Property Developer Sim Lian Group was the only party to submit a bid for a second government land sale (GLS) site on Holland Plain at the close of the tender on May 7. The site could yield up to 280 new private homes.
The company put in the sole bid of $454 million for the 169,175 sq ft site, which is located off Old Holland Road in prime District 10. The bid price translates to $1,491 psf per plot ratio (ppr).
This is the second time that Sim Lian has participated in a GLS tender for a site on Holland Plain. Last year, it won the first plot that was released by the government. Assuming it manages to clinch the latest plot, it would be behind the first two new luxury condos in this new private residential neighbourhood.
It would be an advantageous position for the developer to shape the development profile of the new condos in this planned private residential precinct, as well as set the price benchmark for the string of luxury condos that are expected to launch there.
The close of the tender surprised some market watchers like Marcus Chu, CEO of ERA Singapore. “The tepid response of a lone bidder is somewhat surprising, given the healthy interest previously shown for the Holland Link (GLS) site and the broader optimism surrounding the core central region (CCR) market in 1Q2026,” he says.
New CCR projects which have launched so far this year have recorded robust sales, reflecting sustained demand for city-centre homes. These projects include the 246-unit Newport Residences and the 455-unit River Modern.
Newport Residences has sold more than two-thirds of its total units, while River Modern has moved over 90% of its units less than two months after its launch. Moreover, developers sold 697 new private homes in the CCR in 1Q2026, marking a significant jump from the 192 units sold in 1Q2025.
“In this light, the single bid (for the Holland Plain GLS site) may reflect the perceived risk associated with the site, particularly its location within a new and untested precinct. This caution also aligns with a shift in developer preference towards sites with proven demand and established price benchmarks,” says Chu.
The government has not awarded GLS sites in the past
The close of the tender today, and Sim Lian’s sole bid, does not mean that the government will automatically award the site to the developer. Although rare, the government has previously chosen not to award a GLS site for different reasons.
For example, a consortium of developers led by GuocoLand was not awarded a GLS site at Marina Gardens Crescent two years ago, after the government deemed that the bid price was ‘too low’. The white site in Marina South, which was zoned for a residential and commercial development, attracted a $770.5 million ($984 psf ppr) bid when it closed in January 2024.
In October 2024, the government rejected a $120.09 million bid by a Frasers Property-led consortium for a GLs site at Media Circle, even though it was the only bidder. At the time, the site was the first development plot launched that was fully zoned for long-stay serviced apartments. This was also not awarded as the government deemed the bid price too low.
Similarly, the tender for a master developer site in Jurong East, in the new Jurong Lake District, was not awarded when it closed in September 2024. Back then, the only bid came from a joint-venture of heavy-weight developers comprising CapitaLand Group, City Developments Ltd (CDL), Frasers Property, Mitsubishi Estate. and Mitsui Fudosan.
The shortlisted concept, at the tendered price of $640 psf ppr for the 6.5ha master developer site was also assessed to be too low.
Some market watchers like Mohan Sandrasegeran, head of research & data analytics at SRI, say that muted response from developers for the latest Holland Plain GLS site should not be interpreted negatively.
“In the current market environment, developers are becoming increasingly selective and disciplined in capital deployment, particularly in areas where future supply visibility has increased progressively across the Holland Plain and Turf City precincts,” he says.
He opines that the single bid may also reflect a more calibrated bidding environment, characterised by financing considerations and the growing pipeline of future GLS supply expected to be introduced progressively over the coming years.
A new private residential precinct near MGS
Unlike today’s tender, the first GLS site on Holland Plain was hotly contested and attracted five bids when the tender closed in July 2025. The site was awarded to Sim Lian Group after it put in the top bid of $368.37 million ($1,423 psf ppr).
This underdeveloped pocket in Bukit Timah has been earmarked as a future private residential precinct in this part of Bukit Timah. The new precinct is also bounded by Methodist Girls’ School (MGS) and the Brizay Park Good Class Bungalow (GCB) area, as well as the Holland Green Linear Park and the Greenleaf landed housing estate.
In the latest Master Plan, it highlights that future developments in this precinct will be limited to low- and mid-rise buildings to be compatible with the nearby landed housing areas. The latest GLS site on Holland Plain has a maximum height limit of six-stories, although the new development may have an eight-storey block at the northwest corner of the site facing the future community plain.
The master plan concept for the Holland Plain precinct also leans into the area’s proximity and connectivity to several parks and green spaces like the 24km Rail Corridor. Two new public parks will also be developed: a wetland park and a community plain.
The 34ha master planned precinct capitalises on its proximity to King Albert Park MRT station on the Downtown Line (DTL), which is about a 15 minute walk away. This MRT station will turn into an interchange connecting the DTL and the future Cross Island Line.
That the land rate for the Holland Plain site is firmer than that of the adjacent Holland Link plot suggests that Sim Lian remains optimistic on the long-term prospects of the Holland Plain precinct, says Wong Siew Ying, head of research and content at Propex Realty.
She points out that that the land rate of $1,491 psf ppr is relatively attractive for a CCR site, seeing that a nearby Dunearn Road GLS plot was recently sold for $1,625 psf ppr, while another in Bukit Timah Road fetched $1,820 psf ppr in November 2025.
Recent GLS site tenders near Holland Plain plot
| Project / Site | Tender close date | Number of bids | Land rate ($PSF PPR) |
| Dunearn Road (Dunearn House) | 26-Jun-25 | 9 | $1,410 |
| Holland Link (Amberwood at Holland) | 29-Jul-25 | 5 | $1,432 |
| Dunearn Road | 28-Apr-26 | 6 | $1,625 |
| Holland Plain | 07-May-26 | 1 | $1,491 |
The development of the Holland Plain precinct into a new private residential neighbourhood echoes the government’s ongoing efforts at Lentor Hills, which has transformed from a landed enclave into a private residential precinct with eight new high-rise condos.
The first development there, the integrated Lentor Modern, was completed earlier this year. The other new projects in Lentor Hills which have launched for sale to date include Lentor Hills Residences, Hillock Green, Lentoria, Lentor Mansion, and Lentor Central Residences.
The next new project, Lentor Gardens Residences by Kingsford Development, is expected to launch in 3Q2026.
More new homes for Bukit Timah at Turf City
Turning back to Holland Plain and the Bukit Timah area. This is not the only pocket in this prime district that will see significant development.
The new Bukit Timah Turf City is less than 1km away on Dunearn Road. That new residential estate will eventually comprise 20,000 public and private homes, and incorporate several heritage buildings
The first two private development sites in Bukit Timah Turf City have been awarded. The first plot was awarded to a consortium of developers comprising Frasers Property, CSC Land Group, and Sekisui House.
They had submitted the top bid of $491.45 million ($1,410 psf ppr) when the tender closed in June 2025.
The next site was recently awarded to a joint-venture (JV) between Wing Tai Holdings and Metro Holdings. The developers submitted the winning bid of $533 million ($1,625 psf ppr) when the tender closed on April 28. The JV partners have since shared that they intend to develop a new luxury 330-unit condo with a ground floor commercial podium.
This marks Metro’s re-entry into the Singapore residential market. Previously, Wing Tai and Metro teamed up to develop The Crest, a 469-unit condo on Prince Charles Crescent which was completed in 2017.
Are over-supply concerns overblown?
However, with all of these new developments situated in a relatively small area and a steady pipeline of new projects on the way, could the primary market in District 10 eventually face a situation of over-supply?
Based on developer sales data, the number of uncompleted unsold units in the CCR moderated slightly from 5,600 units in 4Q2025 to 5,487 units in 1Q2026. Sandrasegeran of SRI says that it indicates that existing inventory from past launches continues to be gradually absorbed, suggesting that underlying demand remains intact.
“While recent GLS tenders point to a more visible pipeline of upcoming launches, these projects will only come on stream progressively. In the near term, current unsold stock levels remain manageable, and the pace of absorption suggests that the market is not facing immediate supply pressure,” he says.
On the other hand, the underlying demand fundamentals appear conducive to supporting upgrader interest for future private residential projects in Holland Plain, says Chu of ERA.
He points out that in nearby Queenstown, 2,405 flats will reach their Minimum Occupation Period (MOP) this year, potentially offering a ready-upgrader pool for new launches.
Moreover, with 173 million-dollar HDB transactions recorded in 2025 – the third-highest nationally – upgraders living in Queenstown should have adequate liquidity to transition into the private market.
Another potential catchment of buyers for the new projects in Holland Plain are landed homeowners in Bukit Timah looking to right-size, says Chu. “With median resale prices for landed homes in the area at $7.5 million last year, these owners are well-positioned to purchase new private condominiums nearby”.
Developers are adopting a more disciplined approach to assess sites
While the brunt of the global macroeconomic volatility arising from the US-Iran war and the shocks to international energy markets has not been fully felt in Singapore’s real estate market, it is certainly at the top of developer’s checklist of risks.
“Developers could be more selective in deploying capital amid uncertainties arising from the ongoing Middle East conflict, which has led to higher energy prices and market volatility,” says Wong of PropNex.
If elevated oil prices persist, it may fuel broader inflationary pressures and potentially lead central banks to keep interest rates higher for longer, or tighten monetary policy further, which could in turn raise financing cost, she says.
In turn, this may influence how stringent developers start assessing sites and site-specific considerations, says Chu, adding that greater selectivity is becoming more evident.
“Developers are placing greater weight on sites with strong location fundamentals and clearer demand drivers, rather than pursuing land-banking opportunities across the board,” he says.
This more disciplined approach is likely to continue, especially as the supply pipeline expands and competition among new condominium launches intensifies.
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