The Urban Redevelopment Authority (URA) has released for tender two residential properties in Holland Link and Chuan Grove.
The plots are part of the 5,050 residential units that will be released under the approved list of the sale of land (GLS) programme for the second half of 2024, to satisfy housing demand and maintain market stability.
The area of Holland Link is 17,069 square meters. It has a total Gross Floor Area (GFA) size of 23,897 square meters.
URA estimates that the site could yield around 230 units. The plot is an maximum height of six stories.
The other plot on the confirmed list in Chuan Grove has a site size of 15,831.5 sq m with an maximum GFA of 47,495 sq m, potentially yielding around 555 units.
A minimum GFA of 500 sqm is required for childcare facilities at the Holland Link and Chuan Grove sites.
At its launch weekend 76% of the project was sold for an average price of $2,579 per square foot (psf).
The Chuan Grove development site is likely to be in great demand from the residents of Serangoon Gardens and Chiltern estates, Bartley, Serangoon Central as well as HDB upgraders.
In the next four years, an estimated number of 3,815 HDB flats (four-room and bigger) located in Toa Payoh are set to meet their minimum occupancy period and the Chuan Grove site being one of the options for buyers to upgrade their homes to.
The Lorong Chuan area has had a limited supply of new homes. Prior to the opening of Chuan Park the previous launch in the vicinity was Cardiff Residence in 2011.
Chuan Park’s sales performance may inspire developers to submit competition bids to profit from the effect of spillover from a slack local demand.
Market watchers anticipate that the Chuan Grove site to be fiercely contested, drawing five bidders with a maximum bid of up to $1,250 psf per plot ratio (ppr).
Another confirmed location located in Holland Link is located near the Brizay Park. Good Class Bungalow Area.
The latest 99-year leasehold launch within the neighborhood was Fourth Avenue Residences in January 2019. The development had an average of $2,658 psf in 2024.
In the Holland area In the Holland area, in the Holland area, a GLS site was purchased at $1,285 per sq ft / ppr in May, to a CapitaLand-UOL consortium.
Holland Link will have between two and one bidder and a bid that is in the range of $1,200 to $1,300 per square foot.
In its announcement, URA also released two sites located in Holland Plain and River Valley Green (Parcel C) to be considered for the reserve list.
The parcel in Holland Plain has a site area of 15,716.9 sq m, and the maximum GFA is 28,291 sq meters, which can yield around 280 units. The second plot in River Valley Green (Parcel C) could be able to provide the construction of 470 homes, which has the area of 11,516.6 sq m, and a GFA of 40,309 sq meters.
The two sites mentioned are not likely to be targeted for sale.
In relation to the Holland Plain plot, he said that developers will likely wait for a response from the Holland Link GLS site before making a decision.
River Valley Green has already launched several other sites available for sale.
There is a tender in place for River Valley Green (Parcel B) which is due to close in February 2025.
If Parcel B is sold, there will be approximately 2,090 units of River Valley Green (Parcel A), as well as Zion Road (Parcel A) and (Parcel B) plots. There is little incentive for developers to put the sale of the land.
The Government will only offer a property from its reserve list if the developer makes an acceptable bid. The Government will continue to provide private residential units through the GLS programme, and supply will be calibrated in accordance with current economic and property market conditions.
The tender process for the Chuan Grove site will close at noon on July 8, 2025, while the Holland Link site’s tender will close on July 29, 2025.