Two Government Land Sales (GLS) sites in Holland Drive and De Souza Avenue in Upper Bukit Timah have been released under the reserve list of the GLS for the second half of 2023.
But many analysts see little chance of developers biting any time soon.
Reserve-list sites are made available for application, and will be put up for tender only when a developer has indicated a minimum price that is accepted by the Government.
Most analysts believe that both sites – which can potentially yield a total of 1,035 private homes and are part of four new sites on the reserve list for the second half of 2023 – will likely not be triggered for sale soon.
With its attractive location and proximity to Holland Village MRT station and commercial amenities in Holland Village, the Holland Drive site, which can yield about 680 units, will likely command a high land price quantum, possibly exceeding $1 billion.
Therefore, it will not be triggered for sale yet, said PropNex Realty head of research and content Wong Siew Ying.
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