URA launches tenders for GLS sites at Holland Link and Chuan Grove

URA has launched the tenders for two Government Land Sale (GLS) sites at Holland Link and Chuan Grove on Dec 3. Both sites are under the Confirmed List of the 2H2024 GLS Programme. The Holland Link site is located along Holland Link off Bukit Timah Road in District 10. The site spans 185,141 sq ft with a maximum gross floor area (GFA) of about 257,225 sq ft. It can potentially yield about 230 housing units, according to URA estimates. The site is the first GLS plot to be launched in the upcoming Holland Plan precinct. The residential area is one of URA’s three upcoming precincts alongside Bayshore and Kampong Bugis, observes Marcus Chu, CEO of ERA Singapore. Read also: Government releases four residential sites under 2H2024 GLS programme Advertisement Advertisement The new precinct is expected to house an estimated 2,500 new homes. Chu anticipates developers to bid on the Holland Link site to leverage on first-mover advantage by injecting the first 230 units in the pipeline. He notes the site is within a 2km radius of several schools including Methodist Girls' School (Primary and Secondary), Henry Park Primary School, Pei Hwa Presbyterian Primary School and National Junior College. “This could be a plus factor for families with young children looking for priority admission into these schools,” he adds. The Holland Link GLS site is close to the Brizay Park Good Class Bungalow area. Consequently, future developments at the Holland Plain precinct could largely be concentrated on low-density private residences, predicts Mark Yip, CEO Of Huttons Asia. Yip anticipates the Holland Link GLS site to receive one bid, with a top bid between $1,200 and $1,300 psf per plot ratio (psf ppr). Chu similarly predicts a muted response to the site. “With a total of seven residential sites currently open for tender, saturation could occur in the tender process for these sites,” he notes. He believes the Holland Link site could receive up to three bids. The Chuan Grove GLS site is located along Chuan Grove off Lorong Chuan in District 19. Measuring 170,409 sq ft, it has a maximum GFA of 511,232 sq ft and can potentially yield about 555 new housing units. Read also: Sell-out of 48 units at Eleven @ Holland; seven more launched for tender Advertisement Advertisement The site is within 400m of Lorong Chuan MRT Station on the Circle Line. The station is located 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) ERA’s Chu expects the future development on the site to attract HDB upgraders living nearby. Within 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”, Chu adds. The median transaction price of five-room flats at Bishan and Toa Payoh over the last 10 months were $792,000 and $828,000 respectively. Developers could also be encouraged by Chuan Park's better-than-expected sales performance, says Chu. Chuan Park launched last month with 76% of the development’s 916 units sold at an average price of $2,579 psf during its launch weekend. He anticipates 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, Huttons’ Yip predicts 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. Read also: [UPDATE] Clydesbuilt Investment’s 48 strata semi-detached houses at Eleven @Holland up for mortgagee sale Advertisement Advertisement