As Singapore’s residential property market continues to experience surging demand, the Urban Redevelopment Authority (URA) has launched tenders for two new residential sites under the Government Land Sales (GLS) programme. These sites at Holland Link and Chuan Grove, both under the Confirmed List of the 2H2024 GLS Programme, are expected to deliver significant new housing supply in the coming years. Alongside these tenders, URA has also opened two additional GLS sites for application under the Reserved List—Holland Plain and River Valley Green (Parcel C).
Key Details of the Confirmed List Sites:
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Holland Link (District 10)
- Size: 185,141 sq ft
- Yield: Estimated 230 housing units
- Situated in the upcoming Holland Plain precinct, which is set to provide a total of 2,500 homes.
The site offers proximity to top schools like Methodist Girls’ School and National Junior College, making it attractive for families. However, analysts expect limited bids for this tender, citing potential site saturation due to the seven residential GLS tenders currently open.
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Chuan Grove (District 19)
- Size: 170,409 sq ft
- Yield: Estimated 555 housing units
- Located just 400m from Lorong Chuan MRT Station and near HDB estates like Bishan, Serangoon, and Toa Payoh.
The Chuan Grove site is likely to draw attention from HDB upgraders, particularly those reaching their Mandatory Occupation Period (MOP) in nearby estates. The site’s strategic location and pricing are expected to garner competitive bidding.
Reserved List Sites Overview:
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Holland Plain (Next to Holland Link)
- Size: 169,175 sq ft
- Yield: Estimated 280 residential units
- Analysts believe developers are likely to observe the response to the Holland Link site tender before triggering this site for sale.
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River Valley Green (Parcel C)
- Size: 123,964 sq ft
- Yield: Estimated 470 housing units
- Situated near Great World MRT Station and surrounded by recent GLS sites offering ample upcoming supply, this site is deemed unlikely to be triggered for sale soon.
Implications for Singapore’s Property Market
The launch of these GLS sites demonstrates the government’s proactive approach to addressing the city-state’s growing housing demand. Robust property demand, driven by HDB upgraders, families, and investors, has necessitated increased housing supply in key areas. For example, the Holland Link site will offer first-mover advantages in the new Holland Plain precinct, while Chuan Grove targets the upgrading market with its proximity to established estates and transport nodes.
Despite the increase in supply, the strategic positioning of these sites in prime areas ensures that they will likely remain attractive to developers and buyers. This also reflects the government’s commitment to maintaining a healthy balance between supply and demand to moderate price increases while supporting homeownership aspirations.
Summary Highlights:
- Holland Link (District 10): Estimated yield of 230 units; strong appeal for families with proximity to schools.
- Chuan Grove (District 19): Estimated yield of 555 units; expected to attract HDB upgraders from nearby estates.
- Holland Plain and River Valley Green Reserved Sites: Additional supply opportunities, but unlikely to be triggered immediately due to existing tender activity.
- Demand Remains High: Buyers remain eager to enter the property market, fueling strong competition and uptake for both current and future supply.
The GLS launches at Holland Link and Chuan Grove, alongside the Reserved List sites, signal the government’s active efforts to cater to the relentless demand for quality housing in Singapore. This trend showcases the confidence developers and buyers have in Singapore’s real estate market, even in an environment of rising supply. For buyers, this is an opportune time to monitor market movements and evaluate their options in prime locations.
For those keen to stay ahead of the curve, it's essential to stay informed about the latest developments, such as tender outcomes, pricing trends, and upcoming launches. Whether you’re looking to upgrade your home, invest, or simply keep track of Singapore’s evolving property landscape, feel free to reach out to receive timely updates and tailored advice to help you navigate this dynamic market.