SINGAPORE - Hollandia, a residential development in District 10, has been put up for sale at an indicative price of over S$163 million.

Based on the allowable gross floor area of 10,004.56 sq m (or equivalent gross plot ratio of 2.013), the collective sale has an indicative price of S$163.15 million, which translates to a land rate of S$1,515 per sq ft per plot ratio.

Built in the mid-1980s, Hollandia occupies 4,970.8 sq m. Under the 2014 Master Plan, the site is zoned for residential use with a gross plot ratio of 1.6.

Subject to approvals from the relevant authorities, the site may be developed up to 12 storeys with an allowable gross floor area (GFA) of 10,004.56 sq m. Due to the high development baseline, no development charge is payable even for the additional 10 per cent GFA for balconies, said Savills Singapore, which is handling the sale.

Situated within the Holland residential neighbourhood, the property is about 700m from Holland Village MRT station, and is close to Dempsey Hill and Holland Village.

Senior director of investment sales at Savills, 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 S$200 million. This is a sweet spot for mid-sized developers who are building up their residential land banks in expectation of the market uptrend."

She added: "It has been a while since a freehold redevelopment plot has been put up for sale in the Holland area. Hollandia will draw interest as it is attractively positioned near Holland V. The widely anticipated sale of the mixed-use Government Land Sale Parcel right smack in the heart of Holland V and its forthcoming rejuvenation and transformation will be a key catalyst and potential booster of real estate values in the vicinity."

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