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Thread: Hollandia, Balmoral Gardens put up for collective sale

  1. #1
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    Default Hollandia, Balmoral Gardens put up for collective sale

    Hollandia, Balmoral Gardens put up for collective sale

    Jan 18, 2018


    Two sites in the prime District 10 area have been put up for sale as the collective sale fever shows no sign of abating.

    Hollandia is up for sale at an indicative price of over $163 million, at a land rate of $1,515 per sq ft per plot ratio. Located in the Holland residential neighbourhood, the property is about 700m from Holland Village MRT station, and is close to Dempsey Hill and Holland Village.

    Built in the mid-1980s, Hollandia sits on 53,505 sq ft of land. According to the 2014 masterplan, the site is zoned for residential use, with a 1.6 gross plot ratio. This means it can be developed into a building of up to 12 floors, with an allowable gross floor area (GFA) of 107,688 sq ft.

    Due to the high development baseline, no development charge is payable, including the extra 10 per cent GFA for balconies, said Savills Singapore, which is handling the sale. Savills senior director of investment sales Suzie Mok said: "Hollandia offers developers an excellent opportunity to acquire a freehold site with the prestigious Holland address, at an attractive price of less than $200 million. It has been a while since a freehold redevelopment plot has been put up for sale in the Holland area."

    The tender for Hollandia will close at 3pm on Feb 28.

    The second site is Balmoral Gardens in Balmoral Road.

    The freehold site is 36,751.52 sq ft, and has a plot ratio of 1.6, which means it can be developed into a building of up to 12 storeys. The owners expect offers over $92 million.

    The land rate is estimated to be $1,872 per sq ft per plot ratio, inclusive of a development charge, estimated at $18.1 million, and payable to intensify the use of the site to the maximum permissible GFA.

    An application for the development baseline has been submitted to the Urban Redevelopment Authority, to establish the amount of development charge payable.

    All the owners have given approval for the sale, which means approval from the Strata Titles Board for the sale is not required.

    The successful buyer can take possession of the site after the end of the vacant possession period, and plan for marketing and building the new development quickly, said Mr Davidz Wan of Huttons Asia, the exclusive marketing agent.

    The tender closes on Feb 7 at 2.30pm.

  2. #2
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    Hollandia in District 10 up for en bloc sale

    Freehold development in Holland residential neighbourhood has an indicative price of S$163.15m

    Thu, Jan 18, 2018 - 5:50 AM

    Nisha Ramchanda


    HOLLANDIA, a residential development in District 10, has been put up for sale at an indicative price of over S$163 million.

    Based on the allowable gross floor area of 10,004.56 square metres (or equivalent gross plot ratio of 2.013), the collective sale has an indicative price of S$163.15 million, which translates to a land rate of S$1,515 psf ppr (per square foot per plot ratio).

    Built in the mid-1980s, Hollandia occupies 4,970.8 square metres (or 53,505 square feet).

    Under the 2014 Master Plan, the site is zoned for residential use with a gross plot ratio of 1.6.

    Subject to approvals from the relevant authorities, the site may be developed up to 12 storeys with an allowable gross floor area (GFA) of 10,004.56 sq m (or 107,688 sq ft).

    Due to the high development baseline, no development charge is payable even for the additional 10 per cent GFA for balconies, said Savills Singapore, which is handling the sale.

    Situated within the Holland residential neighbourhood, the property is about 700 metres from Holland Village MRT station, and is close to Dempsey Hill and Holland Village.

    Suzie Mok, senior director of investment sales at Savills, said: "Hollandia offers developers an excellent opportunity to acquire a freehold site with the prestigious Holland address at an attractive price of less than S$200 million."

    She added: "This is a sweet spot for mid-sized developers who are building up their residential land banks in expectation of the market uptrend."

    Ms Mok said it "has been a while" since a freehold redevelopment plot has been put up for sale in the Holland area.

    "Hollandia will draw interest as it is attractively positioned near Holland V. The widely anticipated sale of the mixed-use Government Land Sale Parcel right smack in the heart of Holland V and its forthcoming rejuvenation and transformation will be a key catalyst and potential booster of real estate values in the vicinity," she said.

    The tender for Hollandia will close at 3pm on Feb 28.

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