On December 3, URA revealed the release of two residential Government Land Sale (GLS) sites under the Reserved List of the 2H2024 GLS Programme. The sites, namely Holland Plain and River Valley Green (Parcel C), are currently open for application and will be triggered for sale if a developer meets the government’s minimum price requirements. In addition, a Reserved List site may also be considered for tender launch if more than one developer submits a minimum price that is close to the government’s reserve price.
The Holland Plain GLS site measures approximately 169,175 sq ft with a maximum gross floor area (GFA) of about 304,522 sq ft, potentially yielding 280 residential units. This 99-year leasehold site is situated next to the Holland Link GLS site which was launched for tender on December 3. The site is estimated to accommodate 230 units.
According to Mark Yip, CEO of Huttons Asia, there is a low probability that the Holland Plain site will be triggered for sale as developers are likely to observe the response to the Holland Link GLS site first. The tender for this plot will close in July 2025.
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The River Valley Green (Parcel C) site is located next to the Great World MRT Station on the Thomson-East Coast Line. This 99-year leasehold site spans 123,964 sq ft with a maximum GFA of 433,882 sq ft, potentially yielding 470 new housing units. Similarly, Yip predicts that this site is also unlikely to be triggered for sale as there is an ongoing tender for the neighbouring River Valley Green (Parcel B) plot which is set to conclude in February next year. This site can yield 580 units, including 220 long-stay serviced apartments.
In addition, the site is also in close proximity to three other recently awarded GLS sites. River Valley Green (Parcel A), won by Winchamp Investment, a subsidiary of Wing Tai Holdings, is slated to be developed into a residential development housing over 400 units. Similarly, City Developments and Mitsui Fudosan jointly won the bid for Zion Road (Parcel A) in April, where a mixed-use project with around 740 residential units, a retail podium, and a block with 290 rental apartment units is being explored. In August, Allgreen Properties secured the win for Zion Road (Parcel B) and is expected to yield about 610 residential units.
Given the upcoming supply from these three sites, Yip believes there is “little incentive” for developers to trigger River Valley Green (Parcel C) for sale.