The 48-unit Hollandia in District 10 has been sold to FEC Properties, a wholly-owned subsidiary of Hong Kong-listed Far East Consortium International, for $183.4 million. The price reflects a land rate of about $1,703 psf per plot ratio (ppr). The freehold property was sold for $20.23 million more than its announced reserve price of $163.15 million, or $1,515 psf ppr.
Owners of each unit can expect to receive gross sale proceeds ranging from $3.3 to $4.2 million which works out to over $2,000 psf on strata area, says Savills, which brokered the deal.
The property sits on a 53,505 sq ft site which is zoned for residential use under the 2014 Master Plan, and has a GPR of 1.6. The site may be redeveloped up to 12-storeys with an allowable GFA of 107,688 sq ft, subject to approvals.
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Owing to its high development baseline with an equivalent gross plot ratio (GPR) of 2.01, no development charge is payable, even including the additional 10% gross floor area (GFA) for balconies.
The future development will benefit from the successful tender of the nearby mixed-use Government Land Sale site in Holland Village, which is likely to also catalyse other collective sales sites in the vicinity, says Suzie Mok, senior director of investment sales at Savills.
FEC Properties’ acquisition of Hollandia is the first significant collective sale transaction in the area. The last major collective sale transaction was in 2011 for Henry Park Apartments at Holland Grove, notes Mok.
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