-- The Urban Redevelopment Authority (URA) has released a residential site at Holland Drive for sale today under the first half 2024 (1H2024) Government Land Sales (GLS) Programme.
The site at Holland Drive is launched for sale under the Confirmed List and can potentially yield about 680 residential units. The tender for the Holland Drive site will close at 12 noon on 14 May 2024. There is a low-rise zone capped at 6-Storeys; and a high-rise zone with a technical height control of 164m SHD.
CBRE comments:
The Holland Drive site is next to the partially completed One Holland Village mixed development, which drew 15 bids from 10 consortiums, was eventually awarded via Concept-and-Price Tender on 16 May 2018 for S$1.213bn or S$1,888 psf ppr. All the 296 units at One Holland Village Residences has been sold by August 2023, since its launch in November 2019, at an average price of $2,807psf.
We find this site to be attractive, with its next door completed One Holland Village shops shaping up as a bustling lifestyle hub and its proximity to the Holland Village MRT station. However, we observe that not the entire plot is within 1km radius of Henry Park Primary School, and this may temper developer demand for this site, especially given the relatively large size of 680 units. For similar-sized GLS comparables, Lorong 1 Toa Payoh site tender with 775 buildable units saw only 3 bids when tender closed in November 2023, with a top bid price of S$1,360psf ppr. The prime Orchard Boulevard site, with just 280 buildable units, was most recently awarded at S$1,617psf ppr, among 4 bids received. Developers are generally still cautious on large investor-focused sites.
We thus expect 3-5 bids for this site, with a top bid of S$1,450psf ppr.
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