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On December 3, URA announced the release of two residential GLS (Government Land Sale) sites under the Reserved List for the 2H2024 GLS Programme. These sites, Holland Plain and River Valley Green (Parcel C), are now open for application and will be put up for sale if a developer meets the minimum price accepted by the government. Should more than one developer submit a minimum price that is close to the government’s reserve price, the site may also be considered for a tender launch.
Covering an area of approximately 169,175 sq ft, the Holland Plain GLS site has a maximum gross floor area of 304,522 sq ft, and can potentially accommodate 280 residential units. This 99-year leasehold site is situated beside the Holland Link GLS site, which was launched for tender on the same day. It is estimated that the site can house 230 units.
Mark Yip, CEO of Huttons Asia, believes that the chances of the Holland Plain site being triggered for sale are low. “Developers are likely to monitor the response to the Holland Link GLS site first,” he says. The tender for this site is set to close in July 2025.
The River Valley Green (Parcel C) site, which is located next to the Great World MRT Station on the Thomson-East Coast Line, spans an area of 123,964 sq ft and has a maximum gross floor area of 433,882 sq ft. It can potentially yield around 470 new housing units. However, Yip predicts that this site is also unlikely to be triggered for sale, as there is an existing tender for the neighbouring River Valley Green (Parcel B) plot which will close in February next year. This site can accommodate 580 units, including 220 long-stay serviced apartments.
The site is in close proximity to three other GLS sites which were recently awarded. In June, the River Valley Green (Parcel A) site was awarded to Winchamp Investment, a subsidiary of Wing Tai Holdings, for $464 million, translating to $1,325 psf ppr. Over 400 residential units will be developed on this site.
In April, City Developments and Mitsui Fudosan jointly won the tender for Zion Road (Parcel A) with a bid of $1.107 billion or $1,202 psf ppr. They plan to develop a mixed-use project on the site, comprising around 740 residential units, a retail podium, and a block with 290 rental apartment units.
In August, Allgreen Properties was awarded the tender for Zion Road (Parcel B) for $730.09 million, or $1,304 psf ppr. The site can potentially yield about 610 residential units.
In light of the upcoming supply from these three sites, Yip believes that there is little incentive for developers to trigger the sale of River Valley Green (Parcel C).