On Dec 3, URA announced the launch of tenders for two residential Government Land Sale (GLS) sites, namely Holland Link and Chuan Grove, under the Confirmed List of the 2H2024 GLS Programme. These 99-year leasehold sites are expected to be completed by the second half of 2024.
The Holland Link site, located at Holland Link off Bukit Timah Road in District 10, spans 185,141 sq ft and has a maximum gross floor area (GFA) of approximately 257,225 sq ft. According to URA estimates, this site can potentially yield around 230 housing units.
This site is the first GLS plot to be launched in the upcoming Holland Plan precinct, which will be one of URA’s three new precincts alongside Bayshore and Kampong Bugis. Marcus Chu, CEO of ERA Singapore, notes that this residential area is expected to house 2,500 new homes. The launch of the Holland Link site presents an opportunity for developers to seize first-mover advantage by injecting the first 230 units into the pipeline.
Furthermore, the site is strategically located within a 2km radius of several schools such as Methodist Girls’ School (Primary and Secondary), Henry Park Primary School, Pei Hwa Presbyterian Primary School, and National Junior College. This is a significant advantage for families with young children who are looking for priority admission into these schools, adds Chu.
The Holland Link site is also in close proximity to the Brizay Park Good Class Bungalow area. As a result, Mark Yip, CEO of Huttons Asia, predicts that future developments in the Holland Plain precinct will likely focus on low-density private residential properties.
In terms of expected bids, Yip anticipates between one and two bids for the Holland Link site, with a top bid of $1,200 to $1,300 psf per plot ratio (psf ppr). Similarly, Chu predicts a muted response to the site, stating that there are currently seven residential sites open for tender, which could lead to saturation in the tender process. He believes that the Holland Link site could receive up to three bids.
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The Chuan Grove GLS site, located at Lorong Chuan in District 19, covers a land area of 170,409 sq ft and has a maximum GFA of 511,232 sq ft. It is estimated to potentially yield around 555 new housing units. This site is situated within 400m of Lorong Chuan MRT Station, which is one stop away from the Bishan MRT Station (interchange with the North-South Line) and the Serangoon MRT Station (interchange with the North-East Line).
According to Chu, future developments on the Chuan Grove site are likely to attract HDB upgraders from nearby areas. Over 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. This could potentially drive HDB flat owners in older estates to seek upgrades, especially with the increasing number of million-dollar flats in neighbouring Serangoon, Bishan, and Toa Payoh.
Chu also mentions that developers could be encouraged by Chuan Park’s successful sales performance, with 76% of the development’s 916 units sold at an average price of $2,579 psf during its launch weekend. He expects 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. On the other hand, Yip predicts a total of three to five bids, with a top bid between $1,150 and $1,250 psf ppr.
The tenders for both the Chuan Grove and Holland Link sites will close at noon on July 8, 2025, and July 29, 2025, respectively.