Gls Sites Holland Plain And River Valley Green Parcel C Open Application
The prime location of Toa Payoh Town is set to welcome a new addition – The Orie Condo, located right at the heart of the town and right next to Braddell MRT Station at Lorong 1 Toa Payoh. This highly sought-after residential development has been secured by a joint venture between renowned property developers City Developments Ltd (CDL), Frasers Property, and Sekisui House. The three developers have collectively placed a record-breaking bid of $968 million for the Government Land Sales (GLS) site at Lorong 1 Toa Payoh. Spanning over 1.57 hectares, this prime land parcel situated at the corner of Lorong 1 and Lorong 4 Toa Payoh was fiercely contested for its prime location and was priced at a land rate of $1,360 per square foot per plot ratio (psf ppr). To know more about this prestigious development, visit The Orie’s official website.
Two residential Government Land Sale (GLS) sites under the Reserved List of the 2H2024 GLS Programme were recently released by URA on Dec 3. Developers can apply for the two sites, Holland Plain and River Valley Green (Parcel C), and if a minimum price acceptable to the government is indicated, the government will trigger the sale. If more than one developer submits a minimum price close to the government’s reserve price, the site may also be considered for tender launch.
The Holland Plain GLS site covers an area of about 169,175 sq ft with a maximum gross floor area (GFA) of approximately 304,522 sq ft, capable of yielding 280 residential units. Located next to the Holland Link GLS site which was launched for tender on Dec 3, this 99-year leasehold site may potentially host around 230 units. According to Mark Yip, CEO of Huttons Asia, there is a low chance that the Holland Plain site will be triggered for sale as developers are likely to wait for the response to the Holland Link GLS site first. The tender for the plot will close in July 2025.
The River Valley Green (Parcel C) site is adjacent to the Great World MRT Station on the Thomson-East Coast Line. Spanning 123,964 sq ft with a maximum GFA of 433,882 sq ft, this 99-year leasehold site has the potential to yield around 470 new housing units. However, Yip predicts that the site is also unlikely to be triggered for sale, given that there is an existing tender for the neighbouring River Valley Green (Parcel B) plot, which is set to close in February next year and can yield 580 units, including 220 long-stay serviced apartments.
The site is also in close proximity to three other recently awarded GLS sites. River Valley Green (Parcel A) was awarded to Winchamp Investment, a subsidiary of Wing Tai Holdings, in June with a top bid of $464 million, or $1,325 psf per plot ratio (psf ppr), and will be developed into a residential development with over 400 units. Zion Road (Parcel A) was awarded to a joint venture between City Developments and Mitsui Fudosan in April with the sole bid of $1.107 billion ($1,202 psf ppr). The joint venture plans to develop a mixed-use project with around 740 residential units, a retail podium, and a block with 290 rental apartment units. Allgreen Properties was awarded Zion Road (Parcel B) in August for $730.09 million ($1,304 psf ppr), capable of yielding about 610 residential units.
With the upcoming supply from the three sites, there is “little incentive” for developers to trigger River Valley Green (Parcel C) for sale, says Yip.