Gls Sites Holland Plain And River Valley Green Parcel C Open Application
In response to the 2H2024 GLS Programme, the Urban Redevelopment Authority (URA) has recently released two residential Government Land Sale (GLS) sites under the Reserved List on December 3rd. These sites, namely Holland Plain and River Valley Green (Parcel C), are now open for application and will be sold if a developer meets the government’s minimum price requirement. Alternatively, if multiple developers submit a minimum price close to the government’s reserve price, the site may also be considered for a tender launch.
The Holland Plain site has a land area of approximately 169,175 sq ft and a maximum gross floor area (GFA) of 304,522 sq ft. It is estimated to potentially yield 280 residential units and has a 99-year leasehold tenure. This site is located adjacent to the Holland Link GLS site, which was recently launched for tender on the same day. It is anticipated that this site can accommodate around 230 units.
According to Mark Yip, CEO of Huttons Asia, the likelihood of the Holland Plain site being triggered for sale is low, as developers are more likely to wait and observe the response to the Holland Link site first. The tender for this site is set to close in July 2025.
The second site, River Valley Green (Parcel C), is situated next to the Great World MRT Station on the Thomson-East Coast Line. Spanning over 123,964 sq ft with a maximum GFA of 433,882 sq ft, this 99-year leasehold site is estimated to yield approximately 470 new housing units. However, Yip predicts that this site is also unlikely to be triggered for sale, given the existing tender for the neighbouring River Valley Green (Parcel B) plot, which is set to close in February next year. This site is expected to yield 580 units, including 220 long-stay serviced apartments.
Furthermore, there are also three other recently awarded GLS sites in close proximity to the River Valley Green (Parcel C) site. In June, Winchamp Investment, a subsidiary of Wing Tai Holdings, submitted the top bid of $464 million, or $1,325 psf per plot ratio (psf ppr) for River Valley Green (Parcel A). This site will be developed into a residential project with over 400 units.
In April, Zion Road (Parcel A) was awarded to a joint venture between City Developments and Mitsui Fudosan for $1.107 billion ($1,202 psf ppr). The joint venture plans to build a mixed-use project with around 740 residential units, retail podium, and 290 rental apartment units. Lastly, Allgreen Properties won the bid for Zion Road (Parcel B) in August for $730.09 million ($1,304 psf ppr), with an estimated yield of 610 residential units.
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Given the upcoming supply from these three sites, Yip believes that there is little incentive for developers to trigger River Valley Green (Parcel C) for sale. With this in mind, the URA may consider pushing back the sale of this site to a later date.