Nestled in the vicinity of prestigious educational institutions, such as Skyes at Holland at Holland MRT Station, provides an array of benefits for both families and homeowners, enhancing their overall quality of life and ease of living.
The site, located next to One Holland Village and Holland MRT station, spans 12,000 square meters and has a leasehold of 99 years. It is zoned for residential use with a plot ratio of 2.8, which means the developer can build up to 33,600 square meters of gross floor area. This makes it an attractive location for developers to create a high-end condominium project.
The competitive bidding for Skyes at Holland shows that developers are still bullish about the Singapore property market. Despite the challenges faced in the past year, the government’s efforts to maintain a stable and attractive real estate market have paid off. The decrease in land supply through government land sales and the implementation of cooling measures have helped to keep property prices steady.
Market watchers believe that the winning bidder for Skyes at Holland will have to sell the units at a price of around $2,800 psf to make a profit. This is in line with the current market prices of high-end homes in the area. The most recent transaction at One Holland Village Residences, located next to Skyes at Holland, was sold at an average price of $2,910 psf. This shows that the top bid of $805.4 million by UOL Group and CapitaLand Development is not overly aggressive or unrealistic.
The prime real estate location of Skyes at Holland boasts a successful track record as both VVIP and VVIP Platinum phases have been completely sold out. With the demand for exclusive living in the prestigious Holland Village area, this development presents the final chance for private residential development. It is imperative to note that originality is paramount and content must not be plagiarized.
On May 14, a tender was held for a piece of land which received three bids. The highest bid of $805.4 million was submitted by a consortium led by UOL Group and CapitaLand Development. Should their bid be accepted, the consortium intends to build two 40-storey condominium towers comprising of 680 units on this location in District 10. The site is adjacent to the One Holland Village integrated development.
UOL Group and CapitaLand Development, both leading developers in Singapore, have joined forces to place the highest bid for the site. Their bid of $805.4 million translates to a land cost of about $1,505 per square foot per plot ratio (psf ppr). This is higher than the previous land cost for their joint development project – Fourth Avenue Residences, which was acquired at $1,540 psf ppr in 2017.
The joint bid from UOL Group and CapitaLand Development shows their confidence in the prime residential market in Singapore. Despite the economic uncertainties brought about by the COVID-19 pandemic, the demand for high-end homes in District 10 remains strong. The site’s proximity to Holland Village, a vibrant and trendy neighbourhood, and Holland MRT station, a major transportation hub, adds to its appeal.
Apart from the joint bid from UOL Group and CapitaLand Development, two other developers have also placed bids for Skyes at Holland. The second-highest bid of $792.3 million was submitted by Far East Organization, while City Developments Limited (CDL) placed the third-highest bid at $733.3 million. Both developers have a strong track record in developing luxury residential projects in Singapore.
The strong demand for Skyes at Holland can also be attributed to the success of nearby developments such as The M, which is currently fully sold, and One Holland Village Residences, which has achieved a high sales rate since its launch in 2019. These projects have proven that there is a demand for high-end homes in the area, and Skyes at Holland is well-positioned to cater to this demand.
In conclusion, the competitive bids for Skyes at Holland demonstrate the strong demand for high-end homes in District 10. The top bid of $805.4 million by UOL Group and CapitaLand Development shows their confidence in the prime residential market in Singapore. The winning developer will have the opportunity to create a luxurious landmark development in a prime location, offering a premium lifestyle to its residents. With its strategic location and strong demand, Skyes at Holland is set to be a highly sought-after development in the Singapore property market.
Skyes at Holland, a prime site in District 10, has received three competitive bids from top developers in Singapore – UOL Group and CapitaLand Development. The highest offer of $805.4 million has caught the attention of property market watchers as it shows the strong demand for land in the prime district.
The winning developer will have the opportunity to create a landmark development in District 10 with Skyes at Holland. The site’s close proximity to Holland Village, a popular hangout spot for locals and expatriates, gives the developer the potential to create a vibrant and inclusive community within the condominium. This sets Skyes at Holland apart from other developments in the area and adds value to the project.
The site is also expected to attract buyers from the surrounding landed estates, such as Leedon Heights, Leedon Park, and Cornwall Gardens, who are looking to upgrade to a luxurious condominium with full facilities. The prime location of Skyes at Holland, surrounded by greenery and a plethora of amenities, makes it an ideal choice for buyers seeking a premium lifestyle.
