The 331,457 sq ft site is located near Farrer Road MRT station, Holland Village and Dempsey Hill. (Photo: ET&Co)
Spanish Village, a freehold residential project along Farrer Road in District 10, has been put up for collective sale at $882 million, revealed marketing agent Edmund Tie & Company (ET&Co).
Including a development charge of about $30 million, the asking price works out to a land rate of $1,721 psf per plot ratio (psf ppr).
More: Developers’ En Bloc Appetite Diminishing: RHB
“The developer can utilise URA’s scheme of 10 percent additional GFA (gross floor area) for balcony area and further pare down the land rate to $1,659 psf ppr with a further development charge of approximately $55 million,” noted ET&Co.
Built in the 1980s, Spanish Village comprises 226 apartments on an approximately 331,457 sq ft site zoned residential with a gross plot ratio of 1.6.
The site is located close to Farrer Road MRT station, Holland Village, Dempsey Hill and one-north. Nearby schools include Hwa Chong Institution, Anglo-Chinese School (International) and National Junior College.
“Spanish Village’s strategic location, huge freehold land size and elevated grounds gives the future development the potential to be a landmark, iconic project in prime District 10,” said Tan Chun Ming, senior director of investment advisory at ET&Co.
“With all the surrounding good schools and proximity to lifestyle options and CBD, the location holds great appeal for families with school-going children and expatriates alike. URA’s recent tender award of the Holland Village GLS site for a mixed-use and pedestrian-oriented development will also add to the vibrancy of the locale.”
The tender for the site closes on 18 July.
Learn more about the Tanglin/Holland area and search for properties to buy or rent.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
