PropNex sees Chuan Grove as top pick amongst H2 2024 GLS sites

The site is expected to attract 5 to 6 bids.

The Urban Redevelopment Authority (URA) launched four sites for sale via tender under the Government Land Sales (GLS) programme for H2 2024.

Two of the sites, located at Holland Link and Chuan Grove, were launched under the Confirmed List, while the other two sites, at Holland Plain and River Valley Green (Parcel C), were launched under the Reserve List.

The sites under the Confirmed List can collectively yield an estimated 785 private residential units.

PropNex expects the Chuan Grove site to attract more attention from developers compared to the plot at Holland Link due to its superior locational attributes.

“We estimate it could attract 5 to 6 bids with the top bid possibly coming in at around $613 million to $665 million, which translates to a land rate of $1,200 to $1,300 psf ppr. In bidding, developers will also take note that a part of the site sits above the underground MRT track, which could potentially add to construction cost,” Wong Siew Ying, head of Research and Content at PropNex said.

Meanwhile, the Holland Link site presents limited commercial offerings, apart from shops and eateries along Bukit Timah Road, but developers could potentially perceive it as offering a first-mover advantage.

“While this site is somewhat lacking in public transport connectivity and range of amenities presently, it could still appeal to some homebuyers, in view of its location in the prime District 10 and near GCB areas which could lend a sense of exclusivity and a more serene living environment,” Wong said.

“We anticipate that the Holland Link plot could draw 3 to 4 bids, with a land rate of about $322 million to $347 million, which translates to about $1,250 to $1,350 psf ppr,” Wong added.

In addition, among the two Reserve List sites launched for application, PropNex estimates that the Holland Plain plot can potentially yield 280 private homes, while the River Valley Green (Parcel C) can offer an estimated 470 units. “Presently, we do not expect the two sites to be triggered by developers,” Wong said.

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