The skyline at Holland Village is about to change with the debut of Skye at Holland. It will preview on Sept 26, with its launch scheduled for Oct 11.

The residences will be the tallest towers in the neighbourhood. Spanning 40 storeys, the two towers are raised 20m (equivalent to seven storeys) above street level, as they sit above the two-storey carpark podium and landscaped deck. The towers are also oriented in a northwest-southeast direction, ensuring that at least two-thirds of the units enjoy uninterrupted views.

Units facing northwest will overlook the Good Class Bungalow Areas of Holland Rise, Oei Tiong Ham Park and Queen Astrid Park, and extend all the way to Bukit Timah Nature Reserve. Those facing southeast will enjoy panoramic city views, with high-floor units offering a view of Marina Bay Sands.

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First major launch in six years

Skye at Holland marks the first major launch of a private residential project in the heart of Holland Village since 2019.

Backed by a consortium of UOL Group, Singapore Land Group, CapitaLand and Kheng Leong Co, the 666-unit development is poised to draw both homebuyers and investors eyeing a prized District 10 address in the Core Central Region (CCR).

URA awarded the 133,344 sq ft, 99-year leasehold site at Holland Drive in May 2024 to the consortium after it submitted the winning bid of $805.39 million ($1,285 psf ppr), outbidding two others. The consortium comprises CapitaLand Development (35%), UOL Group (35%), Singapore Land Group (20%) and Kheng Leong Co (10%).

At that time, UOL, Singapore Land and CapitaLand Development had already secured the integrated development site at Tampines Avenue 11 in June 2023. The 1,193-unit ParkTown Residence, launched in February this year, saw a strong take-up of 87% on its launch weekend at an average price of $2,360 psf. It is now 92% sold.

“We were keen to secure another site for our pipeline,” says Yvonne Tan, UOL Group chief corporate and development officer, on behalf of the consortium. “We identified the Holland Drive site as very suitable — possibly the last sizable plot for high-rise private residential development in the heart of Holland Village.”

The consortium foresees pent-up demand in the area. “In the heart of Holland Village, there are only two private residential projects, and [Skye at Holland] is the biggest,” adds Anson Lim, UOL senior general manager (residential marketing).

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Skye at Holland is next to One Holland Village and within a six-minute walk of the Holland Village MRT Station (Circle Line).

Lack of new supply

“There is no new supply of homes in the Holland Road enclave,” says Mark Yip, CEO of Huttons Asia. Nearby projects launched between 2019 and 2020 are sold out. They include the neighbouring 296-unit, 99-year One Holland Village Residences, the 638-unit freehold Leedon Green, the 311-unit freehold Hyll on Holland, as well as freehold boutique developments such as the 69-unit Van Holland, the 57-unit 15 Holland Hill, the 24-unit Mooi Residences and the 85-unit Wilshire Residences.

Skye at Holland’s pricing and unit sizes, especially its two- and three-bedroom types, which make up 78% of the total, make it appealing for first-time homebuyers, HDB upgraders, and investors seeking a foothold in the CCR, says Marcus Chu, CEO of ERA Singapore.

Two-bedroom units of 581 sq ft to 743 sq ft account for about 56% of the project (370 units) and start from $1.51 million ($2,598 psf). Three-bedroom units, ranging from 915 sq ft to 1,076 sq ft, comprise 148 units (22%) and are priced from $2.4 million ($2,623 psf).

There are 111 four-bedroom units (16.7% of total), comprising standard four-bedroom units of 1,238 sq ft, starting from $3.34 million ($2,698 psf), and premium four-bedroom units with private lifts, measuring 1,464 sq ft. The remaining 37 units are five-bedroom premium apartments, each measuring 1,765 sq ft and with private lift access.

All units will be fitted with top-end Swiss brand V-Zug kitchen appliances and washer-dryers, as well as refrigerators from German brand Liebherr.

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Premium four- and five-bedroom units also feature marble flooring, a dry and wet kitchen with an island top, and master bathrooms boasting sintered-stone double-sink vanity tops and Gessi jet-spray showers.

“One Holland Village Residences is the most suitable point of comparison, given its proximity and recent launch history,” notes ERA’s Chu. From 2019 to 2023, new home transactions at One Holland Village Residences recorded a median unit price of $2,762 psf. The figure is comparable to indicative unit prices at Skye at Holland, according to ERA.

New generation of buyers at sweet spot of $2.5 million and below

Based on URA Realis caveat data, about 64% of new non-landed private homes sold in the CCR this year (as at Sept 15) were priced below $2.5 million. “We believe the $1.5 million to $2.5 million price range continues to be a sweet spot and should drive take-up,” says Kelvin Fong, CEO of PropNex.

Typically, CCR projects have a higher proportion of buyers with a private home address, notes Huttons’ Yip. However, as the CCR buyer profile shifts towards Singaporeans, demand has become more price-sensitive,  with budgets clustering around $2.5 million and below, he adds.

Skye at Holland is projected to add around 2,000 new residents when completed in October 2029. “With its scale, it will bring a new generation of homebuyers to the District 10 neighbourhood,” adds Yip. “It will add buzz and support demand for retail and F&B offerings.”

Rental appeal

The site is also close to employment hubs such as one-north, the National University of Singapore (NUS) and Singapore Science Park. International schools, such as the Anglo-Chinese School (International) and Dover Court International School, are nearby, which supports rental demand.

For investors, Skye at Holland offers “promising rental potential due to its fresh appeal in a neighbourhood with a limited pipeline of new units,” Chu adds.

Within District 10, median rents have risen 47.4% from $3.52 psf per month in 2021 to $5.19 psf today, while rental volumes have stayed relatively stable at 1,700 to 2,500 contracts per quarter. “The most recent peak in rental contracts was in 3Q2024, following the completion of One Holland Village Residences,” he notes.

Upgrading dreams within reach

PropNex’s Fong believes Skye at Holland could also attract HDB upgraders from nearby estates such as Ghim Moh, Holland Close, Dover, Commonwealth and Dawson. “Looking at average resale HDB prices in these places, we think prospective upgraders may be able to unlock capital from selling their flat and channel part of the gains to purchasing a private home,” he says.

Based on HDB sales data as at Sept 22, the average resale price of four-room flats in selected areas near Skye at Holland was about $996,700 in the first nine months of this year, while five-room flats averaged nearly $1.2 million (see Table 1).

Between 2022 and 2026, Queenstown is expected to see around 4,100 HDB flats reach their minimum occupation period (MOP), according to ERA.

In the first eight months of 2025 alone, Queenstown registered 120 million-dollar HDB transactions, while Bukit Merah chalked up 161 such transactions, among the highest across HDB towns, notes Huttons.

At neighbouring Margaret Drive, a five-room flat at Sky Oasis @ Dawson fetched a record $1.73 million ($1,444 psf) in June 2024. Such million-dollar HDB transactions can provide a sizeable cash or CPF amount — at least $600,000 towards the payment of a CCR home, Yip notes.

In June 2024, HDB also launched the Holland Vista BTO project, which offered 342 two- and four-room flats. The take-up was exceptionally high, with 9.79 applicants per four-room flat for first-time families.

The Holland Vista BTO’s strong demand stemmed from its prime location near Holland Village MRT Station and One Holland Village, despite being a Prime Location Public Housing (PLH) project with a 10-year MOP.

Together, Holland Vista BTO and Skye at Holland will add more than 1,000 new households, boosting Holland Village’s residential population and nudging the business mix towards a more family-friendly direction, notes ERA’s Chu.

‘Enduring appeal’

Beyond location, views and pricing, the consortium behind Skye at Holland paid close attention to design. P&T Consultants is the project architect, Henning Larsen is the landscape design architect, and 2nd Edition is the interior designer.

Residents can look forward to a 50 m lap pool and a two-storey “bungalow clubhouse” occupying 2,000 sq m (21,528 sq ft) area. The clubhouse features a 122 sq m function room on the first level and a 140 sq m gym overlooking a central lawn.

Taking advantage of the elevated site, the landscaping enhances privacy while capitalising on unblocked views of the surrounding low-rise Good Class Bungalow areas, according to the developer.

“Demand for well-situated homes in prime districts remains resilient as buyers prefer established neighbourhoods with enduring appeal,” comments Chew Peet Mun, CapitaLand Development Singapore managing director, investment and development. “Holland Village stands out as one of these coveted addresses, combining heritage charm with excellent connectivity to business and education hubs.”

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