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[SINGAPORE] The 666-unit Skye at Holland was almost sold out over its weekend launch, making it the strongest project launch performance in the year to date.

Real estate agents said the blockbuster sale signals a broader recovery in the Central Core Region (CCR) market segment, and also bodes well for other upcoming residential launches.

Jointly developed by UOL Group , Singapore Land Group , CapitaLand Development (CLD) and Kheng Leong, the 99 year-leasehold condominium in Holland Village moved 658 units or 98.8 per cent over the weekend.

Comprising two 40-storey towers with two-bedroom to five-bedroom units, Skye at Holland posted an average selling price of S$2,953 per square foot (psf).

Almost all buyers were Singaporeans and permanent residents, a spokesperson for UOL and CLD said.

Earlier, it was reported that two-bedroom units of 581 sq ft were priced starting at S$2,598 psf, or S$1.51 million. Two-bedroom premium units of 667 sq ft and 678 sq ft were priced from S$2,637 psf, or S$1.76 million.

Three-bedroom units spanning 915 sq ft started at S$2,623 psf, or S$2.4 million. Four-bedroom units of 1,238 sq ft, with private lift access, were priced from S$2,698 psf, or S$3.34 million.

The development, a first major private residential launch in Holland Village in almost six years, is in proximity to a major retail mall, MRT station and popular primary schools.

Skye at Holland is expected to obtain its temporary occupation permit in 2029.

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Marcus Chu, chief executive officer of ERA Singapore, noted that the development is the only CCR project to be released so far this year.

“With limited CCR supply, a prime Holland Village address, and the rare advantage of CCR land priced at Outside Core Region (OCR) levels, this development is set to resonate with discerning buyers who value both luxury living and long-term investment potential,” he added.

The OCR includes the likes of Districts 16, 17, 18, 19, 26 and 27: Bedok, Pasir Ris, Simei, Tampines, Hougang, Punggol, Sengkang, Serangoon and Woodlands.

Kelvin Fong, CEO of PropNex , pointed out that the launch performance of Skye at Holland represents a record-setting milestone for the CCR, and is the most successful launch in recent memory in terms of both number of units sold and overall take-up rate for that market segment.

“It also signals a broader recovery in the CCR market,which had experienced slower activity since the tightening of the additional buyer’s stamp duty measure in April 2023,” Fong said.

He also commented that the strong sales of the larger units – the first ones to be fully sold out – indicate healthy owner-occupier demand in the area; he added that this bodes well for future central region launches.

Huttons Asia senior director for data analytics Lee Sze Teck noted that there was very strong demand for bigger units such as the three to five-bedroom units. All three-bedroom and four-bedroom units were sold, while close to 90 per cent of the five-bedroom units were sold.

“Some buyers chose to buy a four-bedroom or five-bedroom unit after their preferred three-bedroom units were bought by other buyers,” Lee said.

Buyers were largely those staying in private properties in the vicinity with some HDB upgraders, he noted.

DBS Research wrote before the launch that potential strong uptake of Skye at Holland is expected to drive positive news flow for UOL.

UOL shares closed 0.4 per cent or S$0.03 higher at S$7.96 last Friday (Oct 11).