The collective sale of Hollandia has an indicative price of $163.15 million ($1,515 psf ppr). (Photo: Savills)
The 48-unit Hollandia residential development located at the junction of Holland Road and Queensway in District 10 has been launched for collective sale, marketing agent Savills Singapore said on Wednesday (17 January).
The owners are expecting offers in the range of $163.15 million, which translates to a land rate of $1,515 psf per plot ratio.
Built in the mid-1980s, the freehold property sits on a 53,505 sq ft site. The plot is zoned for residential use with a gross plot ratio of 1.6.
Subject to approvals from the relevant authorities, the site may be redeveloped into a 12-storey project with an allowable gross floor area of 107,688 sq ft. No development charge is payable.
Hollandia is located close to Holland Village MRT station as well as eateries at Dempsey Hill and Holland Village.
“It has been a while since a freehold redevelopment plot has been put up for sale in the Holland area,” said Suzie Mok, senior director of investment sales at Savills Singapore.
“Hollandia will draw interest as it is attractively positioned near Holland V. The widely anticipated sale of the mixed-use Government Land Sale Parcel right smack in the heart of Holland V and its forthcoming rejuvenation and transformation will be a key catalyst and potential booster of real estate values in the vicinity,” she added.
The tender for Hollandia will close on 28 February.