Savills Singapore is pleased to announce the sale of Hollandia in District 10 for S$183.38 million to FEC Properties Pte Ltd through a collective sale. The sale price reflects a unit land rate of approximately S$1,703 psf ppr.
Occupying a corner plot at the junction of Holland Road and Queensway, the 48 apartments (built in the mid 1980s) sit on a land of 4,970.8 sq m (or 53,505 sq ft). Under the 2014 Master Plan, the site is zoned for residential use with a gross plot ratio of 1.6. Subject to planning approvals from the relevant authorities, the site may be developed up to 12-storeys with an allowable gross floor area of 10,004.56 sq m (or 107,688 sq ft). Owing to its high development baseline with an equivalent gross plot ratio of 2.01, no development charge is payable including the additional 10% gross floor area for balconies.
Hollandia is nestled within the established Holland residential neighbourhood, an all time favourite with the expatriates’ community given its close proximity to trendy F&B chill-outs at Dempsey Hill and Holland Village. Conveniently located, it is a short drive from the prime Orchard Road shopping belt and the Central Business District. It is also minutes away from the UNESCO crowned Botanic Gardens.
Popular condominiums surrounding the development include Parvis, Holland Residences, Holland Hill Park, etc. The Holland Village MRT station is approximately 700 m away and the Ayer Rajah and Pan Island Expressways are readily accessible.
“Hollandia offers an exciting opportunity for FEC Properties Pte Ltd to participate in an area with significant capital uplift potential. Undoubtedly, this freehold plot will benefit from the successful tender of the highly attractive mixed-use Government Land Sale (GLS) site located at the heart of Holland Village. Having excellent connectivity and locational attributes, this new landmark is expected to add buzz with a plethora of new dining and retail options. Besides, it is likely to catalyse the redevelopment and rejuvenation of collective sales sites in its close vicinity and transform the landscape of this quaint enclave altogether”, said Suzie Mok, senior director of Investment Sales at Savills Singapore, who brokered the deal.
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 Pte Ltd’s acquisition of Hollandia would therefore represent the first significant collective sales transaction in the area.”
At the sale price, the owners could expect to receive gross sale proceeds ranging from S$3.3 m to S$4.2 m which works out to over $2,000 psf on strata area.