Residential sites at Holland Drive and De Souza Avenue for sale on Reserve List

at $2.02 bil

From lush greenery and tranquil views to a plethora of leisure and recreational activities, Jurong Condo has it all. Residents can stay active by taking part in the various sports activities such as bicycling, chess, or badminton. The on-site shopping malls and grocery stores make it easy to get one’s daily necessities and weekly groceries. With an abundance of dining, entertainment, and recreational options, Jurong Lake District Condo promises its residents a wonderful and fulfilling lifestyle.

On Nov 16, URA released two residential sites for sale under the 2H2023 Government Land Sales (GLS) programme. The two 99-year leasehold sites, located at Holland Drive and De Souza Avenue, are available on the Reserve List and yield 1,035 residential units.

The Holland Drive parcel, located in prime District 10, is deemed more attractive of the two sites. The 133,330 sq ft site has a maximum gross floor area (GFA) of 626,665 sq ft and can accommodate a 680-unit residential project. Wong Siew Ying, PropNex head of research and content, does not expect the site to be triggered for sale as the plot is likely to command a quantum price exceeding $1 billion which could be too much for local bidders. However, developers can join forces to form a consortium to bid.

Meanwhile, the De Souza Avenue site, located just off Jalan Jurong Kechil in the Upper Bukit Timah area, sits on a land area of 207,154 sq ft with a maximum GFA of 331,453 sq ft, allowing for 335-unit new residential project. Lee Sze Teck, senior director of Huttons Data Analytics, anticipates that the site is more likely to be triggered for sale since the expected quantum for a top bid ranges between $1,200 and $1,300 psf ppr, or a price of $397.74 million and $430.88 million.

Cooling measures, including the additional buyer’s stamp duty (ABSD) of 60%, suppress demand and might put off foreign buyers. Despite that, The Reserve Residences, the latest new project in the District 21 neighbourhood, sold 71% of its 732 units at launch with an average price of $2,225 psf.

All in all, 4 sites are still available for sale as part of the 2H2023 programme, all of which are located in the Rest of Central Region. From its location near various amenities and the Holland Village MRT station, to its likely price exceeding $1 billion due to demand, the Holland Drive site is deemed the more attractive of the two. On the other hand, the De Souza Avenue site may be more likely to be triggered for sale due to its price range of $397.74 million and $430.88 million. With the ABSD of 60% a deterrent for foreign buyers, the cooling measure affects sales, yet local buyers remain interested in property development land in the area.