Urban Redevelopment Authority has put on auction two residential properties at Holland Link and Chuan Grove.
The plots will form part of 5,050 housing units which will be made available in the list of confirmed units for the Government Land Sales (GLS) Program for the second quarter of 2024 to satisfy the demand for housing and ensure stability in the market.
The area of Holland Link is 17,069 square meters, and has a maximum Gross Floor Area (GFA) area of 23,897 square meters.
URA estimates that the plot could produce approximately 230 apartments. The plot is an maximum height of six stories.
The other plot on the list that has been confirmed located in Chuan Grove is 15,831.5 sqm with a maximum GFA size of 47,495 square meters which could yield 555 units.
The minimum area of the facilities for children on the Holland Link site and Chuan Grove is 500 square meters.
The project was offered at an average of $2,579 per square foot (psf) at the time of its opening weekend.
The Chuan Grove development site is anticipated to be in high demand from the residents of Serangoon Gardens and Chiltern estates, Bartley, Serangoon Central and HDB upgraders.
In the next four years 3 815 HDB flats located in Toapayoh (four-room or more) are expected to meet their occupancy requirements. Chuan Grove is one of the sites that are available. Chuan Grove site is one of the upgrades available to purchasers.
There are a few new homes within the Lorong Chuan region. The most recent launch of new homes within the region was Cardiff Residence that was held in the year 2011.
Chuan Park’s sales performance may 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 draw up to five bidders, with the highest bid reaching $1,250 per plot ratio.
The second confirmed location is located near Brizay Park. Good Class Bungalow Area.
Fourth Avenue Residences was the most recent 99-year Leasehold launch in the region in January of 2019. In 2024, the development’s average price of sale was $2,658 for a square foot.
A GLS site in Holland was sold to a consortium of CapitaLand and UOL for $1,285 per square ft each year in May.
Holland Link will have between two and one bidder and a bid that is between $1,200 to $1,300 per square foot.
URA has released two additional locations, Holland Plain and River Valley Green parcel C (Parcel C) to be used for the application of the reserve list.
The area of Holland Plain is 15,716.9 square meters, with the maximum gross floor area (GFA) of 28,291 square meters, which could produce the equivalent of 280 units. The land located in River Valley Green, parcel C, could offer 470 houses that cover an area of 11,516.6 square metres and a GFA of around 40,309 square meters.
It is highly unlikely that both sites are going to be offered for sale.
He stated that, with regard to the Holland Plain plot of land developers are likely to be waiting to see the results of the Holland Link GLS before making an official decision.
River Valley Green has already opened other sites to be sold.
River Valley Green (Parcel B) is currently open to bids. The deadline for submitting bids is 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). Developers are not motivated to sell the land.
The government will offer an area from the reserve list when the developer makes an acceptable proposal. The government will continue to offer private housing units under the GLS program, and the supply will be regulated in accordance with current market and economic conditions.
The Chuan Grove tender will close at 12 noon on the 8th July 2025. In the meantime, the Holland Link tender closes on the 29th of July 2025.