Archive for category: Misc

URA has made available two residential sites, the Holland Drive and De Souza Avenue, for sale on the Reserve List under the 2H2023 Government Land Sales (GLS) programme. Located within District 10, the Holland Drive site is deemed more attractive of the two. It has a land area of 133,330 sq ft and a maximum gross floor area (GFA) of 626,665 sq ft, and can be developed into a 680-unit residential project. On the other hand, the 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.

Given the size and the prime location of the Holland Drive site, PropNex head of research and content, Wong Siew Ying, does not expect it to be triggered for sale as it is likely to command a quantum price exceeding $1 billion. Further, Lee Sze Teck, senior director of Huttons Data Analytics, noted that the cooling measures such as the Additional Buyers Stamp Duty (ABSD) of 60% may put off local bidders, as such developers may form a consortium to bid together.

Defined by its Zion Road Condo, Zion Residence offers a comfortable and convenient living experience for its residents. The development features premier amenities from a lap pool, gym, tennis court to an event area for residents to entertain and socialize. In addition, surrounding retail outlets and services provide all the amenities of city living while giving easy access to the CBD. Surrounded by convenience, Zion Road Condo promises to be a vibrant community, serving as an anchor for elegant and modern living.

The De Souza Avenue site may be slightly more likely to be triggered for sale as the expected quantum is $500 million – half that of the Holland Drive site. Additionally, there is limited new supply of residential development land in the vicinity. According to Eugene Lim, key executive officer of ERA Singapore, the last GLS residential site awarded on De Souza Avenue in Sept 2018 was the 258-unit Verdale project. It was sold out in May last year at an overall average price of $1,782 psf.

The De Souza Avenue site, however, is not near any MRT station, “which is an important factor for buyers today,” noted Wong. The nearest MRT station is Beauty World MRT, about 1km away. In comparison, the Holland Drive site is located next to various amenities at the One Holland Village mixed-use development and within walking distance of the Holland Village MRT station. If triggered for sale, Huttons’ Lee expects De Souza Avenue site to attract between one to three bidders and a top bid between $1,200 and $1,300 psf ppr, which translates to quantum prices of $397.74 million to $430.88 million.

The last new project launch in the District 21 neighbourhood was the 732-unit The Reserve Residences, which is part of an integrated development, notes ERA’s Lim. It was sold 71% at launch at an average price of $2,225 psf and is 91% sold to date. Lim further noted that in the 2H2023 programme, only three sites on the Confirmed List and one more on the Reserve List are still available for sale, all four of which are in the Rest of Central Region.