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

at $525 million

URA has released two residential sites at Holland Drive and De Souza Avenue for sale on Nov 16 as part of the 2H2023 Government Land Sales (GLS) programme, which yields 1,035 residential units.

The Holland Drive parcel is deemed the more attractive of the two on offer, located in prime District 10. Situated next to the One Holland Village mixed-use development with walking distance to the Holland Village MRT station, the land area is 133,330 sq ft with a maximum gross floor area of 626,665 sq ft. If developed into a 680-unit residential project, experts expect the plot to command a quantum price exceeding $1 billion.

Combining forces is an increasingly popular option for developers, considering the cooling measures associated with the additional buyer’s stamp duty. Foreign buyer demand is likely to be suppressed due to this.

The second site, De Souza Avenue, sits off Jalan Jurong Kechil in the Upper Bukit Timah area with 207,154 sq ft in land area and a maximum GFA of 331,453 sq ft. Upon development, it will form a 335-unit new residential project. Huttons Data Analytics Senior Director Lee Sze Teck predicts that the likely quantum of $500 million, which is half the site at Holland Drive, to be slightly more trigger-able. This is further enforced by the limited new supply of residential development land in the vicinity.

The excellent academic programmes include IB Diploma and Integrated Programme, as well as a co-curricular activites for students to enjoy.Holland Drive Condo is just one of the many wonderful places to experience in the area. With its rich history, modern facilities, and strong emphasis on values, it’s a great place to live and work. Besides the educational offerings, the surrounding area offers plenty of attractions. From shopping to dining, you can find something to do all within a short distance from Holland Drive Condo.

However, De Souza Avenue is not near any MRT station. According to Eugene Lim, Key Executive Officer of ERA Singapore, the last new project launch in the District 21 neighbourhood was The Reserve Residences. The 732-unit project sold 71% of its units at launch at an average price of $2,225 psf with remaining units at 91% sold to date.

What’s more, these two most recently available GLS sites on the Confirmed List and one more on the Reserve List complete the 2H2023 programme. All four sites are in the Rest of Central Region.