Singapore, 27 Feb 2024 The Urban Redevelopment Authority has launched the tender for a site at Holland Drive under the 1H2024 Government Land Sales (GLS) programme. The parcel is zoned for Residential use, and it can yield an estimated 680 units.
The site is a short walk away from Holland Village MRT, and will also get to enjoy the retail and dining amenities from newly-completed One Holland Village development and the Holland Village neighbourhood. The close proximity to various schools, NUS, NUH, the one-north business precinct, and the Science Park business area will also attract a large pool of potential buyers or tenants working or studying there.
This plot is the first GLS site to be launched in the Holland Village area since the neighbouring site, which is now the mixed-development One Holland Village, was awarded in May 2018.The existing projects in the vicinity, One Holland Village and Van Holland, have completely sold out. Moreover, project launches in the nearby one-north area saw good take up rates during their launch. With a lack of new supply, the future project at this GLS site may see healthy demand.
However, this is a major development that can yield a larger number of homes, and will require significant investment. Higher-for-longer interest rates, macroeconomic uncertainty, and the ABSD increase for foreigner buyers and investors may be additional areas of concern. Some developers may choose to form consortiums to mitigate risks and manage costs.
We anticipate between 3 and 5 bidders for this site, with the highest bid price at S$1,400 to S$1,500 psf.