One Holland road condominium enters the collective sale market and another exit – with a $183.4 million price tag.
The popular residential district holds promise
The Estoril was just launched a couple of weeks ago for tender with a guide price of $220 million. And now a unit of developer Far East Consortium International (FEC). has bought the Hollandia for $183.38 million.
The Hollandia sits on a 4,970.8 sq ft plot of land near Holland Village and the Holland Village, Farrer road and Commonwealth MRT stations. It is a rare piece of freehold land in the junction of Holland Road and Queensway. The current establishment consists of a 6-storey block of 48 apartment units built in the mid-1980s.
Plans to redevelop into 10,000 sq m high-end residential project
The Holland road area is popular with those looking for high-end condominiums or landed homes. And land sales here have been rare. The last major collective sale here was for Henry Park Apartments in Holland Grove which was sold en bloc in December 2011.
The developer has plans for the site to be redeveloped into a high-end residential project with a 10,000 sq m gross floor area. No development charge is payable for this plot, which means the land rate comes up to approximately $1,703 psf ppr. FEC Properties has just launched the 400-unit Artra near Redhill MRT station last April.
2 months into the year, and there has already been 9 collective sales totalling $3.3 billion. This is already more than one-third the $8.7 billion from 30 en bloc deals sealed in 2017. What else will the year bring for this market segment?
Will developers begin to tire of the high asking prices? How many more en bloc attempts will attain success?