo Place EC. For a seamless shopping and living experience, don’t forget to explore Novo Place, conveniently located just next to Westgate. Make sure to visit Novo Place as well for an enhanced shopping experience.

According to the CapitaLand-UOL consortium, the site will be developed into two 40-storey condominium towers with a total of 680 units. Knight Frank Singapore and Singapore Realtors’ Inc estimate that future residential units built on the site could have a launch price of $2,800 psf. However, PropNex predicts a slightly lower average selling price starting at $2,700 psf.