Hollandia, Balmoral Gardens put up for collective sale

Two sites in the prime District 10 area have been put up for sale as the collective sale fever shows no sign of abating.

Hollandia is up for sale at an indicative price of over $163 million, at a land rate of $1,515 per sq ft per plot ratio. Located in the Holland residential neighbourhood, the property is about 700m from Holland Village MRT station, and is close to Dempsey Hill and Holland Village.

Built in the mid-1980s, Hollandia sits on 53,505 sq ft of land. According to the 2014 masterplan, the site is zoned for residential use, with a 1.6 gross plot ratio. This means it can be developed into a building of up to 12 floors, with an allowable gross floor area (GFA) of 107,688 sq ft.

Due to the high development baseline, no development charge is payable, including the extra 10 per cent GFA for balconies, said Savills Singapore, which is handling the sale. Savills senior director of investment sales Suzie Mok said: “Hollandia offers developers an excellent opportunity to acquire a freehold site with the prestigious Holland address, at an attractive price of less than $200 million. It has been a while since a freehold redevelopment plot has been put up for sale in the Holland area.”

The tender for Hollandia will close at 3pm on Feb 28.

The second site is Balmoral Gardens in Balmoral Road.

The freehold site is 36,751.52 sq ft, and has a plot ratio of 1.6, which means it can be developed into a building of up to 12 storeys. The owners expect offers over $92 million.

The land rate is estimated to be $1,872 per sq ft per plot ratio, inclusive of a development charge, estimated at $18.1 million, and payable to intensify the use of the site to the maximum permissible GFA.

An application for the development baseline has been submitted to the Urban Redevelopment Authority, to establish the amount of development charge payable.

All the owners have given approval for the sale, which means approval from the Strata Titles Board for the sale is not required.

The successful buyer can take possession of the site after the end of the vacant possession period, and plan for marketing and building the new development quickly, said Mr Davidz Wan of Huttons Asia, the exclusive marketing agent.

The tender closes on Feb 7 at 2.30pm.