The owners could receive gross sale proceeds ranging from $3.3 million to $4.2 million. (Photo: Savills Singapore)
The 48-unit Hollandia development at the junction of Holland Road and Queensway has been sold through a collective sale to FEC Properties for $183.38 million, or a unit land rate of about $1,703 psf per plot ratio (psf ppr).
FEC Properties is an indirect wholly-owned subsidiary of Hong Kong-listed Far East Consortium International.
The sale price is about 11 percent higher than the reserve price of $163.15 million ($1,515 psf ppr) when the property was launched for sale in January this year.
The owners are expected to receive between $3.3 million and $4.2 million from the sale, said marketing agent Savills. This works out to over $2,000 psf on the strata area.
Built in the mid-1980s, the freehold project sits on a 53,505 sq ft site. Under the 2014 Master Plan, the site is zoned for residential use with a gross plot ratio of 1.6.
Located in District 10, Hollandia is within proximity to Holland Village MRT station as well as eateries at Dempsey Hill and Holland Village.
Subject to planning approvals from the relevant authorities, the site may be redeveloped into a 12-storey condo with an allowable gross floor area (GFA) of 107,688 sq ft. No development charge is payable, including the additional 10 percent GFA for balconies.
“Undoubtedly, this freehold plot will benefit from the successful tender of the highly attractive mixed-use Government Land Sale site located at the heart of Holland Village,” said Suzie Mok, senior director of investment sales at Savills Singapore.
She added: “The last major transacted collective sale site in the Holland vicinity was in December 2011 for Henry Park Apartments at Holland Grove. FEC Properties’ acquisition of Hollandia would therefore represent the first significant collective sales transaction in the area.”
Check out more properties for sale in District 10.