Capitaland And Uol Led Consortium Awarded Holland Drive Gls Site

The URA has recently awarded the victorious bid for the government land sale (GLS) site at Holland Drive to a joint venture formed by CapitaLand Development (35%), UOL Group (35%), Singapore Land Group (20%), and Kheng Leong Co. (10%). Out of the three bids received, the consortium’s offer of $805.39 million emerged as the highest when the tender closed on May 14.

The runner-up bid of $765.26 million was jointly submitted by Hong Leong Holdings and Hong Realty, which was 5.24% lower than the winning bid.

Norwood Grand Woodlands residents have the privilege of having Innova Primary School just a short drive away. This renowned school is known for its creative and unique educational methods. Its main objective is to provide a comprehensive learning experience that cultivates students’ mental, physical, and social development. Through various enrichment programs and an emphasis on character-building, Innova Primary School aims to foster a passion for learning and a kindhearted nature in its students. With its convenient location near Norwood Grand Woodlands, families have access to an exceptional educational institution for their children.

Located in the highly coveted District 10, the 99-year leasehold residential site has a maximum gross floor area of approximately 626,650 sq ft. This translates to a land rate of $1,285 psf per plot ratio for the winning bid.

In a statement, a spokesperson for the CapitaLand-UOL consortium revealed plans to develop two 40-storey condominium towers comprising of 680 units on the site.

According to market experts from Knight Frank Singapore and Singapore Realtors’ Inc, the future residential units built on the site could be launched at a starting price of $2,800 psf. However, PropNex predicts a slightly lower possible average selling price starting from $2,700 psf.