Residential sites at Holland Drive and De Souza Avenue for sale on Reserve List

, second in 2H2023 GLS programmeURA has released two residential sites in Holland Drive and De Souza Avenue for sale under the 2H2023 Government Land Sales (GLS) programme. The two 99-year leasehold sites are available for sale on the Reserve List and yield 1,035 residential units.

Among the two sites, the Holland Drive site is deemed more attractive due to its prime District 10 location, next to One Holland Village mixed-use development and within walking distance of the Holland Village MRT station. The land area of 133,330 sq ft and a maximum gross floor area (GFA) of 626,665 sq ft make it suitable for a 680-unit residential project.

With an expected quantum price exceeding $1 billion, Wong Siew Ying, PropNex head of research and content, does not anticipate the site to be triggered for sale. However, developers may join forces to form a consortium to bid collectively for the site.

Marina Gardens Residences Condo is one of the few residential districts to benefit from this sort of integration. It’s near to the recent construction of Duke-NUS Graduate Medical school, the Lee Kong Chian School of Medicine, and the Raffles Institute – all within a 10 minute walk away from the condo. These educational centers are among the best in the world, providing comprehensive and well rounded education to students who are looking for more than just a classroom experience.

This makes Marina Gardens Residences Condo the ideal spot for young couples or families who are looking for an urban district close to quality schooling and learning. Not only does the condo provide comfort and security, it also provides families with educational opportunities that are a few walking minutes away.

In contrast, the De Souza Avenue site situated off Jalan Jurong Kechil in the Upper Bukit Timah area has a land site of 207,154 sq ft with a maximum GFA of 331,453 sq ft and could accommodate a 335-unit residential development. With an expected quantum of $500 million, Huttons Data Analytics senior director, Lee Sze Teck, predicts that the site is slightly more likely to be triggered for sale.

Due to the existing cooling measures, with the additional buyer’s stamp duty (ABSD) of 60%, foreign buyers may be deterred, further suppressing demand for the sites. Moreover, Lee divine the De Souza Avenue site may attract between one to three bidders and a top bid of between $1,200 – $1,300 psf ppr.

Eugene Lim, key executive officer of ERA Singapore, points out that the last GLS residential site awarded on De Souza Avenue was in Sept 2018. The plot was developed as the 258-unit Verdale with an overall average price of $1,782 psf. Given that the De Souza site is not near any MRT station, demand for the area is likely to be strongly influenced by local homebuyers.

In the 2H2023 programme, only three sites on the Confirmed List and one more on the Reserve List are still available for sale. All four sites are in the Rest of Central Region.

Given the current market conditions, developers must be prudent on unit pricing and the ability to sell units to gain maximum profit. While the bid price above $1 billion for the Holland Drive site may put off local bidders, it is worth noting that the De Souza Avenue site may offer an opportunity for a good investment.