THE hilltop Olina Lodge was sold on April 20 for S$230.9 million, 5 per cent higher than the reserve price of S$220 million, to Peak Opal, a related company of Kheng Leong.
The sale price works out to a land rate of S$1,712 per square foot per plot ratio. Development charge will not be payable due to the high development baseline.
Depending on the size of the property, which ranges from 1,281 sq ft to 2,766 sq ft, each owner at the 67-unit freehold development could receive between S$3 million to S$5 million.
The development is within walking distance to the Holland Village, Commonwealth and Farrer Road MRT stations, as well as Holland Village, and Dempsey Village.
Andy Gan, head of investment sales for marketing agent Singapore Realtors Inc (SRI), said: “A hilltop enclave plot in prime District 10 is rare and Olina Lodge provides an opportunity for the developer to build an exclusive new development providing a tranquil environment with panoramic views.”
Olina Lodge is zoned residential with a gross plot ratio of 1.6 and an allowable height of up to 12-storeys, and has a site area of approximately 84,289 sq ft.
The collective sale tender for Olina Lodge was launched on March 21, 2018 and closed on April 19, 2018.