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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On the industrial front, the Government’s continued emphasis on anchoring high value industry clusters such as advanced semiconductor packaging, aerospace and biomedical sciences carries direct implications for space demand. These sectors require high specification facilities including cleanrooms, advanced manufacturing space and research laboratories. 

A key highlight of Budget 2026 is the strengthening of One North as Singapore’s AI and innovation nucleus. The development of a larger AI park and the launch of national AI Missions across advanced manufacturing, connectivity, finance and healthcare signal a coordinated push to embed artificial intelligence across core economic sectors. 

Within this evolving ecosystem, the upcoming Hudson Place Residences at Media Circle Parcel A is well positioned to benefit from One North’s continued expansion. Its proximity to research facilities, transport infrastructure, educational institutions and business parks situates it within a live work environment anchored by structural economic transformation rather than short term cyclical drivers.

Finally, Budget 2026 introduces broad based cost of living support across all HDB flat types, including cash payouts, GST Vouchers, MediSave and CPF top ups, CDC Vouchers, U Save rebates and S and CC rebates. These measures cushion household expenses, strengthen balance sheets and reinforce affordability within the housing ecosystem.

Overall, Budget 2026 signals policy continuity, economic resilience and calibrated growth. For the property market, the combination of structural economic transformation, disciplined supply management and household support measures points toward a stable and sustainable trajectory in 2026 and beyond.

Click

here

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Prepared By:

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Email: mohan@sri.com.sg

Property Insight
11 Feb 2026
What Lies Ahead for Singapore Rental Market in 2026

The Singapore rental property market has entered a more stable and balanced phase heading into 2026, following a period of sharp adjustment in earlier years. Data from 2025 points to a market that remains fundamentally resilient, underpinned by genuine housing demand rather than speculative pressures. Total non-landed rental transactions rose by 3.8% year on year to 84,622 units, reflecting sustained leasing activity even as rental growth moderated and conditions normalised.

Leasing momentum in 2025 was broad based across all market segments. The Core Central Region recorded the strongest growth, with rental transactions increasing by 5.7% to 25,532 units. This reflects a gradual return of depth in the prime rental segment, supported by expatriates, senior professionals, and corporate tenants who continue to prioritise centrality, connectivity, and proximity to employment nodes. 

At the project level, rental demand in 2025 remained concentrated within large scale, well located developments across all regions. In the CCR, projects such as The Sail @ Marina Bay, D’Leedon, and Marina One Residences continued to anchor leasing activity due to their proximity to employment hubs and transport infrastructure. In the RCR, Normanton Park emerged as the top performing project by rental transactions following its recent completion, highlighting strong tenant acceptance for large, amenity rich city fringe developments. In the OCR, rental demand was more evenly distributed across multiple projects, reflecting tenant preferences for affordability and convenience rather than concentration in a single dominant development.

Overall, the rental market in 2026 is likely to be characterised by stability rather than acceleration, supported by steady employment conditions, population stability, and a more balanced supply environment.

 

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here

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 Prepared By: 

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Head of Research & Data Analytics 

  

  

Email:

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Property Insight
11 Feb 2026
CDL and Woh Hup Emerge as Top Bidder for Tanjong Rhu Road GLS at $1,455 psf ppr

The tender for the residential Government Land Sales site at Tanjong Rhu Road has officially closed, with a joint venture between CDL and Woh Hup emerging as the top bidder at $1,455 $psf ppr, translating to a total land price of about $709.3 million. The tender attracted 5 bidders, signalling sustained developer interest in rare city fringe sites with strong long term locational fundamentals.

Notably, this site marks the first residential land parcel released for sale in the Tanjong Rhu area in more than 2 decades. The previous GLS site in the vicinity was awarded in 1997 and subsequently developed into Water Place. The long interval since the last land release underscores the scarcity of new private residential opportunities in this established waterfront precinct, enhancing the appeal of the site to both developers and future homebuyers.

The level of participation reflects continued confidence in well located Rest of Central Region sites, even within a more calibrated and disciplined bidding environment. Developers appear increasingly mindful of demand conditions, upcoming supply visibility and cost considerations, contributing to bids that remain competitive while staying measured.

The site benefits from direct access to Tanjong Rhu MRT station on the Thomson East Coast Line, providing seamless connectivity to major employment and lifestyle nodes such as Marina Bay, Orchard and Changi Airport. It is also located near the Singapore Sports Hub, which is set to be progressively rejuvenated under the Kallang Alive Masterplan. Over time, this transformation is expected to introduce more community focused waterfront spaces, enhanced recreational facilities and a more vibrant lifestyle environment, further strengthening the liveability of the precinct.

Based on planning parameters, the site is expected to yield approximately 525 private residential units, allowing for a meaningful development scale while preserving the exclusivity associated with a waterfront city fringe address. With limited new private residential supply in the immediate vicinity, the future development is well positioned to attract interest from both owner occupiers and long term investors.

Overall, the outcome of the Tanjong Rhu Road GLS tender reflects the continued effectiveness of a calibrated ramp up in land supply. By improving visibility over the future housing pipeline, the GLS programme supports a healthier development environment and contributes to more balanced and sustainable pricing dynamics over the longer term.

Click

here

for the full report:  

 Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics 

  

  

Email:

mohan@sri.com.sg

  

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