The cosy Holland Village in District 10 was designated a URA Identity Node in 2013, an honour bestowed upon local identity areas known for their distinctive qualities. Other nodes include Jalan Kayu and Balestier.
URA’s Draft Master Plan 2019 dedicates a section to Rejuvenating Familiar Places, with Holland Village among the designated areas. According to the URA website, there will be new residential, retail, and lifestyle developments to freshen up the village’s quirky and much-loved bohemian vibe.
In 2018, Far East Organization made the winning bid of $1.213 billion in a government tender for a 247,214 sqft land parcel in Holland Village. The developer formed a consortium with its Hong Kong-based sister company Sino Group and Japan-based homebuilder Sekisui House to make three submissions, through tenderer Stirling Land Holdings. The eventual winning bid was the highest among five shortlisted ones, placing the psf per plot ratio (psf per plot ratio) cost at $1,888, with a likely gross development value of $2,600 psf, or $1.7 billion to S1.8 billion.
The upcoming changes will complement, rather than compete with, the village’s existing architecture and infrastructure. Several exciting new developments are on the cards, including Commons Square for future weekend markets and al fresco performances; Pocket Park, leading into Holland Village’s Lorong Mambong; and the Communal Green courtyard, fringed with village shops and connected to a water court and features. Lorong Mambong and Lorong Liput, in particular, will have the chance to stretch out and linkup with the future extension site.
Up to 60% of total gross area can be allotted for residential purpose. But Far East Organization has corralled part of this space into more than 400 residential apartments up for sale, with the rest of the space set aside for more than 100 serviced apartments.
Open walkways will enhance Holland Village’s intimate feel. The new development’s highest point will touch 35 storeys at its northern tip, but other developments will not be as tall—at three, six, and 10 storeys—and will better complement the village’s current distinctive character.
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URA’s November 2017 launch of the Holland Road site may have fuelled developer interest in private properties in Holland Village, with several in the vicinity bought over for rebuilding recently. In March 2018, the Koh Brothers Group bought freehold 32-unit Toho Mansion, which has a plot ratio of 1.4, for $120.4 million. In the same month, the 48-unit Hollandia, which has a plot ratio of 1.6, was sold for $183.4 million ($1,703 psf per plot ratio) to FEC Properties, a subsidiary of Hong Kong-listed Far East Consortium International.
In April, FEC acquired the 44-unit, 84,600 sqft The Estoril en-bloc at $224 million, translating into $1,654 psf per plot ratio. The Estoril and Hollandia are within a stone’s throw of each other, and their psf prices have been on an upward trend for the past 15 years. The Estoril’s prices catapulted from just above $500 psf in 2002 to break the $2,500 psf ceiling in 2018, and Hollandia’s quadrupled from $500 psf in 2002 to $2,000 psf in 2018. Koh Brothers has a 20% stake in both The Estoril and Hollandia at their acquisition.
Toho Mansion will be redeveloped into Van Holland, with a unit distribution of two to five-bedroom apartments across approximately 110 units. Koh Brothers has not yet announced the TOP date or sale prices, but the sale price psf per plot ratio of $1,806 does not include $200 psf marketing costs and $400 psf construction and design costs. All in, Van Holland’s launch prices are likely to be about $2,888 psf.
While the developers for The Estoril and Hollandia have not announced launch prices, indicative prices based on existing psf per plot ratio and other costs put estimated sales prices in the same tier as Van Holland’s.
Other non-en bloc developments have also experienced price hikes on the back of the area’s overall popularity and government-supported rejuvenation. One of these is the 55-unit Quinterra at Holland Road, which has seen significant gains, running from $750 psf in 2017 to a steady $1,250 more recently. The rental transactions have also benefitted from Holland Village’s upcoming changes, clocking in at $4,800 per month in August 2016 for a 1,600 to 1,700 sqft unit, and $5,600 per month in February 2017 for a similarly sized unit.
The exciting additions to Holland Village’s existing architecture, infrastructure, and residential choices will infuse the locale with a fresh dose of life. With so much on the way, this neighbourhood looks set to stay as one of Singapore’s iconic locales, retaining much of its original charm while evolving to keep up with modern living.
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