URA releases two GLS sites in Holland Drive and De Souza Avenue

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URA releases two GLS sites : The Urban Redevelopment Authority (URA) has released two residential sites at Holland Drive and De Souza Avenue for sale under the 2nd half 2023 (2H2023) Government Land Sales (GLS) Programme. Their press release can be read here.

These sites at Holland Drive and De Souza Avenue are available for application under the Reserve List and can potentially yield about 680 residential units and 355 residential units respectively. 

Site LocationHolland DriveDe Souza Avenue
Site Area12,386.8 sqm19,245.2 sqm
Land UseResidentialResidential
Max GFA58,218 sqm30,793 sqm
Max Height6 Storeys and 164 SHD153 SHD or 10 Storeys
Estimated number of housing units680 units355 units
Leashold99 years99 years

Two GLS sites, Holland Drive and De Souza Avenue, have been released on the reserve list for H2 2023. Analysts express skepticism about an imminent sale, citing factors such as potential high bid prices and less favorable locations.

URA releases two GLS sites : Holland Drive

The Holland Drive site, potentially yielding 680 units, may exceed $1 billion in land price, deterring immediate sale. Cooling measures impacting foreign demand and site characteristics may limit bidder interest. With a land area of 133,330 sq ft and a maximum gross floor area (GFA) of 626,665 sq ft, it can be developed into a 680-unit residential project.

 The site is in prime District 10 and located next to various amenities at the One Holland Village mixed-use development and within walking distance of the Holland Village MRT station, she adds.

URA releases two GLS sites : De Souza Avenue Site

The De Souza Avenue site, with 355 homes, faces challenges due to its distance from an MRT station and competition from better-located projects. Possibility of a sale exists for De Souza if the quantum stays below $500 million. De Souza Avenue site, located just off Jalan Jurong Kechil in the Upper Bukit Timah area, sits on a land site of 207,154 sq ft with a maximum GFA of 331,453 sq ft. It could be developed into a 335-unit new residential project.

The last GLS residential site at De Souza area, which was developed to a 258 unit condo called Verdale, was awarded was in Sept 2018. The plot was a joint venture between Chinese developers CSC Land and COLI Singapore with a bid of $215 million or $1,002 psf per plot ratio (ppr).

The De Souza Avenue site is not near any MRT station. The nearest MRT station is Beauty World MRT, about 1km away. That makes The Reserve Residences a much better buy.

Other GLS Reserve List Sites

Other reserve-list sites include an executive condo parcel in Tampines Street 95 and Zion Road (Parcel B). Analysts predict a low probability of these sites triggering tenders in the next six months, citing sufficient supply and a lack of appealing suburban sites.

Despite this, recent tenders indicate ongoing developer interest in land acquisition. Inclusion of high/mid-tier residential sites in the reserve list is seen as a precaution against sudden demand spikes leading to en bloc fever.

It will be interesting to see how 32 Gilstead Road Condo performed in its sales as more and more GLS sites are released.

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