The sale price of $223.9 million works out to a land rate of about $1,654 psf per plot ratio. (Photo: CBRE)
The Estoril condominium at 95 & 97 Holland Road has finally been sold for $223.9 million, following a fourth collective sale attempt, said marketing agent CBRE on Wednesday (4 Apr).
The freehold site was awarded to FEC Properties, a wholly-owned subsidiary of Hong Kong-listed Far East Consortium International.
More: The Estoril, Tulip Garden Up For Collective Sale
The sale price works out to a land rate of about $1,654 psf per plot ratio. No development charge is payable.
Completed in 1984, the 44-unit development comprises 40 apartments and four penthouses. Each apartment owner could walk away with around $4.6 million, while the penthouse units could receive between $9.85 million to $9.95 million.
The approximately 84,600 sq ft site is zoned residential with a plot ratio of 1.6 under the 2014 Master Plan. It could be redeveloped into a 166-unit condo.
The Estoril is located close to Holland Village MRT station as well as amenities in Holland Village and Dempsey Hill. Various schools such as Nanyang Primary School and St Margaret’s Secondary School are also nearby.
Sammi Lim, director, capital markets at CBRE, said: “The recent keen interest for the URA Holland Village mixed-use development extension site signals that developers remain confident about this location, especially in view of further rejuvenation in the locality.”
The ongoing en bloc fever has seen more than 20 projects launched for collective sale in early 2018, most recently Chancery Court in Newton at an asking price of $390 million. The owners of Mandarin Gardens in East Coast are also seeking a record $2.48 billion.
For the latest property news, trends, resources and expert opinions, visit our Property News page. Home buyers looking for Singapore Properties may like to visit our Listings, Project Reviews and Guides.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
