On December 3, the Urban Redevelopment Authority (URA) announced the launch of two residential Government Land Sale (GLS) sites at Holland Link and Chuan Grove. These two 99-year leasehold sites are part of the Confirmed List for the 2H2024 GLS Programme.
The Holland Link site is situated along Holland Link, just off Bukit Timah Road in District 10. Covering an area of 185,141 square feet, the site has a maximum gross floor area (GFA) of approximately 257,225 square feet. URA estimates that it can potentially accommodate around 230 housing units.
This site is the first GLS plot to be launched in the upcoming Holland Plan precinct. According to Marcus Chu, CEO of ERA Singapore, this residential area is one of the three upcoming precincts identified by URA, the other two being Bayshore and Kampong Bugis.
Chu expects developers to bid for the Holland Link site in order to take advantage of the first-mover opportunity by introducing the first 230 units into this new precinct. He notes that the site is 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. This could be a plus point for families with young children seeking priority admission to these schools.
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The Holland Link GLS 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 largely comprise of low-density private residences.
Yip anticipates that the Holland Link GLS site will attract between one and two bids, with the top bid ranging from $1,200 to $1,300 psf per plot ratio (psf ppr). Chu’s prediction is similar, expecting a relatively slow response to the site due to the current saturation of seven other residential sites currently available for tender.
Moving on to the second site, the Chuan Grove GLS site is located along Chuan Grove, off Lorong Chuan in District 19. Covering an area of 170,409 square feet, it has a maximum GFA of 511,232 square feet and can potentially accommodate about 555 new housing units.
This site is situated within 400m of Lorong Chuan MRT Station on the Circle Line. The station is only 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).
Chu foresees that the future development on this site will attract HDB upgraders living in the vicinity. In the next four years, about 3,815 Build-to-Order (BTO) units sized four-room and larger are expected to fulfil their Mandatory Occupation Period (MOP) in Toa Payoh.
Chu also adds that residents of HDB flats in older estates may seek to upgrade their homes given the increasing number of million-dollar flats in neighbouring Serangoon, Bishan and Toa Payoh. The median transaction prices of five-room flats in Bishan and Toa Payoh over the last 10 months were $792,000 and $828,000 respectively.
Chu states that developers may also be encouraged by the better-than-expected sales performance of Chuan Park, which launched last month with 76% of the development’s 916 units sold at an average price of $2,579 psf during its launch weekend.
Yip expects a total of three to five bids for the Chuan Grove site, with the top bid ranging from $1,150 to $1,250 psf ppr. Meanwhile, Chu predicts bids to range from $571 million to $600 million, which translates to a land rate of at least $1,200 psf ppr.
The closing date for tenders for the Chuan Grove and Holland Link sites are July 8, 2025 and July 29, 2025 respectively.