A new retail centre will also be up and running early next year. Developed by Raffles Medical Group, the five-storey medical centre and shopping mall called Raffles Holland V will have almost 49,000 square feet of space for retail stores and F&B outlets. Another 9,000 square feet will be set aside for medical facilities, while the remaining 4,500 square feet will be leased by DBS.
Raffles Medical’s spokesperson said the management is in process of evaluating and firming up selection of other tenants. The complex is scheduled to open for business by March next year.
Across the road, plans are underway to re-develop the distinctive Holland Road Shopping Mall, known by some as the Windmill building. The mall has been closed since August and owner Eng Tiong Realty hopes to tear it down in the next few months to build a new one.
A spokesperson from Eng Tiong, which also owns several shop houses in the Holland Village area, said it is important for small players to innovate and keep pace with changing demand: “(We should also) be prepared when the new mixed development in Holland Village opens in the near future,” he said.
But the key development to watch will be the new Holland Village extension, which will be located behind existing shop houses. The Urban Redevelopment Authority (URA) recently provided more details about how it hopes to see the site developed.
Property consultancy CBRE said that although the property market remains weak, developers are likely to show a keen interest.
“I think interest will be high given that there’s a cut back in good plots of land going forward,” said Mr Desmond Sim, head of research for Southeast Asia at CBRE. “Interest for any plot of land in the GLS (Government Land Sales) will (also) always be high because there are a lot of developers out there keen to replenish or shore up their land bank.”
According to URA, the 2.3-hectare plot is divided into two areas. Zone 1 is intended for private residential development – with a cap of 570 units – while Zone 2 is set aside for commercial, and, or serviced apartment uses.
URA said a maximum of 13,500 square metres of retail floor area will be allowed in Zone 2. The buildings on the land parcel can be of various heights. up to a maximum of 35-storeys.
It is not clear when the expansion of Holland Village will start. The land parcel was put on the Reserve List of the GLS programme in December last year, which means the site will only be put up for sale if a developer’s indicated minimum price is acceptable to the government.
The site will also be put under a Concept and Price Revenue tender system, so developers will have to first submit their concept proposals before their bids are evaluated.