Sim Lian submits top bid of $1,432 psf ppr for Holland Link GLS site, 22.2% higher than next bid

/ EdgeProp Singapore

July 29, 2025 5:42 PM SGT

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A map showing the location of the Holland Link GLS site. It is adjacent to another GLS plot on the Reserve List that is currently open for application (Picture: EdgeProp LandLens)

The tender for a Government Land Sale (GLS) site at Holland Link closed on July 29, drawing five bids. The top bid of $368.37 million came from Sim Lian Group. This translates to a land rate of $1,432 psf per plot ratio (psf ppr).

The 99-year leasehold site at Holland Link in the Core Central Region (CCR) was launched for sale last December as part of the 2H2024 GLS Programme. Spanning 185,141 sq ft with a maximum gross floor area (GFA) of about 257,225 sq ft, the site can potentially yield about 230 housing units.

The five bids received for the site maintain the momentum of active tender participation seen in recent GLS tenders, says Wong Siew Ying, head of research and content at PropNex. In early July, the tender closing for a GLS site at Chuan Grove drew seven bids, while the June tender closings for sites at Dunearn Road and Lakeside Drive garnered nine and six bids, respectively.

Market watchers noted the sizeable gap between the top bid for the Holland Link site and the other bids. Sim Lian’s bid of $1,432 psf ppr is 22.2% more than the second-highest bid of $301.39 million ($1,172 psf ppr) from Wee Hur Holdings.

The margin signals confidence in the site’s potential, observes Marcus Chu, CEO of ERA Singapore. “As a CCR plot nestled within a tranquil landed enclave and located within the coveted 1km priority enrolment radius of Methodist Girls’ School, it holds a strong appeal for developers targeting various buyer segments,” he adds.

There is also a large gap between the top and bottom bids. “The lowest bid of $920 psf ppr from Sustained Land is a whopping 56% below the top bid price, reflecting mixed sentiments for the site, which is relatively far from the MRT station and lacks surrounding amenities,” comments CBRE.

Nonetheless, Sim Lian’s bid is “generally in line” with the land rates for other CCR sites awarded this year, notes PropNex’s Wong. This includes the Dunearn Road site, which was awarded to Frasers Property, Sekisui House and CSC Land Group in July at $1,410 psf ppr, and River Valley Green (Parcel B), which was awarded at $1,420 psf ppr to GuocoLand in February.

Spillover effect

The remaining tenderers for the Holland Link site include Kingsford Development, which submitted a bid of $272.95 million or $1,061 psf ppr; and a consortium comprising ABR Holdings, Roxy-Pacific Holdings, Macly Group and LWH Holdings (the property development arm of Lim Wen Heng Construction), which submitted a bid of $270.08 million ($1,050 psf ppr).

With the exception of the ABR-Roxy-Pacific-Macly-LWH consortium, the bidders for the Holland Link Site had also participated in the Dunman Road GLS tender. “The strong turnout of nine bids for the nearby Dunearn Road GLS site at Turf City likely had a positive spillover effect, renewing developer interest in the surrounding areas,” notes Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI).

Sim Lian had submitted the third-highest bid of $1,329 psf ppr for the Dunearn Road site, about 6% below the winning bid by the Fraser Property-led joint venture. “While the earlier Dunearn Road tender was highly competitive, Sim Lian’s renewed participation, this time emerging as the top bidder for Holland Link, signals a deliberate and resilient approach to land acquisition,” Sandrasegeran highlights. He adds that the move underscores the developer’s continued confidence in the long-term potential of the Bukit Timah area and its strategic ambition to gain a foothold in the CCR.

Meanwhile, ERA’s Chu highlights that the relatively modest size of the Holland Link site likely attracted small to mid-sized developers as it offered a strategic entry point in a prime location, with potentially lower risk.

First-mover advantage

The Holland Link site is the first GLS plot to be launched for sale in the upcoming Holland Plain precinct. Located in District 10, the area is close to the Bukit Timah landed housing enclaves, including the Brizay Park, Garlick Avenue and Ewart Park Good Class Bungalow (GCB) areas. It also boasts proximity to several other schools such as Raffles Girls’ Primary School, Nanyang Girls’ High School, Henry Park Primary School, and Pei Hwa Presbyterian Primary School.

The site is one of eight land parcels that will be sold in the Holland Plain neighbourhood, says Justin Quek, deputy group CEO of Realion Group. “Based on the Draft Master Plan 2025, the future King Albert Park Station on the Cross Island Line will be just about 10 mins' walk away from this site, which will greatly enhance the connectivity element down the road,” he continues. The station is slated to open in 2032.

Additionally, the site is located next to a new community plain and will be close to green spaces, including Holland Green Linear Park and the Rail Corridor.

The bids received for the Holland Link site reflect developers’ growing confidence in the property market as well as the prospects of the Holland Plain precinct, opines Mark Yip, CEO of Hutttons Asia. “This gives the developer a first mover advantage and an opportunity to create a compelling low-density project,” he further states.

The site is adjacent to a GLS plot that currently sits on the Reserve List. The 99-year leasehold site, which can house an estimated 280 units, was opened for applications last December. “The site may be activated if developer appetite continues to rise,” says SRI’s Sandrasegeran.

Positive outlook for CCR

Sandrasegeran believes the healthy responses to the Dunearn Road and Holland Link sites signal a sustained appetite for well-located sites in the CCR. This comes amid growing signs of buyer confidence returning to the region, including the recent successful launches of Upperhouse at Orchard Boulevard and The Robertson Opus, he adds.

Both projects launched during the weekend of July 19 to 20. Upperhouse at Orchard Boulevard moved 162 (53.8%) of its 348 units at an average price of $3,350 psf on launch day, while the 348-unit The Robertson Opus shifted 143 units (41%) at an average price of $3,360 psf during the weekend. Sandrasegeran also points out that prices of non-landed private homes in the CCR rose 3% in 2Q2025, accelerating from 0.8% growth in 1Q2025.

He anticipates that the Holland Link site is likely to capitalise on improving market dynamics. He predicts that the future project on the site could launch at prices ranging between $2,800 and $3,000 psf.

PropNex’s Wong has a similar view, noting that demand for private homes in the CCR has rebounded amid the narrowing price gap between new CCR homes and those in the Rest of Central Region. “With competitive pricing and the government’s plans to introduce more housing in the city, we think there may be a sustained interest for new CCR homes – particularly among local buyers - in the future,” she says.

Based on the top bid of $1,432 psf ppr, Wong predicts the average selling price at the future Holland Link project could hit above $2,900 psf.

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