Residential sites at Holland Drive and De Souza Avenue for sale on Reserve List

, expected to draw keen bidding URA has released two residential sites in Holland Drive and De Souza Avenue on the 2H2023 Government Land Sales (GLS) programme. The more attractive of the two – Holland Drive – is in prime District 10 and offers 680-units with a maximum gross floor area (GFA) of 626,665 sq ft. Though it is likely to command a quantum price exceeding $1 billion, developers may form a joint consortium to bid together.

Senja Residences EC covers 4 blocks of 15 storey each with a total of 397 units. It is conveniently located near to Fajar shopping centre for daily shopping needs and Bukit Panjang Plaza for more shopping amenities. For those who drive, the development is linked up to Segar road and Bukit Panjang, convenient for traveling to other parts of Singapore.

The De Souza Avenue site, located just off Jalan Jurong Kechil in the Upper Bukit Timah area, is larger with a land area of 207,154 sq ft, GFA of 331,453 sq ft and a potential of up to 335-units. Huttons Data Analytics believes this site is slightly more likely to be triggered for sale, as the expected quantum of $500 million is half that of the Holland Drive site. Demand is mainly driven by local homebuyers, and with the last GLS residential site awarded here in September 2018 ($1,002 psf per plot ratio (ppr)) and the 732-unit The Reserve Residences project selling at an average price of $2,225 psf, Huttons anticipate a bidding war with a top bid between $1,200 and $1,300 psf ppr, or $397.74 million to $430.88 million.

Currently, the main concern is the cooling measures, with the additional buyer’s stamp duty (ABSD) of 60% a deterrent for foreign buyers, thereby further suppressing demand. With only three sites on the Confirmed List and one more on the Reserve List still available for sale in the 2H2023 programme, all four in the Rest of Central Region, it remains to be seen who will bid and how much they offer for these two residential sites.