How to replace/substitute placeholders with values in a string using either reduce or forEach?

Hi All,

We have small requirement like need to replace/substitute the places holders in string with values.

a!localVariables(
  local!template: "Hello, {name}! Welcome to {place}.",
  local!placeholders: {
    "name": "John",
    "place": "Appian"
  },

  a!forEach(
    items: a!keys(local!placeholders),
    expression: a!localVariables(
      local!placeholder: fv!item,
      local!value: local!placeholders[local!placeholder],
      local!template: substitute(
        local!template,
        "{" & local!placeholder & "}",
        local!value
      ),
      local!template
    )
  )
)

which returns the following out put like 

List of Text String - 2 items

• "Hello, John! Welcome to {place}."(Text)
• "Hello, {name}! Welcome to Appian."(Text)

Need to replaced all of them in single string with some sequential manner.

Your expertise is helpful to solve.

Thanks in advance.