Strong demand seen for Holland Road GCB plan

Broker flags stamp duty and use-change issues.

A proposed rezoning of land parcels at Holland Road could pave the way for new low-density housing and good-class bungalows in one of Singapore’s tightest prime residential enclaves, according to Huttons.

The agency said the Raja of Johor plans to develop land near the Singapore Botanic Gardens into low-density housing and GCBs, adding that the site is near Cluny Hill and Gallop Road/Woollerton Park GCB areas.

Huttons said bungalow supply in GCB areas is limited and that any new homes in the enclave are likely to attract strong demand. It added that some ultra-high-net-worth buyers may look to acquire GCBs as Singapore continues to admit new citizens each year.

On transaction structure, Huttons said additional buyer’s stamp duty generally applies to land acquisitions, but noted that it may not be payable in this case because the deal involves a land swap. It added that the land tenure should remain unchanged.

The agency also said the land betterment charge should be payable because of the proposed change of use.

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