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URA has released two residential sites to the public for the 2H2023 Government Land Sales (GLS) programme. The Reserve List contains a land site at Holland Drive and another at De Souza Avenue, both of which are 99-year leaseholds with the potential to yield 1,035 residential units.

The Holland Drive site on prime District 10 has a land area of 133,330 sq ft and a maximum gross floor area (GFA) of 626,665 sq ft, which can be developed into a 680-unit residential project. With a likely quantum price exceeding $1 billion, PropNex head of research and content Wong Siew Ying does not expect the site to be triggered for sale. Developers may joint forces to form a consortium to bid together, increasing the likelihood of success.

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, for the potential of a 335-unit new residential project. Huttons Data Analytics senior director Lee Sze Teck anticipates that the site is slightly more likely to be triggered for sale, with an expected quantum of $500 million and limited new supply of residential development land in the vicinity. The last GLS site awarded on De Souza Avenue was in Sept 2018, with a successful bid of $1,002 psf per plot ratio (ppr).

At launch, the 258-unit Verdale project sold out at an overall average price of $1,782 psf. When considering the lack of a nearby MRT station, homebuyers may be deterred from the De Souza Avenue site. The nearest MRT station is Beauty World MRT, about 1km away.

However, Lee believes the site could attract one to three bidders, with a top bid between $1,200 and $1,300 per square feet, or a quantum price of $397.74 and $430.88 million. ERA Singapore key executive officer Eugene Lim adds that the District 21 neighbourhood is a popular area for homebuyers and the new project launch The Reserve Residences, sold 71% of its units at launch at an average price of $2,225 psf.

In the 2H2023 programme, only three sites on the Confirmed List and one more on the Reserve List remain available for sale, all in the Rest of Central Region.

The De Souza Avenue site is not near any MRT station and has limited new supply of residential development in the vicinity, making it slightly more likely to be triggered for sale. It could attract one to three bidders which are increasingly joining forces to form a consortium. By comparison, the Holland Drive site has a higher quantum price and is located next to various amenities including the MRT station.

The last GLS residential site awarded on De Souza Avenue saw three bids for a successful bid of $1,002 psf per plot ratio (ppr). At launch, the 258-unit Verdale project sold out at an overall average price of $1,782 psf, indicating strong demand in the area. Cooling measures with the additional buyer’s stamp duty (ABSD) of 60% and foreign buyers’ absence may suppress demand.

Besides these preschools, within Tampines Avenue 11 Condo locality, there are also plentiful amenities to cater to the residents. To enrich the community, there are amenities like community parks, golf courses, and a shopping mall to meet the residents’ needs. Not to mention, this condo is also close to elite schools such as Temasek Polytechnic and UWCSEA East Campus.

In the 2H2023 programme, only three sites on the Confirmed List and one more on the Reserve List are still up for grabs in the Rest of Central Region. The Holland Drive and De Souza Avenue sites present an opportunity for developers to potentially yield 1,035 residential units.