Koh Brothers Group and Far East Consortium, joint venture partners, launched a “mega discount” for Hyll on Holland during the weekend of June 26-27. Discounts ranged from $111,700 for a two-bedroom apartment to $429,000 for a big three-bedroom-plus-study property. According to Christine Sun of OrangeTee, the savings varied depending on the unit type and facing, ranging from 7.5 percent to 13.2 percent.
For example, the smallest apartment, a two-bedroom on the second floor with 570 square feet, starts at $1.33 million ($2,338 psf) after a $150,200 price reduction. Meanwhile, a three-bedroom-plus-study home on the second floor begins at $2.416 million ($2,290 psf), down from its prior price of $217,900.
As of June 28, more than 85 units have been sold as a result of the price reductions. Between October of last year and May of this year, eight apartments were sold for a average price of $2,677 per square foot. This increases the total number of units to over 93. As a result, almost a third of the 319-unit freehold condominium at Holland Road has been sold.
According to OrangeTee & Tie’s Sun, the developer may be eager to advance the project since more customers are returning to the premium market. “The advertising should be able to increase the number of individuals interested in the project.”
Singaporeans made up the majority of the purchasers over the weekend. Sun observes, “There was a nice mix of investors and owner-occupiers.” “Many of them did not seem to be first-time purchasers and seemed to be acquainted with the area.”
The former Hollandia and Estoril, which were bought for $223.9 million and $183.4 million, respectively, in February and March 2018, are being redeveloped as Hyll on Holland.
The 638-unit freehold Leedon Green is just next door to Hyll on Holland. The project began in January 2020, and approximately a quarter of the apartments have already been sold. According to caveats filed to far, 24 units have been sold in the month of June at a median price of $2,661 psf.
For a limited time only, Leedon Green provided a $178,000 discount for the first eight apartments sold on June 25. Leedon Green is enbloc from the previous Tulip Garden, which MCL Land in a joint venture with Yanlord Group bought en bloc for $907 million in early 2019. “Other projects are conducting discounts and star buys to make up on sales since limitations went into effect during the heightened alert,” Sun of OrangeTee believes.