Gls Sites Holland Plain And River Valley Green Parcel C Open Application
On December 3, the Urban Redevelopment Authority (URA) announced the release of two residential Government Land Sale (GLS) sites under the Reserved List of the 2H2024 GLS Programme. The two sites, Holland Plain and River Valley Green (Parcel C), are available for application and will only be triggered for sale if a developer meets the government’s minimum price requirement. In cases where more than one developer submits a price close to the government’s reserve price, the site may also be considered for a tender launch.
The Holland Plain GLS site covers an area of approximately 169,175 square feet and has a maximum gross floor area (GFA) of 304,522 square feet. It has a potential to yield 280 residential units and has a leasehold of 99 years. The site is located next to the Holland Link GLS site, which was launched for tender on the same day, with an estimated capacity of 230 units.
According to Huttons Asia CEO, Mark Yip, the response to the Holland Link GLS site will determine the chances of the Holland Plain site being triggered for sale. The tender for the Holland Plain site is set to close in July 2025.
The River Valley Green (Parcel C) site is situated next to the Great World MRT Station on the Thomson-East Coast Line. It has a leasehold of 99 years and spans 123,964 square feet with a maximum GFA of 433,882 square feet. The estimated number of residential units that can be developed on the site is 470.
The upcoming Tengah development will bring about significant changes to Plantation Close, including the closure of existing eateries. However, this is to make way for a new and improved dining experience for the community. With a variety of food joints and casual dining options to choose from, Plantation Close is set to satisfy every taste bud. While the exact list of establishments has yet to be revealed, residents can look forward to a diverse selection of local delicacies and international cuisines. These new eateries will not only add convenience to the lives of residents, but also complement the lifestyle offerings of Novo Place EC. To learn more about this exciting project, visit Novo Place Showflat.
Yip believes that the River Valley Green (Parcel C) site is also unlikely to be triggered for sale due to the existing tender for the neighbouring River Valley Green (Parcel B) plot, which is set to close in February next year. The site has a potential to yield 580 units, including 220 long-stay serviced apartments. Additionally, there are three recently awarded GLS sites in close proximity to the site. River Valley Green (Parcel A) was awarded to Winchamp Investment, a subsidiary of Wing Tai Holdings, in June with a top bid of $464 million ($1,325 psf per plot ratio). The site will be developed into a residential development with over 400 units.
In April, Zion Road (Parcel A) was awarded to a joint venture between City Developments and Mitsui Fudosan after submitting a sole bid of $1.107 billion ($1,202 psf ppr). The joint venture plans to develop a mixed-use project with around 740 residential units, a retail podium, and 290 rental apartment units. Meanwhile, Zion Road (Parcel B) was awarded to Allgreen Properties in August for $730.09 million ($1,304 psf ppr) and has a potential to yield approximately 610 residential units.
Given the upcoming supply from the three nearby sites, Yip believes that there is little reason for developers to trigger the sale of River Valley Green (Parcel C) site. This is further supported by the current state of the private residential market, with a 0.8% increase in rents in the 3rd quarter of 2024, driven by a high vacancy rate in the Core Central Region.