De Souza Avenue is another site that can provide 355 new housing units, but some analysts don’t think it will be built soon as it isn’t near an MRT Station.

Analysts point out there are other nearby new launch sites that are better located, like the Bukit Timah GLS project near Beauty World, or Hillhaven in Hillview Rise near Hillview Station.

The Jalan Jurong Kichil site, on which the Verdale with 258 units is currently located, was awarded the last GLS Residential plot in the vicinity. This plot was sold in September 2018 for $215million, or $1,002psfppr.

De Souza may still be up for sale, despite the low price. This is because there are few new developments in this area.

Analysts are of the opinion that neither site, which has the potential to yield a total 1,035 residential units and is part of four sites included in the reserve list for 2023’s second half, will be sold soon.

Holland Drive is a site that can yield 680 apartments. Due to its proximity to Holland Village’s MRT station, as well as the commercial amenities, it will likely command a price tag of over $1 billion.

The property will not yet be listed for sale. Experts believe the potential $1 billion bid price for Holland Drive, which has over 600,000.00 sq ft gross floor area could put most bidders off, except for consortiums.

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If triggered by the bidder, this site may receive a high bid of $1,200-$1,300 psf/ppr. That’s between $397.74-$430.88 million.

Two other sites added to 2023’s second-half reserve list, apart from Holland Drive and De Souza Avenue are a 560-unit executive condo plot in Tampines Street 95 and a 605-unit parcel of Zion Road (Parcel A), covering 0.92ha.

In order to meet the needs of the locals, unit size, mix and quantity must be adjusted to better suit the cooling measures.

In the second half, 2023, the GLS reserves two sites at Holland Drive (in Upper Bukit Timah) and De Souza Avenue (in Holland Drive), both in Upper Bukit Timah.

Most analysts think that the developers are unlikely ever to be interested in a new project.

Reserve-list site applications are open. They will be made available only after a developer has submitted a bid that the Government accepts.

Most people think that it is unlikely that these four sites will be put to tender during the next 6 months. They believe this because there are plenty of options on the confirmed lists, and also a dearth of desirable suburban sites.

Recent GLS auctions have shown that developers continue to be very interested in acquiring land.