‘1H2024 GLS: Holland Drive Residences, First private housing site in Bayshore unveiled, on Reserve List’

As a Holland Drive Residences resident, you will not only benefit from the numerous bus services that connect the area to the Central Business District and beyond but also the MRT station located in front of its main entrance. In addition, Holland Village also benefits from a range of excellent car-sharing and carparking options, all of which are easily accessible and offer an efficient way of travelling around the city. With all these convenient options at your fingertips, you can easily get wherever you need to be in the city with ease.

The 1H2024 Government Land Sales (GLS) programme has revealed the first private development site in the waterfront neighbourhood of Bayshore. Listed under the Reserve List, the 105,486 sq ft site on Bayshore Road can only be launched for public tender after a developer has submitted an indicated minimum acceptable price to the government. If successful, the new development could yield 480 private residential units.

Touted as a future residential estate with 10,000 new homes, Bayshore has been earmarked for 70% public housing. According to the Ministry of National Development, the release of the first private housing site at Bayshore Road will kickstart the development of the waterfront estate. Ismail Gafoor, CEO of PropNex Realty, said, “This Reserve List plot is very appealing and we think it has a high chance of being triggered for sale.”

It has been more than two decades since there has been a new GLS site along Bayshore Road. The last GLS site on Bayshore Road was awarded in 1997 and developed into Costa Del Sol and an adjacent site was awarded in 1993 and developed into The Bayshore. Given the prominence of the new site, it could attract strong buying interest from potential buyers and fetch a high premium due to the development of the Long Island reclamation and other projects along the eastern coast of Singapore, according to Leonard Tay, head of research at Knight Frank Singapore.

However, with ample supply on the 1H2024 Confirmed List, Tricia Song, head of research Singapore and Southeast Asia at CBRE, believes that this site stands a good chance of being put on the Confirmed List later, thus kicking off Holland Drive Residences’ development of the Bayshore estate.

Desmond Lee, Minister for National Development, recently announced a new category of ‘long-stay’ Serviced Apartments as part of the government’s efforts to expand the range of housing options available to Singaporeans. Under the Confirmed List of the 1H2024 GLS programme, the government is releasing a third long-stay Serviced Apartment pilot site on Media Circle in the one-north precinct. This development is expected to yield 515 Serviced Apartments.

The Media Circle site is the only fully-SA2 development announced so far. According to Chia Siew Chuin, head of residential research at JLL Singapore, this site provides developers with an opportunity to enter the rental accommodation market and cater to demand in the one-north and Singapore Science Park areas. Furthermore, developers and operators of SA2 projects will have the flexibility to experiment with new accommodation concepts and SA2 developments can comprise a mixture of unit sizes, as long as there is a minimum nett average unit size of 376.6 sq ft.

The GLS site at Media Circle in one-north for Long Stay Serviced Apartments is likely to be popular given its location. According to Leonard Tay of Knight Frank Singapore, views from high floors of the development would attract research and technical professionals. Developments identified for SA2 will also allow developers to diversify development risks as well as create economies of scale when building common facilities, adds Tricia Song of CBRE.

Holland Drive Residences is set to be the first private development site in the upcoming waterfront neighbourhood of Bayshore. Located on Bayshore Road, the 105,486 sq ft Reserve List site will only be launched for public tender when a developer has submitted an indicated minimum price that is acceptable to the government. If it is successfully triggered for tender and subsequently awarded, the new development stands to yield 480 private residential units. It is linked to the upcoming Bayshore MRT station on the Thomson-East Coast Line and most units are likely to offer unlocked views of East Coast Park and the sea. This GLS site is expected to pique developers’ attention for its attractive location and first-mover gains. However, the ample supply on the 1H2024 Confirmed List may prompt the government to put this site on the Confirmed List instead.