Prime Holland Plain site draws just one bid from Sim Lian at S$454 million or S$1,491 psf ppr

[SINGAPORE] A state land site for a 280-unit low-rise project in the prime Holland Road area fetched just one bid on Thursday (May 7).

The sole offer of S$454 million or S$1,490.86 per square foot per plot ratio (psf ppr) was from Sim Lian.

The lacklustre turnout was a far cry from that of an adjacent Holland Link site, which drew five bids and a top offer of S$1,432 psf ppr from Sim Lian in July 2025.

Not far from the two plots, a Dunearn Road parcel garnered six bids when its tender closed on Apr 28, with the highest from Wing Tai and Metro’s Metrobilt Construction at S$1,625 psf ppr. 

Market watchers polled ahead of the tender closing on Thursday had expected up to eight bidders. 

Expectations for the top offer ranged between S$1,350 and S$1,560 psf ppr for the site, which is set to house a six-to-eight storey condominium near the Brizay Park Good Class Bungalow (GCB) Area. 

Wong Siew Ying, PropNex head of research and content, said Sim Lian was likely “motivated to defend their position and strengthen their foothold” in the new Holland Plain precinct, having already secured the neighbouring Holland Link site. 

Part of the Bukit Timah Planning Area, the upcoming housing estate is projected to yield up to 2,500 new units. The latest Holland Plain parcel is the second of eight residential sites to be launched in the neighbourhood. 

Given the land rate of S$1,491 psf ppr, Wong expects the average selling price for the future development to exceed $3,000 psf. 

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Huttons Asia chief executive Mark Yip said that Sim Lian could benefit from economies of scale in developing the two adjacent Holland Road projects, while also being better positioned to manage risks and pricing in the area. 

In a similar situation, Sing Holdings secured in-principle approval to amalgamate two adjacent land parcels in Chuan Grove, which it acquired in 2025 in a joint venture with Sunway MCL. It plans to build a large-scale residential development with 1,055 units on the combined sites.

GuocoLand also sealed its dominance in the new Lentor Hills neighbourhood, Yip noted, by strategically acquiring most of the government land sales (GLS) sites in the area and cementing itself as the “King of Lentor Hills”. 

Wong pointed out that Sim Lian’s bid of S$1,491 psf ppr was a notch higher than the S$1,432 psf ppr it had paid for the earlier Holland Link site, suggesting optimism over the precinct’s long-term prospects. 

The land rate is “relatively attractive” compared to other sites in the Core Central Region (CCR), such as the Dunearn Road plot that was recently awarded at S$1,625 psf ppr and another in Bukit Timah Road that fetched S$1,820 psf ppr in November 2025.

Muted participation

Mohan Sandrasegeran, head of research and data analytics at SRI, attributed the tepid interest in the Holland Plain parcel to a more “calibrated bidding environment”, with developers becoming increasingly selective and disciplined when deploying capital.

This is especially so for areas where “future supply visibility has increased”, such as the Holland Plain and Turf City precincts, which have seen multiple new sites in a relatively short period, he said. 

Wong noted that there are also broader macroeconomic uncertainties stemming from the ongoing Middle East conflict, which has pushed up energy prices.

“Should 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 costs.”

Tricia Song, CBRE research head for South-east Asia, said that selectiveness “would be more obvious on sites with less attractive attributes”, such as being farther from an MRT station or where there is “abundant competitive supply”.

In this instance, the Holland Plain parcel is in a new neighbourhood with few amenities and is around 800 m to 1 km away from King Albert Park MRT station. 

More attractive Dunearn Road GLS sites closer to MRT stations, as well as other CCR plots available – such as at Peck Hay Road in Newton and River Valley Green (Parcel C) – may have also siphoned some demand away from the Holland Plain site.  

Nicholas Mak, chief research officer at Mogul.sg, pointed out that the CCR as a whole is expected to see 1,285 new private homes in the coming year, built on previously sold GLS sites. “Hence, developers are avoiding a crowded field to seek out greener pastures.”

Nonetheless, ERA Singapore CEO Marcus Chu anticipates firm buyer demand at the future Holland Plain project, supported by public housing upgraders in the area and landed homeowners looking to rightsize. 

In the nearby Queenstown estate, 2,405 flats will reach their minimum occupation period in 2026.

“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,” said Chu. 

Unsold inventory in the CCR also remains relatively low, at around 5,487 units as at end-Q1 – the lowest level since Q2 2023, when stock stood at 5,299 units. 

Located near the Brizay Park GCB Area, the Holland Plain site spans 15,716.9 sq m with a maximum gross floor area of 28,291 sq m and a gross plot ratio of 1.8.

Caveats data showed that the median price of non-landed private homes in the same postal sector was S$2,149 in the year thus far. Most recently, in late April, a 1,744 sq ft unit at the 999-year leasehold Ridgewood condominium was sold at S$3.2 million or S$1,835 psf. 

Song noted that most projects within a 1 km radius of the Holland Plain site are freehold developments. These include Maplewoods, The Cascadia, The Nexus and The Tessarina, units in which have transacted at median prices ranging from S$2,154 psf to S$2,280 psf in the year to date.