Two GLS sites, namely Holland Drive and De Souza Avenue in Upper Bukit Timah, have been included in the reserve list for the second half of 2023. Despite this, analysts express doubt about immediate developer interest. These reserve-list sites, which need an application before tender, may not see bids until developers specify an acceptable minimum price.
Both sites, with the potential for 1,035 private homes, are likely to stay dormant for now. The Holland Drive site, offering approximately 680 units, possesses a prime location near Holland Village MRT and commercial hubs, potentially commanding a land price exceeding $1 billion. Analysts foresee challenges in attracting bids, especially from foreigners due to cooling measures.
Similarly, the De Souza Avenue site, with 355 homes, faces delays as it lacks proximity to an MRT station. Analysts suggest other nearby projects are better-located. Despite a low probability of tender activation in the next six months, recent GLS tenders show continued developer interest. Analysts emphasize the need for prudence in placing high-end and mid-tier GLS residential sites on the reserve list, preparing for a potential surge in housing demand.