The lush fodder that is district 10 looks set to nurture more new developments should the 2 most recent collective sale sites offered up for sale come through.
Freehold sites in Holland and Bukit Timah rare gems
The first site is the Hollandia for $163 million at $1,515 psf ppr. Built in the 1980s, the property is located in the popular Holland residential estate and has a land area of 53,505 sq ft. The Holland Village MRT station is less than 800 metres away. Also nearby is Holland Village and Dempsey Hill.
Both areas are frequented by expatriates and students from the neighbouring National University of Singapore and Singapore Polytechnic. The site has been zoned for residential use under the Urban Redevelopment Authority’s (URA) 2014 Masterplan.
More enticing than its 1.6 gross plot ratio is the opportunity the freehold status of this site offers. It does not have a development charge due to its high development baseline and can be developed into a 12-storey project with a gross allowable floor area (GFA) of 107,688 sq ft. The sale is handled by Savills.
The Holland area has not had a freehold site put up for sale for quite awhile now, thus an offer such as this for less than $200 million will prove attractive to developers.
District 10 a prime spot for new launches
The second site entering the collective sale market is Balmoral Gardens in Balmoral Road. This site is just at the fringe of the city centre and has potential to be popular with buyers as the area also has not seen many new launches in the past few years.
This is yet another freehold site with a plot ratio of 1.6. The land area here is 36,751.52 sq ft with a land rate of $1,872 psf ppr. All the owners of Balmoral Gardens have given their approval for the sale. The asking price stands at $92 million.
The tender closing dates for both sites are in February.
While the prime districts of 9, 10 and 11 have seen a pick-up in sales over the past quarters, these 2 en bloc offers will no doubt boost developers and buyers’ confidence in the properties here. Will it be full-steam ahead for the sales and rental markets here this year?