Holland Drive GLS site draws top bid of $805m

Group led by UOL, CapitaLand Development plans two 40-storey condo towers if awarded tender

- Grace Leong

The first state land tender for a prime 99-year leasehold site in Holland Drive since 2018 attracted three bids on May 14, with a top bid of $805.4 million cast by a consortium led by UOL Group and CapitaLand Development.

If awarded the tender, the consortium plans to develop two 40storey condominium towers on the District 10 site, which can yield 680 units and is next to the One Holland Village mixed-use development, a spokesman said.

The consortium, Holly Development, comprises CapitaLand Development (35 per cent), UOL (35 per cent), Singapore Land (20 percent) and Kheng Leong (10 per cent). Its bid works out to a land rate of $1,285 per sq ft per plot ratio (psf ppr).

GuocoLand and two entities of Hong Leong Group Singapore Intrepid Investments and Hong Realty came in second with a bid of $765.3 million, or $1,221 psf ppr.

Japura Development, an entity linked to Hong Kong billionaire Li Ka Shing's CK Asset Holdings, came in third with its $632 million bid.

"With the top bid being just 5.2 per cent above the second bid, this shows that despite the challenging environment, there are parties with resources still contesting for sites with good attributes," said Knight Frank Singapore's head of research Leonard Tay.