Holland Tower, a freehold condominium at 10 Holland Heights close to the Holland Village, is up for collective sale.
Owners of the 19-unit property in prime District 10 have set the reserve price at S$65 million, and the public tender closes in the afternoon of May 30, 2018.
Holland Tower sits on an area that is around 21,871 sq ft in size, and Singapore Realtor Inc, the appointed marketing agent who released the information about the sale, also indicated the land rate based on the reserve price is S$1,489 psf ppr.
Holland Tower’s land rate is, therefore, likely to be much lower than the rates of other sites in the area that have recently been sold en bloc.
For example, the rate for Olina Lodge was S$1,712 psf ppr, the one for Tulip Garden was S$1,790 psf ppr, and the one for Hollandia was S$1,703 psf ppr, and all the three, like Holland Tower, are in District 10.
According to the agent, although the property is currently in the midst of high class bungalows, the new developer has room to redevelop the site to produce residential units that match the current intensity, as long as the relevant authorities approve such GPR.
Cumulatively, 2018 has seen the sales revenue rise to S$8.2 billion from a total of 25 sites sold en bloc, the amount getting close to that accumulated in the entire 2017, which was S$8.65 billion.
The bidder who succeeds in acquiring the Holland Tower property will have an opportunity to construct a quality development that is unique, one offering a clear view of the expanse of fascinating greenery.
That is the marketing agent’s opinion as expressed in a statement by Andy Gan, the firm’s head of investment sales.