The Urban Redevelopment Authority (URA) has recently put forth tenders for two residential Government Land Sale (GLS) sites at Holland Link and Chuan Grove on December 3. Both sites are under the Confirmed List of the 2H2024 GLS Programme and have a 99-year leasehold.
Positioned along Holland Link off Bukit Timah Road in District 10, the Holland Link site spans 185,141 sq ft and has a maximum gross floor area (GFA) of approximately 257,225 sq ft. URA estimates suggest that it can potentially house around 230 housing units. Notably, this site is the first GLS plot to be launched in the upcoming Holland Plan precinct, which forms one of URA’s three planned precincts alongside Bayshore and Kampong Bugis. According to Marcus Chu, the CEO of ERA Singapore, developers will likely seize the opportunity to secure a first-mover advantage by creating the first 230 units in the pipeline.
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CEO of Huttons Asia, Mark Yip, predicts that this new precinct will be focused on low-density private residences due to its close proximity to the Brizay Park Good Class Bungalow area. As such, he expects the Holland Link site to receive between one and two bids, with the top bid likely to fall within the range of $1,200 to $1,300 psf per plot ratio (psf ppr). This sentiment is echoed by Chu, who anticipates a muted response to the site due to the current high saturation of available residential sites.
On another front, the Chuan Grove GLS site, located along Chuan Grove off Lorong Chuan in District 19, is spread across 170,409 sq ft and has a maximum GFA of 511,232 sq ft. URA estimates suggest that it can potentially accommodate approximately 555 new housing units. This site is within 400m of Lorong Chuan MRT Station on the Circle Line, offering easy access to Bishan and Serangoon MRT Stations, making it an attractive location for future residents.
Chu expects the Chuan Grove site to appeal to HDB upgraders living in nearby areas, as an estimated 3,815 Build-to-Order (BTO) units sized four-room or larger are set to complete their Mandatory Occupation Period (MOP) in Toa Payoh within the next four years. This, coupled with the increasing number of million-dollar flats in nearby estates such as Serangoon, Bishan, and Toa Payoh, could prompt HDB flat owners to upgrade their homes. The median transaction prices of five-room flats at Bishan and Toa Payoh over the last 10 months were $792,000 and $828,000, respectively.
Chu also believes that the impressive sales performance of Chuan Park, which sold 76% of its 916 units at an average price of $2,579 psf during its launch weekend last month, could encourage developers to bid for the Chuan Grove site. He predicts that bids for the site could range from $571 million to $600 million, translating to a land rate upwards of $1,200 psf ppr. Yip, on the other hand, anticipates a total of three to five bids, with a top bid between $1,150 and $1,250 psf ppr.
Interested developers can submit their bids for the Chuan Grove and Holland Link sites until noon on July 8, 2025, and July 29, 2025, respectively. This launch of GLS sites is in line with URA’s effort to meet the growing demand for housing in Singapore and provide more options for potential homebuyers.