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Thread: FEC Properties buys Hollandia in collective sale for $183.4m

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    Default FEC Properties buys Hollandia in collective sale for $183.4m

    FEC Properties buys Hollandia in collective sale for $183.4m

    Sat, Mar 03, 2018

    Owners can expect gross sale proceeds of $3.3m to $4.2m

    Lynette Khoo



    A unit of developer Far East Consortium International (FEC) has bought a collective sale site in prime Holland Road for $183.38 million.

    Hollandia, which sits on a 4,970.8 sq m freehold plot at the junction of Holland Road and Queensway, is in a popular residential enclave of landed homes and high-end condominiums. It is also near bustling Holland Village and an MRT station.

    The six-storey block of 48 apartments was built in the mid-1980s.

    Owners can expect gross sale proceeds of $3.3 million to $4.2 million, which works out to over $2,000 psf on strata area.

    The site can be developed up to 12 storeys with an allowable gross floor area (GFA) of 10,004.56 sq m.

    Owing to its high development baseline with an equivalent gross plot ratio of 2.01, no development charge is payable, including the additional 10 per cent GFA for balconies.

    The price for Hollandia condominium translates to a land rate of $1,703 per square foot per plot ratio (psf ppr), said marketing agent Savills Singapore.

    The last major collective sale site in the Holland vicinity was in December 2011, when Henry Park Apartments in Holland Grove was sold.



    FEC said it plans to redevelop the site into a high-end residential development, with total GFA of about 10,000 sqm.

    "The acquisition is... a great addition to the development pipeline in Singapore following Artra, which was successfully launched last year," it said.

    The firm's unit, FEC Properties, launched the 400-unit Artra near Redhill MRT station last April.

    The project, which FEC is jointly developing with New World Development in a 70-30 joint venture, had sold 191 apartments as at the end of last year.

    The Chiu family that controls Hong Kong-listed FEC also has privately held businesses through its Tang Group of Companies.

    FEC has also undertaken projects in Australia and mainland China.

    Including the Hollandia deal, the nine collective sales so far this year have totalled $3.3 billion, after 30 deals last year of $8.7 billion in all.

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    FEC Properties snags Hollandia collective sale site for S$183.4m

    The plan is to redevelop the site into a high-end residential development

    Sat, Mar 03, 2018

    Lynette Khoo


    The sale price for Hollandia translates to a land rate of S$1,703 per square foot per plot ratio (psf ppr), said its marketing agent Savills Singapore.

    In a regulatory filing with the Hong Kong stock exchange, Far East Consortium said it plans to redevelop the site into a high-end residential development with a total gross floor area (GFA) of about 10,000 sq m.

    It said: "The acquisition is consistent with the company's regionalisation strategy and is a great addition to the development pipeline in Singapore following Artra, which was successfully launched last year," it said.

    Artra is a 400-unit condominium project that FEC Properties undertook with New World Development in a 70-30 joint venture. The project, near Redhill MRT station, was launched last April; as at the end of last year, it had sold 191 units.

    The Chiu family, which controls FEC, also has privately held businesses through its Tang Group of companies. Outside of Hong Kong, FEC has undertaken a number of development projects in Australia and mainland China.

    Hollandia's sale to FEC Properties brings the number of collective sale sites in Singapore to nine this year to date. The value has reached S$3.3 billion; the 30 deals last year totalled S$8.7 billion in value.

    Hollandia, a six-storey block of 48 apartments built in the mid-1980s, sits at the junction of Holland Road and Queensway, on a freehold site measuring 4,970.8 sq m. The development is in a popular residential enclave of landed homes and high-end condominiums and is served by public transport plying Holland Road. The nearest MRT station is Holland Village.

    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 land may be developed up to 12 storeys, with an allowable GFA of 10,004.56 sq m.

    Owing to its high development baseline with an equivalent gross plot ratio of 2.01, no development charge is payable, including the additional 10 per cent gross floor area for balconies.

    Suzie Mok, senior director of investment sales at Savills Singapore, who brokered the deal, said: "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."

    The last major transacted collective sale site in the Holland vicinity was in December 2011, for Henry Park Apartments in Holland Grove.

    At the agreed sale price, owners of Hollandia could expect to receive gross sale proceeds ranging from S$3.3 million to S$4.2 million, which works out to over S$2,000 psf on strata area.

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