Freehold Holland Tower launches $76 mil collective sale tender
The 19-unit Holland Tower was completed in 1976 and comprises a 14-storey apartment block. (Picture: SRI)
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SINGAPORE (EDGEPROP) - Holland Tower, a freehold condominium on Holland Heights in prime District 10, has launched a collective sale tender. The property is on the market with a guide price of $76 million, according to a press release from its marketing agent, SRI Capital Market.
“We expect keen interest from developers due to the palatable price quantum as well as the land price on psf per plot ratio [ppr] basis. With a guide price of $76 million, the land price works out to approximately $1,739 psf ppr,” says Low Choon Sin, managing partner of SRI Capital Market.
Holland Tower and its surrounding developments: EdgeProp LandLens
Holland Tower was completed in 1976 and the residential development comprises a 14-storey apartment block with 19 units, which range from 1,862 to 2,949 sq ft. The development has an existing built up area of 43,691 sq ft which is equivalent to a gross plot rato of 2.0. The site falls within the Holland Park Good Class Bungalow (GCB) Area.
In addition, the condo is on an elevated site at the crest of the Holland Heights road. Thus, the existing property boasts an unblocked view of the landed estates along Holland Park. Schools near the development include Nanyang Primary School, St Margaret’s Secondary School, and Anglo-Chinese International School.
“The Holland area in District 10 enjoyed strong demand over the past seven quarters, with close to 80% of the new private residential units’ supply being sold. With the diminishing supply of new private residential units from the previous en bloc cycle in 2017–2018, the sale [tender] proves to be timely for developers to replenish their landbank,” says Low. (See potential condos with en bloc calculator)
The site opens up multiple redevelopment options “such as redeveloping into a single block of luxurious condominiums for multi-generation families, or redeveloping into a Good Class Bungalow”, he adds.
The collective sale tender closes on March 14.
Check out the latest listings near Holland Tower, Nanyang Primary School, St Margaret’s Secondary School, Anglo-Chinese International School
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