Yet another condominium development is going en bloc. This time, it is the 84,600 sq ft The Estoril in Holland road.
Big site in popular district zoned for residential use
With a guide price of $220 million, the land rate for this sizeable plot comes up to $1,625 psf ppr. For the size of the site and its location, industry players consider the guide price ‘palatable’. In fact, developers may be happy with any price below $250 million.
The 44-unit development may potentially quadruple in volume with 166 units. The site has a plot ratio of 1.6 and a maximum allowable gross floor area of 148,896 sq ft including a 10% on balcony area.
The Holland road site is near the National University of Singapore (NUS) and located in between the Holland Village and Farrer Road MRT stations. The location is prime for expatriate and working professionals with the proximity to the Orchard road belt, Gleneagles hospital, Botanic Gardens, Dempsey hill eateries and the many embassies in the Nassim and Darvey road area.
More prime district condominiums enter collective sale market
Industry analysts expect more prime district condominiums to follow suit in going the collective sale route. Cairnhill Mansions was one of the first prime district developments to be sold en bloc this year. It sold for $362 million just before the lunar new year.
The collective sale activity in the market over the past year has continued into 2018. There are however questions about how the market will follow through in the next 4 to 5 years. Prices developers have paid for land plots may be indicative of how properties will be priced as early as this year.