The Urban Redevelopment Authority has announced the results of the government land sales (GLS) tender for the Holland Link site, located in the Core Central Region (CCR). The tender attracted five bids, with Sim Lian Group emerging as the top bidder, offering $368.4 million, equating to a land rate of $1,432 per square foot per plot ratio (psf ppr). This bid was 22% higher than the next highest bid from Wee Hur Development and 56% above the lowest bid from Sustained Land.
The Holland Link site, which can potentially yield 230 private residential units, is situated near the prestigious Brizay Park and Garlick Avenue good class bungalow areas. Despite not being close to an MRT station, the site’s appeal is bolstered by its proximity to popular schools such as Methodist Girls’ School and Henry Park Primary School, as well as its location near exclusive neighbourhoods.
Wong Siew Ying, Head of Research and Content at PropNex, noted that the tender outcome exceeded expectations, likely due to a recent recovery in CCR new home sales, which has boosted developers’ confidence. The top bid land rate aligns with other CCR sites awarded this year, such as Dunearn Road and River Valley Green, which fetched similar rates.
This is the first GLS residential site offered in the upcoming Holland Plain neighbourhood, potentially providing a first-mover advantage to Sim Lian Group. The demand for private homes in the CCR has rebounded, with a narrowing price gap between new CCR homes and those in the Rest of Central Region (RCR). The average selling price for the future Holland Link project is estimated to be above $2,900 psf, reflecting continued interest in CCR properties.
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