URA releases two prime condo sites at Holland Plain, River Valley for sale

SINGAPORE – The Urban Redevelopment Authority (URA) on Feb 25 released two prime residential sites located in the core central region (CCR) – one in Holland Plain and another in Morrison Lane in the Robertson Quay area – for sale under the government land sales (GLS) programme for the first half of 2026.

With new projects in the CCR selling well over the past year, analysts expect to see four to six bids for the site in Holland Plain. The Morrison Lane site in River Valley, which is being released from the reserve list, is also likely to be triggered for sale.

Reserve list sites will be tendered on application with a minimum offer acceptable to the Government.

The land parcel in Holland Plain, next to a Holland Link plot sold in 2025, can yield 280 private homes on a site spanning 15,716.9 sq m. The parcel has a maximum gross floor area (GFA) of 28,291 sq m, with a gross plot ratio of 1.8 and maximum building height of up to six to eight storeys.

Near the Brizay Park Good Class Bungalow Area, the relatively low-rise 99-year leasehold project will be part of the new 34ha Holland Plain residential precinct, within the Bukit Timah Planning Area.

The site could see a top bid in the range of $1,350 to S$1,450 per square foot per plot ratio (psf ppr), analysts estimated, in line with the benchmark set by the July 2025 tender of an adjacent Holland Link site.

The Holland Link parcel had five bids, with Sim Lian clinching the site with its offer of $368.4 million or $1,432 psf ppr.

With the second site in the Holland Plain precinct, said Mogul.sg chief research officer Nicholas Mak, the developer could benefit from a first-mover advantage “without overpaying for this site”.

The site’s relatively modest size also reduces capital exposure, making it attractive to small and mid-sized developers seeking a “controlled-risk entry” into the CCR, said ERA chief executive Marcus Chu.

Pointing to upgrader demand, he said there are 2,405 public housing flats in the Queenstown area that will reach their minimum occupation period in 2026. “With 173 million-dollar Housing and Development Board transactions recorded last year – the third-highest nationally – liquidity in the area remains robust.”

Demand could also come from owners of landed homes in Bukit Timah, he said, where median resale prices averaged around $7.5 million in 2025. “These home owners possess both the equity and financial flexibility to transition into new private developments within the same district.”

Still, Mr Chu expects bidding to stay disciplined given the potential release of up to six other plots within the new Holland Plain precinct.

There is also ample land supply in the pipeline, with another three CCR sites with “superior locational attributes” under the H1 2026 GLS programme, said Mr Mak. These include a Dunearn Road site to be tendered in April, which is closer to an MRT station and retail mall.

He noted that the Holland Plain site is the first to be released in 2026, with another eight GLS land parcels slated to be launched over the next four months. “Hence, developers could cast a low ball in the Holland Plain tender and conserve their resources for other more attractive sites.”

‘Bite-sized opportunity’

The other land parcel in Morrison Lane, near Robertson Quay, is slated to house 205 units. If triggered by a developer and sold, the site would produce the fifth new private condo project to be marketed in the River Valley area in under eight months.

Since Frasers Property and Sekisui House launched their 999-year leasehold Robertson Opus in July 2025, four 99-year leasehold projects have come to market: Wing Tai’s River Green, Allgreen Properties’ Promenade Peak, City Developments Limited’s (CDL) Zyon Grand and GuocoLand’s River Modern.

The Morrison Lane plot is zoned for residential use with commercial at the first storey, on a 6,669.8 sq m site. Maximum GFA is set at 18,676 sq m, with at least 500 sq m for a childcare centre and 500 to 1,000 sq m of commercial space.

Based on a gross plot ratio of 2.8, the development can be built up to 15 storeys, with a low-rise zone restricted to a four-storey limit.

The site could be triggered for sale, especially as confidence in the CCR strengthens, said Huttons Asia CEO Mark Yip.

For instance, demand for CCR homes rose to its highest level in four years in 2025.

The first CCR project of 2026, CDL’s Newport Residences, sold more than half of its 246 units at an average price of $3,370 psf during its launch weekend in February.

Developers seeking to replenish their land bank in the CCR, particularly after witnessing the strong take-up rates in the area, could be drawn to the site, said Mr Chu.

Mr Yip said the successful bid may range between $1,400 and $1,500 psf ppr, translating to a “bite-size” quantum of around $300 million. THE BUSINESS TIMES