GLS sites at Holland Plain and River Valley Green (Parcel C) open for application

URA released two residential Government Land Sale (GLS) sites under the Reserved List of the 2H2024 GLS Programme on Dec 3. The sites – Holland Plain and River Valley Green (Parcel C) – are available for application and will be triggered for sale if a developer indicates a minimum price which is accepted by the government. A Reserved List site may also be considered for tender launch if more than one developer submits a minimum price close to the government’s reserve price. The Holland Plain GLS site measures about 169,175 sq ft and has a maximum gross floor area (GFA) of about 304,522 sq ft. It can potentially yield 280 residential units. The 99-year leasehold site is located next to the Holland Link GLS site which was launched for tender on Dec 3. The site can house an estimated 230 units. Read also: URA launches tenders for GLS sites at Holland Link and Chuan Grove Advertisement Advertisement Mark Yip, CEO of Huttons Asia, believes there is a low chance that the Holland Plain site will be triggered for sale. “Developers are likely to see the response to the Holland Link GLS site first,” he says. The tender for the plot will close in July 2025. The River Valley Green (Parcel C) site is located next to the Great World MRT Station on the Thomson-East Coast Line. The 99-year leasehold site spans 123,964 sq ft with a maximum GFA of 433,882 sq ft. It can yield an estimated 470 new housing units. Yip predicts that the site is also unlikely to be triggered for sale, given that there is an existing tender for the neighbouring River Valley Green (Parcel B) plot that is set to close in February next year. The site can yield 580 units which includes 220 long-stay serviced apartments. The site is also close to three other recently awarded GLS sites. River Valley Green (Parcel A) was awarded to Winchamp Investment, a subsidiary of Wing Tai Holdings, in June after the developer submitted the top bid of $464 million, or $1,325 psf per plot ratio (psf ppr). The site will be developed into a residential development comprising over 400 units. In April, Zion Road (Parcel A) was awarded to a joint venture between City Developments and Mitsui Fudosan after it submitted the sole bid of $1.107 billion ($1,202 psf ppr). The joint venture says it will explore a mixed-use project at the site with around 740 residential units, a retail podium, and a block with 290 rental apartment units. Meanwhile, Zion Road (Parcel B) was awarded in August to Allgreen Properties in August for $730.09 million ($1,304 psf ppr). The site can yield about 610 residential units. Read also: Private residential rents up 0.8% in 3Q2024, driven by double-digit vacancy rate in the CCR Advertisement Advertisement Given the upcoming supply from the three sites, there is “little incentive” for developers to trigger River Valley Green (Parcel C) for sale, says Yip.