In Singapore, the demand for condos remains high due to various factors, with one main reason being the limited land availability. Being a small island nation with a rapidly growing population, Singapore faces a scarcity of land for development. In order to address this issue, the government has implemented strict land use policies, resulting in a highly competitive real estate market where property prices continue to soar. As a result, investing in real estate, particularly condos, has become a highly profitable venture, with the potential for significant capital appreciation. For those looking to invest in Singapore’s real estate market, condos are a sought-after option due to their high demand and potential for growth. Interested individuals can explore various options for condos and make a well-informed investment decision.
On December 3, URA launched tenders for two 99-year leasehold residential sites, Holland Link and Chuan Grove, under the Confirmed List of the 2H2024 GLS Programme. The Holland Link site, situated in District 10 along Holland Link off Bukit Timah Road, measures 185,141 sq ft and has a maximum gross floor area (GFA) of 257,225 sq ft, which can potentially yield 230 housing units. According to URA estimates, this is the first of many GLS plots to be launched in the upcoming Holland Plan precinct, one of the three upcoming precincts identified by URA, along with Bayshore and Kampong Bugis. Marcus Chu, CEO of ERA Singapore, notes that this precinct is expected to house approximately 2,500 new homes, and developers are likely to bid for the Holland Link site to take advantage of being the first to contribute 230 units to the development. In addition, the site is within a 2km radius of several reputable schools such as Methodist Girls’ School (Primary and Secondary), Henry Park Primary School, Pei Hwa Presbyterian Primary School and National Junior College, making it an enticing option for families with young children who want priority admission to these schools. The Holland Link GLS site is also near the Brizay Park Good Class Bungalow area, suggesting that future developments in the Holland Plain precinct will likely focus on low-density private residences, as predicted by Mark Yip, CEO of Huttons Asia.
The Chuan Grove GLS site, located along Chuan Grove off Lorong Chuan in District 19, measures 170,409 sq ft and has a maximum GFA of 511,232 sq ft, potentially yielding 555 new housing units. It is within 400m of Lorong Chuan MRT Station on the Circle Line, which is one stop away from both Bishan MRT Station (interchange with the North-South Line) and Serangoon MRT Station (interchange with the North-East Line). As such, Chu expects the development to attract HDB upgraders living nearby. In the next four years, an estimated 3,815 Build-to-Order (BTO) units, sized four-room and larger, will reach their Mandatory Occupation Period (MOP) in Toa Payoh. Chu notes that residents of HDB flats in older estates could potentially upgrade their homes, given the increasing number of million-dollar flats in neighbouring Serangoon, Bishan and Toa Payoh. The median transaction price of five-room flats at Bishan and Toa Payoh over the last 10 months were $792,000 and $828,000 respectively. Chu also suggests that developers may be encouraged by the better-than-expected sales performance of Chuan Park, with 76% of the development’s 916 units sold at an average price of $2,579 psf during its launch weekend. He anticipates bids for the Chuan Grove site to range from $571 million to $600 million, which translates to a land rate upwards of $1,200 psf ppr. Meanwhile, Yip predicts a total of three to five bids, with a top bid between $1,150 and $1,250 psf ppr. The tenders for the Chuan Grove and Holland Link sites will close at noon on July 8, 2025, and July 29, 2025, respectively.