HOLLAND DRIVE GLS SITE CONDO BY UOL AND CAPITALAND

The Holland Drive site has a maximum gross floor area of more than 626,000 sq ft. CapitaLand and UOL led consortium was awarded the Holland Drive GLS site by URA in May 2024. The consortium’s top bid of $805.39 million was the highest of three bids received when the tender for the site closed. This 99-year Holland Drive GLS site has a maximum gross floor area of about 626,650 sq ft. 

The last state Government Land Sales GLS in the area was for One Holland Village Residences was built on that site, which launched in November 2019. Its 296 units were sold by August 2023 at an average price of $2,807 psf. 

Notably, the remaining 63 units at One Holland Village Residences were transacted at a median price of $2,881 psf in 2023, highlighting the strong demand, Ms Tricia Song, CBRE head of research for Singapore and South-east Asia said.

evelopers may have been less aggressive in bidding in view of the upcoming second-half 2024 GLS programme to be announced in June, which may lead to more prime-district sites being released for sale in the second half of 2024, noted OrangeTee & Tie chief executive Justin Quek.

CBRE’s Ms Song noted that even though the land rate was below expectations, the future condo project could achieve an average selling price starting at $2,800 psf.

Potential risks include the larger development size and price quantum, coupled with the muted market sentiment and property curbs such as the 60 per cent additional buyer’s stamp duty on foreign buyers, PropNex head of research and content Wong Siew Ying said.

Given the  lack of new private home supply in the vicinity, this will bring healthy demand for the future project at the Holland Drive GLS site, especially since this is the last plot for private residential development in the Holland Village enclave.