The average price per square foot for new private homes in the Netherlands Channel is 2,953 yuan, selling 99% in the first weekend, breaking records | Lianhe Zaobao
The private residential project Skye at Holland in the core central area was launched for sale on October 11, with 666 units nearly sold out, achieving a sales rate of 98.8% and an average price per square foot of SGD 2,953, setting a new record for high-end private residential sales. Analysts pointed out that the superior geographical location and pricing strategy are key to its success, with buyers mainly being Singaporeans. The project is jointly developed by UOL, CapitaLand, Singapore Land Group, and Qinglong, and is expected to become the top seller of new private residential units this year
Over the past weekend, the private residential project Skye at Holland, located in the core central region, was almost sold out upon its launch, with 666 units sold at an average price of SGD 2,953 per square foot, becoming the top luxury private residence so far this year.
Analysts believe that, in addition to its prime location, the pricing of luxury private residences is one of the key factors determining sales performance, with buyers predominantly being Singaporeans.
Expected to Become the Sales Champion of New Private Residences This Year
Located at Holland Road, the 99-year leasehold project Skye at Holland, jointly developed by UOL, CapitaLand, Singapore Land, and Qinglong, officially launched on Saturday (October 11) and sold 658 out of 666 units, achieving a sales rate of 98.8%. This not only broke the sales record for new projects in the core central region (CCR) representing luxury private residences but is also expected to become the sales champion of new private residences this year.
In contrast, other recently launched projects in the core central region have lower unit numbers and subscription rates compared to Skye at Holland. The closest performer is River Green, which has a total of 524 units, selling 88% of its units during the launch weekend at an average price of SGD 3,130 per square foot.
Other projects include UPPERHOUSE, which launched 301 units and sold nearly 54% during the opening weekend at an average price of SGD 3,350 per square foot; The Robertson Opus launched 348 units and sold about 41% during the first weekend at an average price of SGD 3,360 per square foot.
MOGUL.sg's chief researcher, Mike Junrong, pointed out that the strong sales of Skye at Holland are mainly due to its proximity to the subway station and shopping malls, making it attractive for both investment and self-occupation. Additionally, the project's pricing is lower than that of other recently launched new developments in the core central region, which is a significant selling point.
Junrong stated, "In the past six months, developers have sold 693 non-landed private residences with a 99-year leasehold in the core central region, with 54.1% of the transaction prices falling between SGD 1.5 million and SGD 2.5 million. Therefore, this price range is the buyers' 'sweet spot.' The success of Skye at Holland lies in the fact that developers priced the majority of the units within this range."
Junrong mentioned in an interview that Skye at Holland is located on the edge of District 10, very close to other central region areas, thus the average price of SGD 2,953 is a special case. He anticipates that the average price of private residences in the core central region will range between SGD 3,000 and SGD 3,500 in the future Huttons Group CEO Ye Runming said that the supply of new private residential units in the core central region next year will decrease from about 2,700 units this year to about 1,400 units, which may prompt buyers to act immediately when they see their desired units.
Extended Reading
Most new private residential units in Q4 are mid-range, overall property prices are expected to rise no more than 2% Two high-end private residential projects sold well during the weekend, with 50% of Aojie Jiayuan sold and 40% of Luoaowan
Mai Junrong believes that the price of private residential units in the core central region is not much different from that of mid-range private residential units in other central regions (RCR), driving homeowners to move between different markets.
"After homeowners sell their private residences for a profit, when considering alternative housing, they may be willing to pay an additional hundreds of thousands of dollars for a better-located private residence in the core central region, as the price difference between mid-range and high-end private residences is not significant."
UOL and CapitaLand Development released a joint statement on Saturday stating that nearly all buyers are Singapore citizens and permanent residents.
According to data provided by ERA Realty to Lianhe Zaobao, the number of foreigners purchasing apartments in the core central region increased slightly from 41 last year to 43 as of September this year. In contrast, the number of permanent resident buyers surged from 82 to 176, while local buyers skyrocketed from 254 last year to 912.
ERA Realty President Zhu Yongqiang said in an interview: "We have observed a significant increase in local citizen buyers this year, mainly due to a series of high-end private residences launched this year. Foreign buyers are still deterred by the 60% additional buyer's stamp duty (ABSD), and we are unlikely to see foreign buyers return to the local market unless ABSD can be reduced." Zhu Yongqiang also stated that developers have steadily increased their bids for core central district locations since last year, so the selling prices of new private residential properties in the area will be based on a higher foundation.
"Given that developers need to keep selling prices within the affordable range for local buyers, they can only enhance the efficiency and flexibility of the units through more creative space designs. However, there is a limit to space optimization; if the area is too small, it may sacrifice living comfort and functionality. Whether developers can strike the right balance will be key to attracting buyers' continued attention."
