In my opinion, recent new project launches have been very enticing for potential property buyers location wise. One Holland Village Residences is just one of the many options available to buyers that are located extremely close to a train station.
Details about the development
One Holland Village Residences is a 99-year leasehold development by a consortium consisting of Far East Organisation, Sino Group and Sekisui House. In May 2018, the group beat four other bidders for the commercial and residential site with an SGD$1.213 billion bid or nearly SGD$1,888 per square foot per plot ratio (psf ppr). This was the highest of the five shortlisted tenderers for the dual envelope (concept and price) tender. One Holland Village Residences will be a mixed-use development consisting of residences, serviced residences known as Quincy Private Residences, retail shops, offices and community spaces and facilities. The mixed-use development will be known as One Holland Village. The development will be located at 1, 3 and 5 Holland Village Way and have a site area of 27,119.3 square meters or 291,912 square feet. There will be a total of 296 residential units on a 99-year lease from 13th August 2018.
One Holland Village Residences will comprise of three segments of residential units on offer.
Sereen consists of 248 units of 1, 2 and 3-bedroom apartments in a 34-storey tower. Here is the unit mix:
1 bedroom (484 square feet): 62 units
2 bedroom (689, 797 or 829 square feet): 124 units
3 bedroom (1098 square feet): 62 units
Leven consists of 21 2-bedroom units in a low-rise tower of three storeys and a roof terrace. Here is the unit mix:
2 bedroom (807, 936 or 1087 square feet): 21 units
Quincy Private Residences consists of 27 luxury apartments on the top eight levels of a 28-storey tower. These units will come with private lift and concierge services. Here is the unit mix:
3 bedroom (1238 or 1281 square feet): 14 units
3 bedroom + Study (1615 square feet): 3 units
4 bedroom (2088 square feet): 7 units
4 bedroom + Study Duplex (3358 square feet): 2 units
Penthouse: 1 unit
Where is the development located?
One Holland Village Residences is located at the junction of Holland Road and Lorong Mambong. It is right next to the shophouses along Lorong Mambong where many popular restaurants, cafes and restaurants are located.
There is no Google Map point at the point of me writing this review. Moreover, the road leading to One Holland Village Residences, Holland Village Way, is uncompleted. Thus, as an estimate, I will be using Urban Edge @ Holland V as a point of reference for the distance to Holland Village MRT Station.
The walk to Holland Village MRT Station should take about 5 minutes and the distance covered would be about 400 metres. The walk should be rather sheltered as the walkway along the main Holland Road is sheltered.
If you are travelling to Raffles Place MRT Station, it will take you 17 minutes over 8 MRT stations. The Land Transport Authority (LTA) mobile app suggested making changes to 3 other train lines to get to Raffles Place MRT Station but I would think that taking one stop down to Bouna Vista MRT Station to get onto the East-West MRT Line which leads to Raffles Place MRT Station would be the more direct route. The adult fare for this journey is $1.48.
To get to Orchard MRT Station, you would have to make changes to the Downtown Line and the North-South MRT Line. Although you could also make just one switch at Bishan MRT Station to get to the North-South MRT Line. This journey would take approximately 11 minutes over 5 MRT stations and would cost $1.31.
To get to Harbourfront MRT Station it would take about 16 minutes over 8 MRT stations. Harbourfront MRT Station is on the same Circle-Line as Holland Village MRT Station. This journey will cost $1.44.
For the drive times to Raffles Place and Orchard Road, I will be using Urban Edge @ Holland V as a point of reference again.
If you are driving to Raffles Place, it will take you about 25 minutes and the distance travelled is about 8.2 kilometres. Please note that the Google Map query was done at 9 am on a weekday so this is perhaps the most congested the roads can be.
If you are driving to Orchard Road, it will take you approximately 12 minutes and the distance travelled is about 4.7 kilometres. Once again, this Google Map query was done at peak hour timing on a weekday at about 9 am. Expect drive times to be a lot quicker during off-peak hours.
The selling points of the development
The development is very well located. It is sitting right next to the famous row of shophouses along Lorong Mambong where popular restaurants, cafes and pubs are located. Orchard Road is just a straight road drive along Holland Road. The walk to Holland Village MRT Station is also rather short and to get to Holland Village MRT entrance B or C does not require you to cross any roads. Holland Village Market and Food Centre is also very close by and there are supermarket and banking options in the area.
Being an integrated, mixed-development will have its advantages. One Holland Village will have offices and retail shops and this will invariably bring in potential tenants for owners of One Holland Village Residences owners who are looking to rent out their units. Moreover, there will be 2000 square metres or 21,528 square feet of community spaces under the Community Sports Facilities Scheme (CSFS). This initiative by the Urban Redevelopment Authority (URA) integrates community facilities into commercial developments. This would make the whole One Holland Village stand out in terms of it being a contained community where residents have just about everything they need at their doorstep. This should differentiate units at One Holland Village Residences from neighbouring condominiums.
My thoughts about the development
I do think that prices at One Holland Village Residences are high. The average achieved prices for the three different types of residences on offer during launch are $2,600 psf for Sereen, $2,900 psf for Leven and $3,200 psf for Quincy Private Residences. In contrast, I did a query for the transacted prices for 5 developments near One Holland Village Residences. The 5 developments are Leedon 2, The Ford @ Holland, Urban Edge @ Holland V, Loft@Holland and Warner Court. Per square foot prices ranged from $1,501 psf to $2,467 psf. Out of the 13 transactions, 3 of them managed to cross the $2,000 psf mark. I understand that One Holland Village Residences is a brand new development and usually newer developments are priced higher than those in the resale market but I would be cautious about the potential for future capital gains at $3,200 psf or even $2,900 psf. If buyers are looking to purchase with the intent of staying or renting out the unit, I would say that there will definitely be huge advantages of this being a mixed-development. Convenience is a huge plus and should help to differentiate this development from the neighbouring ones. However, if the buyer is looking to purchase in hope that he or she can make capital gains in a short period of time, I would caution against this and instead advise that a much longer holding period is needed to realise capital gains.
I do think that the developer profile is a huge plus and if you were to consider the scale of the project, Far East Organisation, Sino Group and Sekisui House are perhaps one of the best consortiums to do a project like One Village Residences. This is somewhat similar to Sengkang Grand Residences and The Woodleigh Residences on perhaps a slightly smaller scale without an integrated bus interchange and community centre.
Buyers should also take note that there are developments closer to Holland Village MRT Station although most of them are located on the opposite side of Holland Road. The entrances to Holland MRT Station are located on the same side that One Holland Village Residences is situated. Tenants do have an abundance of choice in the area and One Holland Village is still approximately 400 metres away from Holland Village MRT Station.
One Holland Village Residences
As mentioned, I do think that this is expensive and represents a significant premium over neighbouring developments. The possibility to make short-term capital gains is low.
Being close to Orchard Road is a huge plus to those who drive. A straight road drive will take you to Orchard Road. The development is also close to Holland Village MRT Station. Holland Village is very centrally located and is very popular with affluent locals and the expatriate community. Amenities are in abundance in this area with many restaurants, cafes and pubs in the area. There is a wet market and supermarkets close by as well.
Far East Organisation is perhaps Singapore’s leading developer when it comes to track record and experience. Coupled with the fact that the consortium working on this development also consists of Sino Group and Sekisui House, buyers should be assured of the quality and deliverability of the project. I do think that the developer profile is very important especially when dealing with something sizable or mixed or integrated developments.
p.s. Disclaimer: I am a licensed real estate salesperson at the point of writing this review. My real estate agency is the marketing agency for One Holland Village Residences. Buyers can approach me to purchase One Holland Village Residences and I will earn a commission from the developer. My reason for writing this review is to share my personal view about the developments not as a real estate salesperson but in the neutral context of a buyer and hopefully share some insight to help buyers make a more informed buying decision.
My other Singapore Property Reviews
My review of The Avenir by Hong Leong Holdings and GuocoLand
My review of Neu at Novena and Fyve Derbyshire by Roxy Pacific Holdings
My review of Midwood by Hong Leong Holdings
My review of Royalgreen and Juniper Hill by Allgreen Properties
My review of Sky Everton by Sustained Land
My review of Sengkang Grand Residences by Capitaland and City Developments Limited
My review of One Pearl Bank by Capitaland
My review of The Antares by FSKH Development
My review of Parc Clematis by SingHaiyi Group
My review of Piermont Grand by City Developments Limited
My review of Parc Komo by CEL development
My review of Riviere by Frasers Property
My review of Avenue South Residence
My review of 1953 by Oxley Holdings
My review of Uptown @ Farrer
My review of The Florence Residences
My review of Treasure at Tampines
My review of Fourth Avenue Residences
My review of The Woodleigh Residences
My review of Kent Ridge Hill Residences
My review of Arena Residences
My review of Whistler Grand and Twin Vew
My review of Mayfair Gardens and Daintree Residence
My review of Parc Esta
My review of Jui Residences
My review of The Jovell
My review of JadeScape
My review of Stirling Residences and Margaret Ville
My review of The Tre Ver and Riverfront Residences
My review of Park Colonial
My review of Affinity at Serangoon and The Garden Residences