En bloc deals spur buying interest in Holland Road-Farrer Road area

Interest in condominiums in the Farrer Road-Holland Road enclave could have been prompted by the spate of collective sales in the first three months of this year.
In January, the 20-unit The Wilshire on Farrer Road was sold for $98.8 million ($1,536 psf per plot ratio) to Roxy-Pacific Holdings and a private investment vehicle of the Tong Eng Group’s Teo family at the close of its tender. Early this month, Far East Consortium International snapped up the 48-unit Hollandia on Holland Road for $183.4 million ($1,703 psf ppr). Both deals were brokered by Savills Singapore.
At Gallop Gables, a 3,401 sq ft, five-bedroom unit on the first level fetched $5 million ($1,470 psf) in February, according to a caveat lodged with URA Realis. The freehold, 140-unit project was developed by Straits Trading Co and completed in 1997.
At Gallop Gables, a 3,401 sq ft, five-bedroom unit on the first level fetched $5 million ($1,470 psf) in February, according to a caveat lodged with URA Realis (Credit: The Edge Singapore)
Some buyers could be buying in anticipation of a collective sale in the future. “Even before the start of the collective sale fever, I have seen more interest in older properties in this neighbourhood, predominantly from Singaporean families with a budget of $3 million to $5.5 million,” says Raj Bhandari, senior group director at Real Centre International. “They are looking for properties that have intrinsic value and the potential for capital growth to preserve their wealth.”
Bhandari is marketing a 3,165 sq ft, four-bedroom-plus-study unit at Gallop Gables, which is going for around $1,788 psf, the asking price for another unit at the development that is on the market.
In the vicinity of Gallop Gables, other freehold developments, such as the 226-unit Spanish Village, the 44-unit Sutton Place and the 453-unit Sommerville Park, are at various stages of the collective sale process, says Suzie Mok, senior director of investment sales at Savills Singapore.
Across Farrer Road is the 162-unit Tulip Garden, which was launched for sale by tender on Feb 27. The price tag of the 316,708 sq ft, freehold site is $753 million ($1,399 psf ppr). Based on a plot ratio of 1.6 and maximum height of 12 storeys, the new development could have 670 units, assuming...