Gls Sites Holland Plain And River Valley Green Parcel C Open Application
On December 3, the Urban Redevelopment Authority (URA) announced that two residential sites under the Government Land Sale (GLS) programme were released under the Reserved List for the second half of 2024.
The two sites, Holland Plain and River Valley Green (Parcel C), are currently open for application and will only be launched for tender if a developer meets the government’s minimum price requirement. In addition, if more than one developer submits a bid that is close to the government’s reserve price, the site may also be considered for tender.
The Holland Plain site covers an area of approximately 169,175 square feet and has a maximum gross floor area (GFA) of 304,522 square feet, with the potential to yield 280 residential units. It is a 99-year leasehold site located next to the Holland Link site, which was launched for tender on the same day. The Holland Plain site can accommodate an estimated 230 units.
Mark Yip, the CEO of Huttons Asia, believes that there is a low chance of the Holland Plain site being triggered for sale, as developers are likely to wait and see the response to the Holland Link site first. The tender for the Holland Plain site is expected to close in July 2025.
The River Valley Green (Parcel C) site is situated next to the Great World MRT Station on the Thomson-East Coast Line. It is a 99-year leasehold site that spans 123,964 square feet and has a maximum GFA of 433,882 square feet, with the potential to yield 470 new housing units.
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According to Yip, the River Valley Green (Parcel C) site is also unlikely to be triggered for sale, as there is an ongoing tender for the neighbouring River Valley Green (Parcel B) site, which is set to close in February next year. The River Valley Green (Parcel B) site can accommodate 580 units, including 220 long-stay serviced apartments.
Furthermore, the site is in close proximity to three other recently awarded GLS sites. In June, Winchamp Investment, a subsidiary of Wing Tai Holdings, was awarded the River Valley Green (Parcel A) site after submitting the highest bid of $464 million, or $1,325 per square foot per plot ratio (psf ppr). The site will be developed into a residential project with over 400 units.
In April, a joint venture between City Developments and Mitsui Fudosan was awarded the Zion Road (Parcel A) site after submitting the sole bid of $1.107 billion, or $1,202 psf ppr. The developers plan to develop a mixed-use project on the site with around 740 residential units, a retail podium, and a block with 290 rental apartment units.
In August, Allgreen Properties was awarded the Zion Road (Parcel B) site for $730.09 million, or $1,304 psf ppr. The site has the potential to yield about 610 residential units.
Given the upcoming supply from these three sites, Yip believes that there is little incentive for developers to trigger the River Valley Green (Parcel C) site for sale.
