Ura Launches Tenders Gls Sites Holland Link And Chuan Grove
URA has just recently unveiled the tender process for two residential sites through the Government Land Sale (GLS) program. These 99-year leasehold sites, located at Holland Link and Chuan Grove, are part of the Confirmed List of the 2H2024 GLS Programme.
The first site, Holland Link, can be found along Holland Link off Bukit Timah Road in District 10. Spanning 185,141 square feet with a maximum gross floor area (GFA) of around 257,225 square feet, it is expected to accommodate approximately 230 housing units according to URA estimates. This site is the first to be launched in the developing Holland Plan precinct, one of URA’s three upcoming precincts alongside Bayshore and Kampong Bugis, says Marcus Chu, CEO of ERA Singapore.
The new precinct is anticipated to house about 2,500 new homes. Chu believes that developers will bid for the Holland Link site in order to take advantage of being the first mover, allowing them to introduce the initial 230 units into the market. The location also has several schools within a 2-kilometer radius, including Methodist Girls’ School (Primary and Secondary), Henry Park Primary School, Pei Hwa Presbyterian Primary School, and National Junior College, which can be a major factor for families with young children who are looking for priority admission into these schools, says Chu.
Located near the Brizay Park Good Class Bungalow area, future developments at the Holland Plain precinct will most likely focus on low-density private residences, predicts Mark Yip, CEO of Huttons Asia. Yip expects the Holland Link site to receive one to two bids with a top bid of $1,200 to $1,300 per square foot per plot ratio (psf ppr).
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Similarly, Chu believes that the response to the site will be subdued as there are currently seven residential sites open for tender, which could result in a saturation of bids. He predicts that the Holland Link site may receive up to three bids.
Moving on to the Chuan Grove site, located along Chuan Grove off Lorong Chuan in District 19, with a land size of 170,409 square feet and a maximum GFA of 511,232 square feet, it is estimated to potentially yield about 555 new housing units. The site is just 400 meters away from Lorong Chuan MRT Station on the Circle Line, which is 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).
Chu expects the future development on the site to attract HDB upgraders who are currently living nearby. Over the next four years, an estimated 3,815 Build-to-Order (BTO) units that are four-room or larger will complete 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,” adds Chu. 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.
Chu also notes that the better-than-expected sales performance of Chuan Park, which launched last month with 76% of its 916 units sold at an average price of $2,579 psf during its launch weekend, could encourage developers to bid for the Chuan Grove site. He predicts bids for this site to range from $571 million to $600 million, translating to a land rate upwards of $1,200 psf ppr. Meanwhile, Huttons’ Yip predicts 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.