Buyers snap up 10 units at Van Holland on opening weekend of sales

SINGAPORE (EDGEPROP) - Over the weekend of Jan 11-12, Koh Brothers sold 10 out of a total of 69 units in its luxury, freehold project Van Holland. The condominium is a redevelopment of the former Toho Mansion and is located just across the road from Holland Village.

The number of units that have been spoken for at Van Holland is equivalent to 15% of the project. Prices are said to start from $2,600 psf. “We are deeply heartened by the warm reception that we received over the public launch weekend given that there were a number of other developments that also launched in the same weekend,” comments Francis Koh, managing director and group CEO of Singapore-listed property group, Koh Brothers.

Two of the 10 units sold were related-party transactions, as they were purchases by Koh’s son and daughter, Benjamin and Rachel, respectively. According to a company announcement on Jan 11, Benjamin snapped up a unit on the third floor, which was tagged at $1.511 million. However, as a substantial shareholder of the company, Benjamin was entitled to a 3% staff discount, which means the sale price was adjusted to $1.465 million.

His sister Rachel purchased a slightly bigger unit on the same floor, for $2.085 million. Like her brother, Rachel, a substantial shareholder of Koh Brothers, was also eligible for a 3% staff discount, which means she paid $2.022 million instead of $2.085 million.

Benjamin and Rachel are not just children of the managing director and group CEO of Koh Brothers, but also the grandchildren of Koh Tiat Meng, the firm’s executive chairman.

The units at Van Holland are a mix of one- to four-bedroom apartments, with sizes from 495 to 1,345 sq ft. There is also a separate four-storey block called the Executive Series, where there are only 16 units, with sizes from 1,001 to 1,9911 sq ft. The units offer finishes such as bookmatched Italian marble flooring, quality Italian sanitary fittings with Swarovski crystals, and top-of-the-line kitchen appliances from Miele. The project is scheduled to be completed by March 2023.