SINGAPORE (EDGEPROP) - On the weekend of June 26-27, joint venture partners Far East Consortium International and Koh Brothers Group unleashed a “super promotion” for Hyll on Holland. Discounts ranged from $111,700 for a two-bedroom unit, to $429,000 for the large, three-bedroom-plus-study apartment. The discounts, which ranged from 7.5% to 13.2%, differed according to the unit type and facing, according to Christine Sun, senior vice president of research & analytics at OrangeTee & Tie. (See also: Koh Brothers’ private placement attracts Penta-Ocean Construction)
For instance, the smallest unit, a two-bedder of 570 sq ft on the second floor, is priced from $1.33 million ($2,338 psf), after a $150,200 price deduction. Meanwhile, a three-bedroom-plus-study of 1,055 sq ft on the second floor starts from $2.416 mil- lion ($2,290 psf), after $217,900 was shaved from its previous price.
With the price cuts, more than 85 units were snapped up as at June 28. Eight units were sold earlier between last October and May this year at a median price of $2,677 psf. This brings the tally to more than 93 units. Hence, close to 30% of the 319-unit, freehold condo along Holland Road has been taken up to-date.
“The developer could be keen to move the project since more buyers are streaming back to the luxury market,” says OrangeTee & Tie’s Sun. “The promotion should be able to attract more people to the project.”
Most of the buyers over the weekend were Singaporeans. “There was a good mix of investors and owner-occupiers,” notes Sun. “Many of them were not first-time buyers and appeared to be familiar with the location.”
Hyll on Holland is a redevelopment of the former The Estoril and Hollandia, which were purchased for $223.9 million and $183.4 million in February and March 2018, respectively.
Next door to Hyll on Holland is the 638-unit, freehold Leedon Green. The development was launched in January 2020, and about 25% of the units have been taken up. In the month of June to date, 24 units have been sold at a median price of $2,661 psf, according to caveats lodged to date.
On June 25, Leedon Green offered up to $178,000 discount for the first eight units sold for a limited period only. Leedon Green is a redevelopment of the former Tulip Garden, which was purchased en bloc for $907 million by MCL Land in joint venture with Yanlord Group in a deal completed in early 2019.
“Other projects are also running promotions and star buys to catch up on sales since restrictions kicked in during the heightened alert,” reckons OrangeTee’s Sun
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