Holland Drive GLS Site Awarded To CapitaLand Consortium

Holland Drive GLS:

In a recent government land sale (GLS) site at Holland Drive, the consortium comprising CapitaLand Development (35%), UOL Group (35%), Singapore Land Group (20%), and Kheng Leong Co. (10%) was awarded the tender. It was their bid of $805.39 million that ranked highest among the three bids received by the tender’s closing date on May 14. Hong Leong Holdings and Hong Realty placed the second highest bid at $765.26 million, coming in 5.24% below the winning bid. This Holland Drive GLS site is a much-awaited news as buyers and investors have always considered this place to be hot property.

The 99-year leasehold residential site is located in District 10 and is approximately 626,650 square feet in gross floor area. Accordingly, the winning bid amounts to $1,285 per square foot per plot ratio. There are plans to construct two 40-storey condominium towers on the site with 680 condominium units, according to CapitaLand-UOL consortium planning.

District 10 is known for its prestigious and upscale residential neighbourhoods, making it a highly sought-after location for property developers. One Holland Village Residences, a recently built condo development located next to the new Holland Drive GLS site, has an average selling price of $2,800 per square foot. This selling price is indicative of the upscale nature of the neighborhood and the strong demand for properties in the area. The prime location offers residents convenient access to the luxurious One Holland Village shopping mall, and a vibrant and bohemian lifestyle. With its prime location in District 10, the residential site in the Holland district is expected to attract high demand and command premium prices in the real estate market.

Property industry experts say that the future average selling price of the new condo launch may be between $2700 psf ppr to $2800 psf ppr. This makes it an attractive investment opportunity for both developers and investors as the Outside Central Region (OCR) area is fast approaching this price range. With the completion of the project, the Holland Drive site is likely to be a highly sought after development in the District 10 area.

The area is also close to amenities such as hospitals namely National University of Singapore and Ng Teng Fong Hospital, shopping malls in the vicinity such as Star Vista and Rochester Mall, and offices at One North Commercial Hub. This makes the upcoming new condominium launch an attractive choice for families and professionals.