The First Piece of Holland Plain: Sim Lian’s $368M Bet on a New Bukit Timah Enclave
The Holland Link Government Land Sale site was awarded by URA on 7 August 2025 to Sim Lian Land Pte Ltd and Sim Lian Development Pte Ltd for S$368,368,368. The parcel is a 99-year leasehold residential site with a site area of 17,069 sq m and a maximum permissible GFA of 23,897 sq m, which translates to an official S$15,414.84 per sq m of GFA. Converted into square feet, that works out to about S$1,432.09 psf ppr. The tender attracted five bids, with Sim Lian emerging as the clear frontrunner.
That land rate is important because Holland Link is not just another Bukit Timah parcel. It is the first GLS site to be launched and awarded within URA’s new Holland Plain precinct, a 34-hectare future private residential area planned around parks, “green fingers,” broad pedestrian and cycling paths, and low- to mid-rise buildings near King Albert Park MRT, the Rail Corridor, and the Bukit Timah First Diversion Canal. URA has since launched another site at Holland Plain in February 2026, confirming that Holland Link is indeed the opening move in a larger residential build-out of the area.
On pricing, the cleanest conclusion from the available evidence is this: a plausible average launch range for the future Holland Link condominium is around S$2,900 to S$3,050 psf, with a broader envelope of roughly S$2,800 to S$3,100 psf depending on unit mix, launch timing, and market conditions. That range is consistent with CBRE’s estimate of S$2,950–3,050 psf, EdgeProp’s reported analyst view of S$2,800–3,000 psf, and a PropNex-linked forecast that the project could average above S$2,900 psf.
Why Holland Link matters
URA’s Holland Plain concept frames the area as a future private residential precinct in an established landed neighbourhood, about a 10- to 15-minute walk to King Albert Park MRT, on the doorstep of the Rail Corridor and the Bukit Timah First Diversion Canal. The planning intent is unusually explicit: two new parks, “green fingers” between developments, 3.5m-wide paths for pedestrians and cyclists, and buildings that stay low- to mid-rise so the new neighbourhood remains compatible with the surrounding landed areas. In other words, Holland Link is not simply being sold as a condo site; it is being positioned as the first piece of a deliberately greener, lower-density residential quarter.
That broader planning story matters for demand. Buyers are not just buying a single address along Holland Link; they are effectively buying into the opening phase of a new private residential enclave. URA’s subsequent 2026 Holland Plain tender reinforces the point. That second parcel has a site area of 15,716.9 sq m, a maximum GFA of 28,291 sq m, 6–8 storeys, and an estimated 280 units, indicating that the pipeline around Holland Link is staged and ongoing. The implication is that Holland Link should enjoy a first-mover advantage within the precinct, even before the wider Holland Plain build-out is completed.
Transport is another medium-term support rather than an immediate one. URA already positions Holland Plain around King Albert Park MRT, and LTA has confirmed that Cross Island Line Phase 2 will make King Albert Park an interchange station with the Downtown Line, with CRL2 targeted for completion in 2032. That does not instantly solve today’s amenity gap, but it materially strengthens the long-term case for the precinct.
The Land Cost Math
The calculation is straightforward. Using the tender price of S$368,368,368 and a maximum permissible GFA of 23,897 sq m, the GFA converts to approximately 257,224.9 sq ft. Dividing the land cost by this figure gives a land rate of about S$1,432.09 psf ppr, which corresponds to URA’s stated S$15,414.84 per sq m of GFA.
Using URA’s site area and GFA, the parcel’s effective plot ratio comes in at about 1.4. The site area itself converts to 183,729 sq ft, and URA’s original 2H2024 land-parcel annex shows an estimated 230 units, with the actual dwelling-unit cap set at 233 to manage traffic demand. The same annex also states that a minimum 500 sq m of GFA for a childcare centre is stipulated for Holland Link. That combination of 1.4 plot ratio, 6-storey height, and a modest unit cap is exactly why this site reads as the lower-density front edge of Holland Plain’s rollout.
The comparison with Dunearn Road is especially useful because both sites sit within the same broad Bukit Timah catchment and, crucially, both fall under Singapore’s post-harmonisation floor-area rules. URA’s 2022 circular states that the revised harmonised floor-area definitions apply to all GLS sites launched on or after 1 September 2022. Holland Link was launched on 3 December 2024, and Dunearn Road on 8 April 2025, so both are harmonised-era sites. In the award sequence, Dunearn Road was awarded first on 3 July 2025 at about S$1,410 psf ppr, and Holland Link followed on 7 August 2025 at about S$1,432 psf ppr. That makes the PSF PPR comparison meaningfully more like-for-like than comparisons against older pre-harmonisation GLS deals.
CBRE’s commentary on the tender is also helpful here: it noted that Holland Link’s S$1,432 psf ppr was 1.6% above the arguably better-located Dunearn Road site and 11.4% above the 2024 Holland Drive GLS parcel, even though Holland Link is farther from the MRT and lighter on surrounding amenities today. That is why the land result felt bold to the market: the bid was not cheap, and Sim Lian clearly paid for both scarcity and the precinct’s longer-term upside.
What pricing the market should expect
Analyst estimates are already clustering within a relatively narrow band. CBRE projects that, based on the top bid of S$1,432 psf ppr, the development could launch at an average of S$2,950 to S$3,050 psf. EdgeProp cites a slightly more conservative view of S$2,800 to S$3,000 psf, while PropNex research suggests the average could exceed S$2,900 psf. With multiple agencies converging so closely, the range itself becomes more instructive than any single figure. In effect, the market is signalling that Holland Link is likely to be positioned in the high-S$2,000S to low-S$3,000S psf range, rather than the mid-S$2,000s.
Nearby benchmarks support that view, but they also explain why Holland Link is unlikely to command an Orchard-tier or Holland Village-fronting premium. CBRE found that nearby resale projects within about 1km traded at median prices from S$2,140 psf to S$2,862 psf, while the newest nearby 99-year benchmark, Fourth Avenue Residences, recorded a median of S$2,540 psf in 2024 through July 2025. That gives Holland Link a credible resale reference band—but not a justification for runaway pricing.
The more aggressive upside benchmark is Skye at Holland. The nearby Holland Drive GLS parcel was awarded in May 2024 at S$1,285 psf ppr, and the eventual project, Skye at Holland, launched from S$2,598 psf and sold 658 of 666 units on launch day at an average S$2,953 psf. Holland Link’s land rate is higher than Holland Drive’s, which would normally point to a higher end-price requirement. But Skye at Holland is also much stronger on immediate convenience: it sits beside One Holland Village and within a short walk of Holland Village MRT. So the fairest inference is that Holland Link can sit around Skye’s average or modestly above it, but not because the locations are identical—they plainly are not.
The macro backdrop also points toward firm, but not reckless, pricing. URA’s latest official quarterly data shows overall private residential prices rose 0.9% in 1Q 2026, with CCR non-landed prices up 0.6%, while the overall private-housing pipeline remains large at about 55,800 units. At the same time, BCA says 2026 construction demand should stay elevated at S$47–53 billion, and Turner & Townsend data indicates construction cost inflation in Singapore is expected to rise another 5% in 2026. So developers still face real cost pressure, but they are also launching into a market with substantial future supply. That combination usually rewards disciplined, carefully segmented pricing rather than overreach.
Holland Link: A Defining Price Test for Holland Plain’s Next Chapter
Based on our analysis of the available data, a reasonable working estimate points to an average launch price of S$2,900 to S$3,050 psf. As is typical in recent launches, Sim Lian may introduce smaller unit types to anchor a more attractive “from” price—similar to the pricing strategy observed at Skye at Holland, where entry prices were set below the eventual project average. This would allow select stacks to be priced more accessibly, even if the overall development averages within that broader range. That said, this is an inference based on prevailing market practice rather than any confirmed guidance from the developer.
More importantly, Holland Link should be viewed not as a standalone project, but as a benchmark-setting development for the wider Holland Plain precinct. If executed well—with a strong family-oriented unit mix, quality landscaping, and a clear “green precinct” narrative—the project has the potential to do more than achieve sales; it can define the initial pricing framework for subsequent launches in the area. As one of the earlier harmonised GLS sites in the Bukit Timah/Holland corridor, its eventual pricing will inevitably be compared against Dunearn Road and future Holland Plain parcels. In that sense, this is more than just another land tender outcome—it represents the market’s first real gauge of how buyers will value the next phase of Bukit Timah’s evolution.
Disclaimer: This article is intended for informational and analytical purposes only and does not constitute financial advice. All projections are derived from analyst estimates, inferred pricing, and comparable benchmarks, based on current indicative data. Actual outcomes may vary depending on construction costs, project timelines, and prevailing market conditions.
Article contributed by Jerry Wong.
Jerry Wong is a realtor at Propnex Realty, bringing a rich background in interior and lighting design to his work. He loves exploring diverse spaces and observing the transformative power of real estate. Beyond his professional role, Jerry finds his greatest fulfillment in connecting people with the right properties, gaining immense satisfaction from helping clients achieve their dreams.
