Urban Redevelopment Authority has put on auction two residential sites at Holland Link and Chuan Grove.
The plots will form part of 5,050 residential units that are to be released in the list of confirmed units for the Government Land Sales (GLS) Program for the second half 2024, to meet housing demand and to ensure the stability of the market.
The site in Holland Link has a site surface of 17,069 sqm and a maximum gross floor area (GFA) of 23,897 square meters.
URA estimates that the site could yield approximately 230 apartments. This plot has a maximum height of six stories.
The second confirmed-list plot located in Chuan Grove has a site size of 15,831.5 sq m with a maximum GFA of 47.495 sq m, which could yield about 555 units.
The minimum area of the childcare facilities at the Holland Link site and Chuan Grove is 500 square meters.
The development was sold for an average of $2,579 a square foot (psf) during its launch weekend.
The Chuan Grove development site is likely to be in great demand by residents of Serangoon Gardens and Chiltern estates, Bartley, Serangoon Central as well as HDB upgraders.
Within the next four years, an estimated number of 3,815 HDB flats (four-room or larger) in Toa Payoh are set to meet their minimum occupancy period, with the Chuan Grove site being one of the options for buyers to upgrade.
The Lorong Chuan area has had limited new homes. The last new launch in the area was Cardiff Residence that was launched in 2011.
Chuan Park’s sales performance could inspire developers to submit competitive bids to benefit from the effect of spillover from a slack local demand.
The Chuan Grove site is expected to be a magnet for up to five bidders, with the highest offer reaching $1,250 per plot.
The other confirmed site in Holland Link is located near the Brizay Park Good Class Bungalow Area.
The most recent 99-year leasehold launch in the vicinity was Fourth Avenue Residences in January 2019. The project’s median selling price was $2,658 per square foot.
In the Holland area, in the Holland area, a GLS site was purchased for $1,285 psf per month in May, to a CapitaLand-UOL consortium.
Holland Link will have between one and two bidders and an offer that is in the range of $1,200 to $1,300 per square foot.
URA released two additional locations, Holland Plain and River Valley Green parcel C (Parcel C), for the application of the reserve list.
The area of Holland Plain is 15,716.9 square meters and has the maximum gross floor area (GFA) of 28,291 square metres, which could produce around 280 units. The plot in River Valley Green, parcel C, could be used to build 470 homes, that cover an area of 11,516.6 square metres and a GFA that is approximately 40,309 square metres.
It is highly unlikely that the two sites are going to be offered for sale.
Concerning the Holland Plain plot, he declared that the developers may be waiting for the response from the Holland Link GLS site before making a decision.
River Valley Green has already opened other sites for sale.
There is a tender in place for River Valley Green (Parcel B), which will close in February 2025.
The estimated 2,090 units to be sold when Parcel B will be sold include River Valley Green (Parcel A), Zion Road (Parcel A) and (Parcel B). There’s no incentive for developers to trigger the sale of the land.
The government will offer a site from the reserve list if the developer makes an acceptable bid. It will continue to release an ongoing quantity of residential units for private use in the coming GLS programmes, with availability adjusted to take into account prevailing economic and property market conditions.
The tender for the Chuan Grove site will end at noon on July 8 2025. The Holland Link site’s tender will close on the 29th of July 2025.