One Holland Village Residences achieves 80% residential sales

Jan 11, 2023

THE consortium behind One Holland Village has sold 237 out of 296 units or 80 per cent of the project’s residential component since sales started in November 2019, describing the sales as “a strong take-up” rate.

The retail component of the 99-year leasehold mixed-use development has also attained 82 per cent expected occupancy, ahead of its launch by the end of this year.

Developed by Far East Organization, Sekisui House and Sino Group, One Holland Village features three distinctive residential products under One Holland Village Residences.

These are Sereen, comprising 248 units of one, two and three-bedroom apartments in a 34-storey tower; Leven, a low-rise block of three storeys and roof terrace comprising 21 two-bedroom units; and Quincy Private Residences, comprising 27 luxury apartments with three or four bedrooms, private lift access and concierge services for the top eight floors of the 28-storey Quincy tower.

The 1-bedroom units at Sereen are 94 per cent sold, while Leven has two units remaining.

The 4-bedroom and penthouse units at Quincy Private Residences are fully sold.

The average price achieved is S$2,649 per square foot (psf) for Sereen, S$2,909 psf for Leven and S$3,233 psf for the Quincy Private Residences. The highest psf price transacted at One Holland Village Residences is S$3,426 psf for a four-bedroom unit at Quincy Private Residences in August 2022.

Over 90 per cent of One Holland Village Residences’ buyers are locals, the majority of whom live in the District 10 and 11 areas of Bukit Timah, Holland Road and Tanglin. The largest group of foreign purchasers are from America, followed by Indonesia and China. About 35 per cent of the buyers purchased the units as an investment.

Far East said most of the remaining units are on high floors with unblocked views of the area.

One Holland Village Residences and the 225-key serviced residences, Quincy House, located on the 1st to 19th floors of the Quincy tower, are slated for completion by end-2024.

Nicholas Mak, ERA Realty’s head of research and consultancy, noted that the pace of sales at One Holland Village Residences reflects the recovery of sentiment in the property market in 2022.

“According to information from URA Realis, a total of 18 and 26 residential units were sold in 2020 and 2021 respectively,” he said. “The adverse impact of the pandemic in 2020 dented sales that year. The number of units sold then jumped to 77 units in 2022.”

The recovery of market sentiment also helped raise transacted prices in the project. The quarterly median prices of the residential units range from S$2,315 psf to S$2,882 psf, with the highest quarterly median price achieved in the fourth quarter of 2022, Mak said.

The increase in both sales volume and transacted prices further illustrates demand for residential properties located near MRT stations, especially if they are joined to a retail development, he added.

Meanwhile, One Holland Village Shops, an upcoming mall within the One Holland Village development, has to-date achieved over 82 per cent expected occupancy based on committed leases and leases pending tenants’ final execution. This translates into a net lettable area of approximately 95,373 square feet (sq ft) out of a total of 116,307 sq ft.

Currently, 44 tenants have taken up shop at the retail mall, with offerings ranging from food and beverage and wellness to a pet cafe. Confirmed tenants with new brand concepts include Lil’ Kinki by Kinki Restaurant & Bar, homegrown traditional Chinese medicine brand Pulse TCM, hipster café Caffeine Xpress and Plain Meredith by Baker’s Brew with their first café serving food for both pets and their owners.

Anchor tenant CS Fresh is taking up approximately 8,000 sq ft and will carry a large range of certified fresh organic produce, premium meats, household essentials, and a myriad of beers, wines and spirits.

One Holland Village Shops’ retail streetscape features dual frontage units, with the three-storey mall’s gross floor area of 145,310 sq ft conceptualised to complement and enhance the laidback ambience of this popular precinct.

Michelle Tang, Far East’s deputy director of residential sales, said that as the consortium remakes and revitalises Singapore’s oldest bohemian enclave, One Holland Village has attracted buyers “with a keen eye for developments of compelling value”. “This also underlines the attraction of the larger Holland Village precinct,” she added.

The consortium was awarded the coveted site, near the Holland Village MRT station, by the Urban Redevelopment Authority in 2018. Its winning bid of S$1.213 billion works out to nearly S$1,888 per square foot per plot ratio.