Launch of the $76 million collective selling tender by Freehold Holland Tower
Holland Tower, the freehold condominium in Holland Heights in prime District 10 has announced an auction for a collective sale. The property is available for sale with a suggested price of $76 million according to an announcement from the agency for marketing, SRI Capital Market.
The Lakegarden Residences showflat location of residential developments in the area, the demand for The LakeGarden Residences is set to be high.
“We anticipate high interest from developers because of the appealing price and the land’s price on a per-square foot per plot ratio (ppr) basis. With a price guide at $76 million the price of land is approximately $1,739 per sq ft ppr.” states Low Choon Sin, managing partner of SRI Capital Market.
Holland Tower was completed in 1976 . The residential development consists of 14 stories of apartment blocks with 19 units, that vary between 1,862 and 2,949 sq feet. The building has an constructed surface of 43,691 sq feet that corresponds to a plot ratio of 2.0. The site is part of that Holland Park Good Class Bungalow (GCB) area.
Additionally, the condominium is located on an elevated site located at the top of Holland Heights road. This means that the current property offers a unobstructed view of the land estates that lie along Holland Park. Schools within in the area include Nanyang Primary School, St Margaret’s Secondary School as well as Chinese Anglo International School.
“The Holland area in District 10 has seen a surge in demand over the past seven quarters with more than eighty% of the newly constructed private residential units being sold. With the decreasing number of new residential units from the earlier En bloc cycle that took place from 2017-2017, this auction [tenderis a good opportunity to allow developers in order to fill their landbanks,” says Low. (See possible condos by using the En block calculator)
The site offers a variety of alternatives for redevelopment “such as the possibility of redeveloping it into a single luxury condominium for families with multiple generations or redeveloping into a High Class Bungalow” the developer says.
The tender for the collective sale closes the 14th of March.