An artist impression of the balcony view from Skye at Holland.
Courtesy of UOL Group and CapitaLand Development
UOL Group—controlled by the family of late banking tycoon Wee Cho Yaw—and partner CapitaLand Development have sold nearly all the units at their residential project during the weekend launch, adding to signs of resilient demand in Singapore even after the government’s property curbs.
About 658 of the 666-unit Skye ay Holland—an upscale condominium across two 40-story towers being developed at the expatriate enclave of Holland Village, near the Orchard Road shopping belt—were sold by the partners at an average price of S$2,953 ($2,278) per square foot.
“The robust take-up was underpinned by healthy buying sentiment and continued confidence in Singapore’s long-term fundamentals.” the partners said in an emailed statement. “This was further amplified by the rarity of a prime site in the heart of Holland Village, which attracted a broad spectrum of buyers.”
Developers have seen brisk property demand from Singaporeans after the government imposed hefty taxes on foreigners and levies on homebuyers who sell their property within one year of purchase increased. Sales of residential projects in the three months ended September jumped about 29% to almost 6,600 from from the previous quarter, according to preliminary government estimates. UOL’s Upperhouse at Orchard Boulevard was among the top sellers, with about half of the 301-unit residential skyscraper sold during the launch weekend.
Following robust demand for its projects, UOL has been stepping up efforts to replenish its landbank. A UOL-led consortium last week submitted the highest bid of S$524.3 million ($404 million) for a hotly-contested residential plot on the edge of Singapore’s central business district.
UOL, together with its unit Singapore Land and Kheng Leong Holdings—the Wee family’s privately held property developer—bid against eight other groups, including Malaysian billionaire Quek Leng Chan’s GuocoLand, for the 10,399 square meter site on Dorset Road, near the Singapore central business district. The group plans to build 428 residential units across two 27-story towers should the government award the 99-year leasehold site to its consortium.