Completed in 1990, the freehold Olina Lodge has a reserve price of $220 million. (Photo: SRI)
The collective sales fever continues to heat up with the recent launch of two freehold developments – Olina Lodge and Verdun House, revealed marketing agent Singapore Realtors Inc (SRI).
Located at 15 Holland Hill, Olina Lodge has a reserve price of $220 million, which works out to a land rate of $1,631 psf per plot ratio (psf ppr). Completed in 1990, it is the development’s third attempt at an en bloc sale.
“This land rate is attractive when compared to recent collective sale transactions within District 10, which includes Hollandia at $1,703 psf ppr, Toho Mansion at $1,805 psf ppr, Crystal Tower at $1,840 psf ppr, City Towers at $1,847 psf ppr and Royalville at $1,960 psf ppr,” said SRI.
In fact, the land rate could be reduced further to slightly below $1,500 psf ppr, if the developer opts to build additional 10 percent gross floor area (GFA) for balconies.
It noted that there is also potentially no development charge payable for redevelopment up to a gross plot ratio of 1.6 due to a high development baseline for the 84,288 sq ft site.
Subject to the approval of relevant authorities, the successful tenderer could build an upscale 12-storey, 128-unit development, with an average size of 1,000 sq ft per unit.
Meanwhile, Verdun House – a commercial-zoned site that currently houses a mixed development comprising four shops and 12 apartments – carries an indicative price of about $60 million, or around $2,100 psf ppr.
SRI said the owners are seeking clarification from the authorities on the development baseline of their development.
Located right beside Mustafa Centre, Verdun House is approximately 100m to City Square Mall and a short walk from Farrer Park MRT station on the North-East Line. It was completed in 1982.
The 7,316 sq ft size could be redeveloped into a fully commercial project with a GFA of around 30,728 sq ft. The new development could comprise 50 commercial units with an average size of 550 sq ft each, subject to approval from authorities.
The tenders for Verdun House and Olina Lodge will close on 18 April and 19 April, respectively.