URA Launched Holland Drive GLS Site Tender for Sale
According to a press release issued by URA on February 27, a site located at Holland Drive is now available for sale as part of the 1H2024 Government Land Sales programme.
The site measures approximately 133.343 square feet and is zoned residential. The 99-year leasehold can accommodate approximately 680 units.
The last parcel of land available for private residential development is located in the Holland Village popular enclave. Lee says that the plot is adjacent to parcel A, which will be launched in June as a Build To Order (BTO).
The site is close to a cluster of GCB areas, including Holland Rise,Oei Tiong Ham Park, Ford Avenue and Leedon Park.The top bid is expected to range between $846 and $909 millions, which translates to $1350 to $1450 per square foot (psf) per plot ratio. The large site, with more than 600,00 sq ft gross floor area, will translate into a large amount and attract many consortium. The developers are also expected to bid with caution and measure, similar to the way they have been bidding on GLS tenders in recent years.
Developers would consider, in addition to the tentative buyer sentiment on the primary market and the possible impact of the increase in additional stamp duty rates for foreigners and investors, which have weighed down on home sales in particular in the Core Central Region.
The Holland Drive plot, located in District 10, is still attractive. Its proximity to amenities could make it a desirable development for buyers. The plot is located next to One Holland Village, a mixed-use development. It’s also a short walk from Holland Village MRT Station.
Nearby are several schools, such as Henry Park, Anglo-Chinese School International, Fairfield Methodist School Primary and Secondary, and Anglo-Chinese Junior College. There are also a variety of F&B, retail and service offerings in the area.
The Holland Drive GLS plot is expected to receive two or three bids. The top bid could range from $909 million up to $1 billion, which would be equivalent to land rates of $1,450 – $1,600 per square foot per person. The top bid would fall below the price of the last GLS site sold on Holland Road in 2018.
The last GLS parcel sold on Holland Road, where One Holland Village is currently located, attracted 15 bids.
The confidence of developers in Holland Village is reflected in this award. In May 2018, the site was given to a group led by Far East Organization at a cost of $1.213 billion, or $1.888 per square foot per person. Many also expect more cautious responses for the Holland Drive Site. According to recent land sales, bids are expected to be around $1,450-1,550 per square foot per person, which would translate into a land value of about $1 billion. A joint bid is likely to happen due to the price.
