Freehold properties at the Core Central Region (CCR) continue to sell like hot cakes, and this time round, FEC Properties is the lucky beneficiary of the prime site located on Holland Road.
The developer, who has acquired Hollandia Condo for a handsome S$183.38 million, is a wholly owned subsidiary of Far East Consortium International (FEC), a real estate company listed on the Hong Kong Stock Exchange.
Owners of this District 10 freehold property had set their reserve price at S$163.15 million, which to their delight, has been superseded by FEC.
The freehold site on which the 33-yr old apartment sits is 53,505.25 sq ft (4970.8 sq m) and is within a popular landed homes enclave with high-end condos.
Based on the price that FEC has agreed to pay, each unit owner is set to receive between S$3.3m and S$4.2m in gross proceeds. This reflects a rate of more than S$2,000 psf based on strata area.
The last property owners of a significant site to sell en bloc in the Holland area were owners of Henry Park Apartments, and that was way back in December 2011.
Hollandia’s gross plot ratio as per the 2014 Master Plan is 1.6, and subject to approval from relevant authorities, FEC could construct 12-storey developments with total gross floor area (GFA) of 107,688 sq ft (10,004.56 sq m, expanding it from the 6-storey 48-unit block it is today.
This corner site at the crossroads of Queensway and Holland Road has been zoned residential, and its land rate according to Savills Singapore, the property marketing agent, is S$1,703 per sq ft per plot ratio (psf ppr).
This is one case where the developer will not be required to pay any development charge even in relation to the 10% balcony bonus area.
This is because the area already has a high development baseline, matching a gross plot ratio of 2.1. According to Suzie Mok, Savills’ senior director of investment sales, Hollandia is bound to benefit from the success of a tender issued for some mixed-use government land (under GLS) right within Holland Village.
Far East disclosed to the Hong Kong Stock Exchange through its regulatory filing that it plans to develop high-end residential units on the site, with a GFA of around 107,639 sq ft (10,000 sq m).
According to Far East, acquisition of Hollandia is in line with the company strategy to add to its properties in Singapore, just as they acquired Artra last year, the 400-unit development site the company is co-developing with New World Development. The Artra site is close to the Redhill MRT station.
First of all, the Hollandia en bloc site is right within District 10, a highly sought area by developers of residential properties. Also, the property is on freehold ownership which makes the property all the more desirable.
In addition, the area has already been zoned residential as per the 2014 Master Plan, so no new authorizations are required in this regard.
The property is also not attracting any development charge owing to the area’s high development baseline, and this includes exemption from paying any charges for the 10% balcony area.
Everything considered, any price of a freehold residential site within District 10 of less than S$200m is nothing short of irresistible, and so, Hollandia Condo were bound to draw a lot of interest.
The site is also well connected in terms of transport, with Holland Village, Farrer Road and Commonwealth MRT stations, all being within one-kilometre distance.
There are also great schools within a kilometre distance, including Anglo-Chinese School, Singapore, St. Theresa’s Convent and New Town Primary School.
There are also some nice recreational facilities accessible from the condo, including the Tanglin Golf Course and a number of parks. Besides, the site is only 15 minutes drive from the business hub and the popular vibrant Orchard Shopping Centre.
- It’s a freehold site in Prime District 10 highly sought for
- The asking price S$1,515 psf ppris one of the lowest in district 10 collective sale launch. It is considered reasonable price and this might attract the developers.
- Condo near MRT is important. Hollandia has 1, Holland Village MRTwhich is only takes 8 mins walk from the condo. In order for successful new launch sale, there must at least 1 MRT close by. One of the requirements from the Buyer.
- One of the Best dining destination in Singapore, Dempsey Hillis only few mins drive away from the condo
- Another attraction Holland villageis found 600 meters away, this is where shopping malls, retail outlets and great restaurants are located. Residents will be spoilt for choices.
- Orchard Road, the largest shopping belt in Singapore can be reach in 5 mins drive
- For relaxation, family gathering, events, enjoying natural wonder Singapore Botanic Gardens will be the best place. It’s only a 15 mins walk from the condo
- Families with children do not have to worry as there are many schools surrounded the condo. They are Nanyang, New Town and Queenstown Primary schools. Others can be found are Hwa Chong Institution and St. Margaret’s.
- Among all freehold sites launch in D10, Hollandia has the highest chance but of course it depends on Developer likes