20 May 2024
GLS commentary on Tender Result for Holland Drive
Property Insight

 The GLS commentary on the tender result for the Holland Drive land parcel provides a comprehensive analysis of the market dynamics and potential development prospects in this high-demand area of the Core Central Region (CCR). 

 

Key Points from the Report:

 

Tender Overview:

 

The highest bid for the Holland Drive site was $805.4
million by Holly Development Pte. Ltd., translating to $1,285 psf per plot ratio (PPR). This was followed by Intrepid Investments and Hong Realty at $765.3 million ($1,221 psf PPR), and Japura Development at $632.0 million ($1,008 psf PPR). The bids indicate cautious optimism among developers towards the CCR segment. 

 

Location and Accessibility:

 

The site is advantageously located near the Holland Village
MRT station, providing excellent connectivity to the Circle Line. This proximity enhances the appeal of the site, promising convenience and accessibility to future residents. 

 

Demand and Development Potential:

 

The parcel has a maximum gross floor area of 626,723 square feet, potentially accommodating around 680 residential units. The area's appeal is boosted by nearby developments such as One Holland Village Residences, which sold out after its launch in 2019, indicating strong market demand. 

 

Neighborhood and Amenities:

 

Holland Drive is near significant business nodes like
Biopolis and Metropolis, key hubs for biotechnology and research, which could attract professionals from these sectors. The location is also surrounded by robust retail amenities like The Star Vista and Rochester Mall, enhancing
lifestyle and convenience for potential residents. 

 

 

Unique Selling Points:

 

The vibrant lifestyle enclave of Holland Village, known for
its lively nightlife and eclectic mix of dining and shopping options, adds a significant lifestyle appeal to the area. This aspect is particularly attractive to young professionals and families alike. 

 

Educational Institutions:

 

The vicinity is home to reputable schools such as Fairfield Methodist Primary School, Henry Park Primary School, and Anglo-Chinese School (Independent), increasing its family-friendly appeal. The planned opening of ACS (International) Elementary near Holland Village in 2026 further boosts this
attribute. 

 

Market Projections:

 

Given the historical performance of new launches in the
Holland area, such as One-North Eden and Blossoms By The Park, which have shown strong sales, the Holland Drive parcel is expected to be highly sought after.

The projected launch prices for properties on this land parcel are anticipated to range from $2,800 psf to $3,200 psf, aligning with current market conditions and ensuring competitive positioning. 

 

Conclusion:

 

The Holland Drive land parcel presents a multifaceted
opportunity for development in a well-established and highly desirable neighborhood. Its strategic location combined with the vibrant cultural and lifestyle offerings of Holland Village positions it as a potentially successful residential project that could attract a diverse range of buyers and renters.

Developers bidding on this site are likely poised to capitalize on the sustained demand and limited new unit availability in this sought-after area. 

 

Click here for the full report  

Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics  

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Prepared By:

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Email: mohan@sri.com.sg

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