2020 might prove to be an exciting year for the core central region (CCR) which consists of the prime districts 9, 10 and 11 plus the Downtown Core and Sentosa, as activity in these regions heats up. Land previously sold in collective sales and land sales here are ripe for new launches and out of the 45 new property launches slated for this year, 20 will be in the CCR.
Holland Village rejuvenation a worthy development
The Holland Village area may be of particular interest to buyers and investors, with the massive upcoming One Holland Village integrated development and now a new luxury freehold condominium near St. James Church.
The 69-unit Van Holland is set to launch this weekend with prices starting from $2,600 psf. Developer, Koh Brothers, had said that they would have set a minimum price of $3,000 psf had it not for the looming situation of oversupply. The Van Holland development consists of a mix of unit types and sizes of the apartments range from 495 sq ft to 1,991 sq ft. The developer is expecting strong demand for the shoebox units as these are hard to come by in the Holland Road area.
It is a luxury project which will boast a sky pool with panoramic views of the city, a 2-storey waterfall, a 26-metre infinity pool, a rooftop clubhouse with a fully-fitted kitchen and even a wine cellar for the residents. It will be ready for occupation by March 2023.
In comparison, the 296-unit One Holland Village Residences is much larger with more than 4 times the number of units of Van Holland and has already sold almost 70% of the 126 units launched last year with a median price of $2,606 psf. Some units even went for more than $3,100 psf. Both properties are located near the Holland Village MRT station.
See more: Holland Village: Alive and Kickin’!
Volatile pricing expected in the core central region
Analysts are expecting the pricing of new launches in the CCR to be somewhat volatile, especially as developers had previously paid record-setting prices for land acquired here during the collective sales fever of the past years. There is also a possible supply glut looming and this could create some tension between developers’ and buyers’ expectations.
Although prices in the CCR fell in the last quarter of 2019 according to the Urban Redevelopment Authority’s (URA) flash estimate, demand is expected to remain healthy in this region. In fact, the launch of Van Holland may set a new price record for the prime district in which it is situated. It ran a private preview earlier this month on Jan 3 and over 200 visitors turned up.