Ura Launches Tenders Gls Sites Holland Link And Chuan Grove
On December 3rd, URA announced the launch of two residential Government Land Sale (GLS) sites, located at Holland Link and Chuan Grove. These 99-year leasehold sites are part of the Confirmed List in the 2H2024 GLS Programme.
The Holland Link site is situated along Holland Link, just off Bukit Timah Road in District 10. Spanning 185,141 sq ft, the site has a maximum gross floor area (GFA) of around 257,225 sq ft. According to URA estimates, it could potentially yield about 230 housing units.
This site is the first GLS plot to be launched in the upcoming Holland Plan precinct, one of URA’s three upcoming precincts alongside Bayshore and Kampong Bugis. Marcus Chu, CEO of ERA Singapore, notes that this new residential area is expected to accommodate approximately 2,500 new homes. He believes that developers will be keen to bid on the Holland Link site to make use of the first-mover advantage by injecting the first 230 units into the market.
Chu also points out that the site is within a 2km radius of several reputable schools such as Methodist Girls’ School (Primary and Secondary), Henry Park Primary School, Pei Hwa Presbyterian Primary School and National Junior College. This could be an attractive factor for families with young children who are looking for priority admission into these schools.
The Holland Link GLS site is located near the Brizay Park Good Class Bungalow area, which could indicate that future developments in the Holland Plan precinct will mainly consist of low-density private residences, according to Mark Yip, CEO of Huttons Asia.
As for the response to the Holland Link site, Yip expects a muted one. He predicts that there will only be one or two bids, with the top bid ranging from $1,200 to $1,300 psf per plot ratio (psf ppr). Similarly, Chu foresees a limited response due to the saturation of the tender process for the seven residential sites currently open for tender. He believes that the Holland Link site could receive up to three bids.
The other GLS site launched on December 3rd is the Chuan Grove site, located along Chuan Grove off Lorong Chuan in District 19. This site measures 170,409 sq ft and has a maximum GFA of 511,232 sq ft, which could potentially yield about 555 new housing units.
The site is within 400m of Lorong Chuan MRT Station on the Circle Line, which is just 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 this site to attract HDB upgraders living nearby. In the next four years, around 3,815 Build-to-Order (BTO) units, sized four-room and larger, are set to fulfil their Mandatory Occupation Period (MOP) in Toa Payoh.
Chu points out that residents of HDB flats in older estates may look to upgrade their homes due to the increasing number of million-dollar flats in neighbouring Serangoon, Bishan, and Toa Payoh. The median transaction price of five-room flats in Bishan and Toa Payoh over the last 10 months were $792,000 and $828,000 respectively.
Chu also believes that the successful sales performance of Chuan Park could encourage developers to bid for the Chuan Grove site. Chuan Park was launched last month, with 76% of its 916 units sold at an average price of $2,579 psf during its launch weekend.
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Tampines is continually growing, with new educational institutions being developed to enhance its family-friendly reputation. In addition to esteemed schools like Poi Ching School, St. Hilda’s Primary and Secondary Schools, and Temasek Polytechnic, the URA Master Plan will introduce even more educational options for families living in Parktown Residence Condo. This will provide an even wider range of choices for families in the area.
He predicts that bids for the Chuan Grove site could range from $571 million to $600 million, translating to a land rate of $1,200 psf ppr or above. On the other hand, Yip expects a total of three to five bids, with a top bid between $1,150 to $1,250 psf ppr.
The tenders for the Chuan Grove and Holland Link sites are set to close on July 8, 2025, and July 29, 2025, respectively.