An artist’s impression of the balcony view from Skye in Holland.
Thanks to UOL Group and CapitaLand Development
UOL group- controlled by the family of late banking tycoon Wee Cho Yaw – and partner CapitaLand Development sold almost all units of their residential project during the weekend’s launch, adding to signs of resilient demand in Singapore even after the government halted property cuts.
About 658 of the 666-unit Skye ay Holland – a luxury condominium spread over two 40-storey towers being developed by the partners in the expat enclave of Holland Village, near the Orchard Road shopping strip – were sold by the partners at an average price of S$2,953 ($2,278) per square foot.
“The robust adoption was supported by healthy buying sentiment and continued confidence in Singapore’s long-term fundamentals.” the partners said in an emailed statement. “This was further enhanced by the rarity of a prime location in the heart of Holland Village, which attracted a broad spectrum of buyers.”
Developers have seen strong demand for property among Singaporeans after the government imposed high taxes on foreigners and increased levies on homebuyers who sell their properties within a year of purchase. According to preliminary government estimates, sales of residential projects rose by about 29% to almost 6,600 in the three months ended September from the previous quarter.
In addition to Skye at Holland, UOL’s Upperhouse on Orchard Boulevard was also among the top sellers, with around half of the 301-unit residential skyscraper sold during its launch weekend. Shares of UOL rose 2% to S$8.12 ($6.26) in mid-afternoon trading, on their way to an eight-year high, defying the broader market slump.
Following strong demand for its projects, UOL has stepped up efforts to replenish its land bank. 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, along with its Singapore Land unit and Kheng Leong Holdings – the Wee family’s private property developer – are bidding against eight other groups, including Malaysian billionaire Quek Leng Chan’s GuocoLand, for the 10,399 square meter site on Dorset Road, near Singapore’s central business district. The group plans to build 428 residential units spread over two 27-storey towers if the government were to award the 99-year leasehold land to its consortium.
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