My Review of One Holland Village Residences
Updated: Jun 27, 2020
As I am living very near Holland Village, I've been anticipating this project launch for a long time. Though Holland Village has plenty of dining and services, there are not many retail shops and no movie theatre.
So an extension and rejuvenation of the Holland Village I know and love is welcomed by nearby Holland and District 10 residents, buyers and investors alike.
Why Invest in District 10?
District 10 is in CCR (Core Central Region). Even though the majority of units are sold to Singaporeans, there is a steady increase of foreigners purchasing luxury units in this district.
There have been a record number of luxury homes (priced S$5 million and above) sold in the first ten months of 2019. This is the highest tally since Jan-Oct 2011.
The recent transactions prices of new launches in District 10 averages about $3280 psf.
Here's why I like One Holland Village Residences...
Location, Location, Location
The bidding of this prime location was done via a dual-envelope concept. What does this mean? The bidder had to submit their concept first, and if their concept was attractive enough to the government, then their bidding price will be considered.
So this project is not just any other condominium. The government had to like the concept first before the project was even granted to the developers.
OHVR will be a confluence of lifestyle, work and play. There will be office spaces, retail outlets, greenery, fitness facilities, outdoor spaces, service apartments and residential units all blended into one integrated development.
OHVR will be located along Holland Village Way, a newly constructed road off Holland Drive.
Holland Village was first established back in the Colonial Times. An English architect, named Hugh Holland, lent his last name to the arterial road where his residence was located.
Today, Holland Village has become a perfect spot to enjoy good food and ambience, one of the must visit places in Singapore.
The Holland Village Market and Food Centre is located right in the center of Holland Village. It has a wet market and cheap local hawker food.
Surrounding it, there are new shopping centres called the Windmill and Raffles Medical with many new retail outlets like Little Farms (a hip boutique grocer) and new F&B outlets.
On both sides of the street are shophouses with retail shops and restaurants serving many international cuisines. There are also boutique fitness clubs like Ritual, F45 and other fitness clubs like Virgin Active.
Holland Village also is convenient for banking. OCBC, Maybank, Standard Chartered, Citibank, DBS are all located within a stone's throw of each other.
The Mass Rapid Transit (MRT) line is also within three minutes walking distance from OHVR and this area is well connected with many public bus stops and bus services.
Within two train stations, you can easily access offices in One-North and Star Vista (a shopping mall and more F&B!) and also National University Hospital and National University of Singapore.
Offices within One-North area houses Singapore's biggest high tech research & development companies. These companies are well known in biomedical sciences, information technology and media.
Sekisui House, Sino Group and Far East Organization are jointly developing this integrated development. They are powerhouses in housing development have a combined experience of over 100 years in real estate and building housing around the globe.
I personally have bought an apartment from Far East Organization. I can say that their finishing of the apartment is good and they even gave me a Dean and Deluca hamper to welcome me when I went to collect my key.
Far East Organization is a household name in Singapore and they have won the highest honours for excellence recognised in the real estate industry internationally.
Project Name: One Holland Village Residences
Address: 1/3/5 Holland Village Way
Developer: Far East Organization, Sino Group and Seksui House
Architect: MKPL Architects
Tenure: 99 years leasehold W.E.F. 13 August 2018
Site Area: 291,912 sqft
Total No. of Units: 296
Number of Storeys: Sereen: 34 Storeys
Leven: 3 Storeys and Roof Terrace
Quincy Private Residences: 28 Storeys
There will be office, retail, CSFS (Community Sports Facilities Scheme) besides residential and serviced apartments. There will be approximately 23,000 sqm of office and retail, 296 residential units and 255 serviced apartments.
Cold Storage and Guardian have been secured as anchor tenants. The other key tenant, The Projector (movie theatre) have also been given the green light (Yay! I don't have to travel to Vivocity or Clementi to catch a movie anymore!).
The public spaces at the ground level will be divided into three sections called the Commons Square, Communal Green and the Pocket Park. You can expect weekend markets and outdoor performances in tune with the vibe of the Holland Village area.
OHVR has three different types of residential blocks - Sereen, Leven and Quincy Private Residences. Sereen is dutch for Serene, which means calm, peace, tranquil and untroubled; Leven simply means life.
Sereen is a 34-storey tower block of 248 units of one, two and three bedroom units; Leven a three-storey block of 21 two bedroom units and Quincy Private Residences, a 28-storey block of 27 luxury apartments with private lift access and concierge services.
The development will have a 50m lap pool, a rooftop tennis court on level 34, a lawn, a function/dining room and a few BBQ pavilions. Imagine playing tennis with amazing 360 views!
Which is the best Stack?
Most of the stacks (1,6,7,8) are North-South facing except stack 2 and 3 and the view will be towards the GCB (Good Class Bungalows) zone. The views will not change as it is zoned for only Good Class Bungalows.
For Stack 4 & 5, they may have relatively nice views save for some HDB blocks disrupting the high floor views. If you want totally unblocked views, you will need to select the very top few levels.
The Leven units are the most interesting as they are inspired by the heritage apartments in Chip Bee Gardens. Being low floor, the apartments' view will be blocked by Sereen and Quincy. The units here are mostly South-Western facing. Stack 11, 12, 13 and 14 will get some north west sun during certain times of the year.
For the most exclusive, private and prestigious units at Quincy, the views will be similar to Sereen.
Units with least Afternoon Sun
Stack 19 has the least afternoon sun throughout the year as it is facing towards the South-East.
On the other hand, Stack 16 and 17 get the most afternoon sun throughout the year but it is not so bad because the side that is exposed to the sun is the shorter part of the apartment.
Stack 9 - 14 (Leven) will have exposure to sun all year round except for the period of July till around September.
Who is OHVR suitable for?
I would say this project would be most suitable for someone who is single, couples or a family with older children.
The night life surrounding Holland Village would not be very suitable for young children and they wouldn't be able to appreciate the amenities as much as young adults. This is just my take.
Capital Growth Potential Analysis
With its unparalleled convenience at the prime location and amenities aplenty, OHVR is definitely a score in an investor's portfolio.
One-north Business Park, the Science Park, the NUS campus, University Town are all nearby. Local schools like Nanyang Primary, Henry Park Primary, Fairfield Methodist Primary School, New Town Primary are all within a 2km radius of OHVR.
Anglo-Chinese School (Independent), Anglo-Chinese Junior College, Singapore Polytechnic, National University of Singapore are amongst some of the prestigious tertiary education institutions that are near to OHVR.
International schools like United World College of South East Asia (Dover Campus), Tanglin Trust School, and and Anglo-Chinese School (International) are amongst the choices available.
All these factors will be key considerations for the project to increase in value over time. However, the developer has priced these conveniences in already when launching at a high psf. This will have to be a long term investment.
Your investment will have a good chance of appreciating when the unused land plots nearby are sold at higher prices. There are two plots nearby indicated in the Masterplan.
Also, when the project completes, there will be an increase in demand and prices of the units as the new commercial sector of OHVR will revitalise and enliven Holland Village.
Other Integrated Projects in Core Central Region (All 99-year leasehold):
Duo Residences (average $2154 psf)
Marina One Residences (average $2402 psf)
Orchard Residences (average $3287 psf)
Wallich Residences (average $3292 psf)
One Holland Village Residences (average $2684 psf)
Existing Projects near Holland Village:
Ford at Holland (average $1988 psf Freehold)
Urban Edge (average $1565 psf Freehold)
Comparing OHVR with its freehold neighbours projects like Ford at Holland and Urban Edge, it is on average $800 psf more. It is a testament that novelty matched with doorstep convenience has no match for tenure alone.
Comparing with other integrated developments, OHVR's pricing is right in the middle. This average pricing is based off on past sales. When bigger units are sold, the average prices will increase. Therefore, placing OHVR's average psf at the higher end of the integrated projects.
It is also good to note that other integrated developments are usually priced higher than its neighbouring projects. So it is rare to see these developments appreciate massively in the short term.
Rental Yields & Rentability
With its central location and abundance of amenities, OHVR will appeal to expats as well as locals.
The rental for a one bedroom in Holland Village area is currently between $2,800-$3,500 a month. This will work out to a yield of about 3.3% per annum based on a 484 sqft unit in OHVR. For a 3 bedroom of 1238 sqft, rental is about $5,500 - $7,500, the yield is about 2.5%.
There haven't been a launch within one km of Holland Village in 5 years. Although the price per square foot is on the high side, the location is well worth the price. Hold the investment for the long term and reap the benefits.
Contact me to discuss which units are suitable for you! Have a look at my New Launches! page to see other projects.
About the Author, Susanna Wong:
I am a realtor based in Singapore since 2006 and I am passionate about helping others find their dream home or find financial freedom through property investments.
My father is a successful businessman. My dream is to be financially free through running my own business. I started my own cold pressed juice business in 2014 and have since returned to full time realtor work in 2020.
For the past 14 years, I have dealt with a variety of properties, ranging from HDB rentals and sales to transacting Good Class Bungalows.
I have two lovely daughters, Sophie and Sage and they are my reason for working hard and living to be better each day.
When I am not busy dealing with properties, I love spending time with my family and relaxing over a cup of iced white coffee.