The Holland Drive GLS site is up for tender by URA.

URA has released a release on the 27th of February stating that an area at Holland Drive will be available under the 1H2024 Government Land Sales program. The site, which measures about 133.343 sq. ft. and is zoned for residential purposes, has been released to the public under URA’s 1H2024 Government Land Sales (GLS) programme.
The 99 year leasehold site is estimated to be able to house 680 homes.
This is the last private plot of land to be developed in the Holland Village Enclave. Lee says parcel A will be launched this June as a Build To Order Project (BTO).
The site is near a cluster of GCB zones, including Holland Rise, Oei Tiong Ham Park, Ford Avenue and LEEDON PARK. The site lies close to a cluster GCB neighbourhoods, such as Holland Rise, Oei Tiong Ha Park Ford Avenue or Leedon Park.
The highest bid for Holland Drive GLS is expected to be between $909 and $846 million. This translates into $1,350 – $1,450 per plot ratio. The large area of the site (more than 600,000 square feet) will attract large consortiums.
According to some, the developers will also bid for the site with caution and caution, mirroring their recent cautious approach in the GLS tenders.
The developers are also considering the potential impact on foreigners or investors of the new additional stamp duty rate on buyers. This has had a negative effect on sales, particularly for the Core Central Region.
Stil, the Holland Drive parcel in prime District 10 still remains attractive. And the future residential project could be enticing to buyers thanks to its proximity to numerous amenities. The plot lies next to One Holland Village’s mixed-use project and is just a few steps away from Holland Village MRT Station.
There are a few schools near by, including Henry Park Elementary School, Anglo-Chinese School for International Students, Fairfield Methodist School (Primary & Secondary) and Anglo-Chinese Junior College. This area also has a large number of F&B outlets and retail shops.
Holland Drive GLS is likely to attract two to three offers, with the highest bid possibly ranging between $909m and $1bn — which is about $1450 to $1600 psf for ppr. If this is the highest bid, it will be less than the previous GLS plot that was sold on Holland Road.
The last GLS lot sold in Holland Road – where One Holland Village, a mixed development is now located – attracted an incredible 15 bids.
This is an affirmation of the confidence that developers have in Holland Village.The site, which was awarded in may 2018 to a Far East Organization led consortium for $1.213 Billion or $1,888 PSF ppr.
Many expect developers to be more cautious when it comes to the Holland Drive property. On the basis of recent land prices, we estimate that bids may be between $1,450 and $1,550 per sq ft, per person. This would translate to a price for the land of approximately $1 billion. Joint bids are likely due to the high price.

Consortiums submitting interest for this site will most likely submit joint offers.

Read more on upcoming new condo : Sora

error: Content is protected !!