Two freehold properties launched for en bloc sale

Romesh Navaratnarajah3 May 2018

Holland Tower Reduced crop

Holland Tower in District 10 was put up for sale with a reserve price of $65 million. (Photo: SRI)

More homeowners are trying their luck at collective sales, with two freehold developments launched at a combined price of $103 million.

The Holland Tower condominium in District 10 was put up for sale on Wednesday (2 May) with a reserve price of $65 million, said marketing agent Singapore Realtors Inc (SRI).

More: Developers’ En Bloc Appetite Diminishing: RHB

Located at a cul-de-sac in 10 Holland Heights, the development is close to commercial amenities at Holland Village and Dempsey Village.

Zoned for good class bungalows, the 21,871 sq ft site could be redeveloped into its original use, subject to the relevant authorities’ approval.

SRI said the reserve price works out to a land rate of $1,489 psf per plot ratio (psf ppr). Other en bloc sales in the vicinity this year include The Wilshire at $1,600 psf ppr, Hollandia ($1,703 psf ppr) and Olina Lodge ($1,712 psf ppr).

Meanwhile, marketing agent JLL revealed yesterday that nearly all owners of Margate Point in District 15 have given their nod for the first en bloc sale attempt of the 15-unit development.

“Margate Point’s minimum expected price of $38 million offers boutique developers and contractors an attractive and affordable redevelopment proposition, particularly if they have found themselves priced out of the market,” said JLL senior consultant Karamjit Singh.

Besides its views over the Meyer Road and Goodman Road landed enclaves and the low-rise residential areas in Joo Chiat, another selling point is its proximity to an upcoming MRT station.

Situated off Meyer Road and Mountbatten Road, the 12,800 sq ft site has an allowable gross plot ratio (GPR) of 2.1. Subject to approval from the authorities, the site may be redeveloped into a condominium of up to 35 units with at an average size of 753 sq ft.

“Subject to confirmation on the property’s development baseline, Margate Point’s reserve price translates to a land rate of approximately $1,417 psf ppr for a redevelopment up to GPR 2.1 – before any bonus gross floor area for balconies,” noted Singh.

“There is a high chance of getting 100 percent consent from the owners towards this collective sale. At the moment, owners representing 14 out of 15 of the apartments have already inked their consent. Should the last consent be obtained, the owners can then bypass the Strata Titles Board application process and work towards legal completion taking place within three months of contract.”

The tender exercises for Holland Tower and Margate Point will close on 30 May and 6 June respectively.

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 ListingsProject Reviews and Guides.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

POST COMMENT

You may also like these articles

Freehold Olina Lodge sold for $230.9m

The sale price is 5.0 percent higher than the owners’ reserve price of $220 million, and works out to a land rate of $1,712 psf ppr. (Photo: SRI)The freehold Olina Lodge at 15 Holland Hill has been

Continue Reading23 Apr 2018

Park House, St Michael’s Condo join en bloc bandwagon

Located near Orchard Road, Park House carries a guide price of $308 million. (Photo: CBRE)The en bloc fever shows no sign of abating with Park House and St Michael’s Condominium joining the bandwago

Continue Reading24 Apr 2018

Collective sale fever hits Lakeside Towers, Jalan Besar Plaza

The owners of Jalan Besar Plaza are expecting $380 million if the sale goes through. This is the freehold development's fourth en bloc attempt.Lakeside Towers and Jalan Besar Plaza are the latest prop

Continue Reading27 Apr 2018