Developers have been picking off residential land sites this year. And that comes as no surprise since the government has reduced the number of sites for sale.
Mixed-use site in prime location a scarcity and rarity
But the recent release of 4 new land sites will inject even more excitement into the market. And a mixed-use site near the Holland Village MRT station will feature as the main dish.
Developers will no doubt be drawn to the site’s prime location and 59, 716 sq m maximum gross floor area. While the Urban Redevelopment Authority (URA) has placed a cap of 570 residential units on the site, 13,500 sq m of it can be developed into retail spaces.
Released as part of the Holland Village Extension under the 2014 Masterplan, this site is the first to be launched here. The aim of the master plan is to set Holland Village aside with its distinctive identity. Thus the tenders will be evaluated not only by price but also by concept and design.
4 sites to yield 1,720 residential units
Another plot of land which developers may deem appetising is a private housing site in Handy Road. It was launched in October and is under the confirmed list of the Government Land Sales programme for H2. The site is in the city centre and can yield approximately 130 residential units.
The other 2 sites up for tender include a private residential site in Chong Kuo Road and an executive condominium site in Sumang Walk. Also on the URA’s reserve list are 2 more private housing sites in Mattar Road and Canberra Drive.
Across the 4 sites currently on the market, all of which have a 99-year leasehold tenure, 1,720 potential residential units can be built.