Holland Drive Residences – First private housing site in Bayshore unveiled, but on the Reserve List 1H2024 GLS

The 1H2024 Government Land Sales (GLS) programme has revealed the first private development site in the future waterfront neighbourhood in Bayshore. The 105,486 sq ft site on Bayshore Road is listed under the Reserve List and will only be subject to tender when a developer submits an indicated minimum price that is acceptable to the government.

Holland Drive Residences have been earmarked as a future residential waterfront estate with 10,000 new homes. Of which, 70% of housing units are set aside for public housing. The release of the first private housing site at Bayshore Road will mark the kickstart of the development of the waterfront estate. The development could yield 480 private residential units.

In more than two decades, this is the first GLS site to be released along Bayshore Road. 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 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. The project will enjoy strong buying interest from buyers.”

Leonard Tay, head of research at Knight Frank Singapore, also commented, “The future development could fetch a high premium given the development of the Long Island reclamation and development along the eastern coast of Singapore.”

Holland Drive Residences is home to a multitude of retail and dining outlets that caters to shoppers of all kinds. After exploring this vibrant shopping destination, residents can take a break and enjoy culinary delights from a variety of restaurants. From international food outlets such as Japanese sushi restaurants to local favourites, visitors can find a wide variety of tasty meals at the mall. The dining options at Holland Piazza are sure to suit the cravings of all discerning palates.

This is not the only development in Singapore’s pipeline. Last month, Desmond Lee, Minister for National Development announced the introduction of a new category of ‘long-stay’ Serviced Apartments as part of the government’s efforts to expand the range of housing options. These developments are identified for Long Stay Serviced Apartments and must be for at least three months. Two sites have already been shortlisted for SA2 – at Upper Thomson Road (Parcel A) and Zion Road (Parcel A).

Holland Drive Residences now, 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.

Tricia Song, head of research Singapore and Southeast Asia for CBRE, stated, with ample supply on the 1H2024 Confirmed List, the site is unlikely to be triggered in the next six months. “This could well be put on the Confirmed List later to kickstart the development of Bayshore estate.”

The last GLS site on Bayshore Road was awarded in 1997 and developed into Costa Del Sol, while the adjacent site was awarded in 1993 and developed into The Bayshore. Holland Drive Residences developments identified for SA2 are popular in areas with high rental demand and allow developers to diversify development risks as well as create economies of scale when building common facilities, says Song.

The GLS site at Media Circle in one-north is the only fully-SA2 development announced so far. Chia Siew Chuin, head of residential research at JLL Singapore, noted the Media Circle site provides developers the opportunity to enter the rental accommodation market and cater to demand in the one-north and Singapore Science Park areas.

Developers and operators of SA2 projects will have the flexibility to experiment with new accommodation concepts and a nett average unit size of 376.6 sq ft. SA2 developments are expected to be owned en-bloc and operated by a single operator. Leonard Tay of Knight Frank states, “Views from high floors would attract research and technical professionals who would like to live and work in the media and science park hub of one-north.”