Huttons’ comments on Holland Road and De Souza Avenue reserve sites

2023年11月16日

The Holland Road GLS reserve site is near Holland Village. It is near to a mixed-use development, One Holland Village Residences and One Holland Village. All the shops at One Holland Village are fully leased and will open to the public in Dec. There are also plenty of amenities in the Holland Village. The Holland Village mrt station is a short walk away. Henry Park Primary School is in the vicinity.

With cooling measures crimping demand from foreigners, the unit mix, size and quantum will have to cater more towards the local market. The large site with more than 600,000 sq ft gross floor area will potentially translate into a bid price of more than $1 billion. This huge quantum may put off bidders unless they are consortiums and it is unlikely that the site will be triggered for sale.

The De Souza Avenue reserve site is very close to the Bukit Batok Nature Park and Bukit Timah Nature Reserve. There is no new project and existing projects in the vicinity are fully sold. There will be an upcoming project at Bukit Timah Link. It is very close to Beauty World transformation and Beauty World mrt station. Pei Hwa Presbyterian Primary School is nearby as well.

There is a slight possibility that it will be triggered for sale as the quantum may be below $500 million and there is limited new supply in the vicinity. If triggered for sale, it may attract between 1 and 3 bidders and a top bid between $1,200 and $1,300 psf ppr. This may translate to between $397.74 million and $430.88 million.