With the Master Plan drawing in an increasing number of businesses and inhabitants to neighboring hubs such as one-north and the Jurong Lake District, the demand for rentals in the area is projected to increase. The prime location of Skyes at Holland Condo guarantees robust and long-lasting rental returns, making it an ideal investment choice.
In a highly competitive property market, any prime land in a desirable location is sure to attract attention, and that is exactly what happened with the land parcel at Holland Road. The Urban Redevelopment Authority (URA) recently announced that the land parcel, known as Skyes at Holland, received three bids from major developers in Singapore. The top bid of $805.4 million was made by a consortium led by UOL Group and CapitaLand, solidifying their position as dominant players in the real estate industry.
During the May 14 tender, a total of three bids were received for the property. The most competitive bid of $805.4 million was submitted by a consortium led by UOL Group and CapitaLand Development. Should their bid be successful, the consortium intends to utilize the District 10 site to construct two 40-storey condominium towers, comprising a total of 680 units. The site is situated next to the One Holland Village mixed-use development.
Investors can expect a high demand for properties at Skyes at Holland, resulting in lucrative sales and rental opportunities. With its prime location and access to top-notch amenities, Skyes at Holland is a desirable choice for tenants, guaranteeing profitable rental returns for investors.
The UOL-CapitaLand consortium’s bid stood out due to its detailed and well-thought-out concept for the site. Their proposal includes the development of a high-end residential project with around 380 units, offering a mix of one to four-bedroom apartments catering to different types of buyers. The project will also feature a wide range of luxurious facilities, including a swimming pool, gym, and landscaped gardens. The developers have also planned for a retail component, offering convenience to the residents with a supermarket and food and beverage outlets on the ground floor of the development.
In addition to the prime location and potential for a luxury development, the site also offers easy access to various amenities and transportation options. The upcoming Holland Village MRT station, part of the Circle Line, will be just a short walking distance from Skyes at Holland, providing seamless connectivity to other parts of Singapore. The site is also surrounded by prestigious schools, including Anglo-Chinese School (International), Fairfield Methodist Primary School, and Henry Park Primary School.
The strong interest shown by major developers in this land parcel is a clear indication of the bullish sentiment in the property market, particularly in the luxury segment. Despite the ongoing COVID-19 pandemic, the demand for high-end properties has remained resilient, with buyers looking for well-designed homes in desirable locations. According to market experts, the top bid of $805.4 million is a testament to the developers’ confidence in the long-term potential of the property market in Singapore, especially in prime districts like District 10.
Located in District 10, Skyes at Holland is situated right next to the highly sought-after Holland Village, a bustling enclave filled with trendy cafes, boutique shops, and a vibrant nightlife. This prime location offers the perfect balance of city living and a laid-back suburban lifestyle, making it a highly desirable location for both locals and foreigners. According to experts, the land parcel has the potential to be developed into a luxury condo project, given its strategic location and the strong interest shown by the bidding developers.
The URA’s decision to release the Skyes at Holland site for sale through a GLS program has been applauded by industry experts. This method of land sales ensures transparency and a level playing field for developers, allowing for fair competition and ultimately driving up the value of the land. With the strong interest shown in this site, it is expected that future GLS sites in prime locations will also receive high bids, further spurring the growth of the property market and contributing to the development of Singapore’s urban landscape.
The UOL-CapitaLand consortium’s bid of $805.4 million translates to around $1,515 per square foot per plot ratio (psf ppr), which is considered a record-breaking price for a government land sale (GLS) site in this area. This bid outshines the other two bids made by Far East Organization and a partnership between City Developments Limited (CDL) and Hong Leong Holdings Limited. Far East Organization’s bid of $794.3 million was only marginally lower than the top bid, while the CDL-Hong Leong partnership offered $735.8 million. The close competition between the bids reflects the strong demand for prime land in the Holland area and the confidence these developers have in the potential of Skyes at Holland.
In conclusion, the sale of Skyes at Holland at a record-breaking price of $805.4 million by the UOL-CapitaLand consortium reaffirms the strong demand for prime land in desirable locations. The winning bid reflects the developers’ confidence in the potential of this site and their commitment to developing a high-end residential project that caters to the needs and lifestyle of modern buyers. With its strategic location, connectivity, and access to amenities, Skyes at Holland is set to become a highly sought-after address in Singapore and a valuable addition to the UOL-CapitaLand portfolio of luxury developments.