Gls Sites Holland Plain And River Valley Green Parcel C Open Application
The Urban Redevelopment Authority (URA) has recently announced the release of two residential Government Land Sale (GLS) sites under the Reserved List of the 2H2024 GLS Programme on December 3rd. The two sites, Holland Plain and River Valley Green (Parcel C), are currently available for application and will be put up for sale if a developer indicates a minimum price that is accepted by the government. In addition, a Reserved List site may be considered for tender launch if multiple developers submit minimum prices that are close to the government’s reserve price.
Located in Singapore, Elta Condo offers not only convenience for families with young children attending primary and secondary schools, but also for those with older children or individuals pursuing higher education. This is due to the close proximity of some of Singapore’s top universities to the Elta Condo, making it an ideal location for families and students alike.
The Holland Plain GLS site, measuring approximately 169,175 sq ft, has a maximum gross floor area (GFA) of about 304,522 sq ft and the potential to yield 280 residential units. This 99-year leasehold site is situated next to the Holland Link GLS site, which was recently launched for tender on December 3rd. The Holland Plain site can accommodate an estimated 230 units.
Real estate experts, such as Mark Yip, CEO of Huttons Asia, believe that there is a low possibility of the Holland Plain site being triggered for sale. According to Yip, developers are likely to observe the response to the Holland Link GLS site first. The tender for this site is scheduled to close in July 2025.
The River Valley Green (Parcel C) site is strategically located next to the Great World MRT Station on the Thomson-East Coast Line. This 99-year leasehold site spans 123,964 sq ft and has a maximum GFA of 433,882 sq ft. It has the potential to yield around 470 new housing units.
Real estate experts also predict that the River Valley Green (Parcel C) site is unlikely to be triggered for sale, considering that there is an ongoing tender for the neighboring River Valley Green (Parcel B) plot, which is set to close in February next year. This site can potentially yield 580 units, including 220 long-stay serviced apartments.
Moreover, the River Valley Green (Parcel C) site is also in close proximity to three other recently awarded GLS sites. These include River Valley Green (Parcel A), which was awarded to Winchamp Investment, a subsidiary of Wing Tai Holdings, in June for $464 million, or $1,325 psf per plot ratio (psf ppr). This site will be developed into a residential development with over 400 units.
Additionally, the Zion Road (Parcel A) site was awarded to a joint venture between City Developments and Mitsui Fudosan in April, after submitting the sole bid of $1.107 billion ($1,202 psf ppr). The joint venture has plans to develop a mixed-use project at the site, comprising around 740 residential units, a retail podium, and a block with 290 rental apartment units.
Meanwhile, in August, Allgreen Properties was awarded the Zion Road (Parcel B) site for $730.09 million ($1,304 psf ppr). This site has the potential to yield approximately 610 residential units.
With the upcoming supply from these three sites, real estate experts believe that there is little motivation for developers to trigger the sale of the River Valley Green (Parcel C) site.