Collective sale sites near Mountbatten, Holland V up for grabs

The Holland Tower site, which occupies a land area of 21,871 sq ft, has a reserve price of $65 million.
The Holland Tower site, which occupies a land area of 21,871 sq ft, has a reserve price of $65 million. PHOTO: SINGAPORE REALTORS INC

Two collective sale sites have hit the market - in Margate Road and near Holland Village.

It will be the first attempt to sell en bloc the 15-unit Margate Point, which has a minimum expected price of $38 million.

Owners representing 14 of the 15 apartments have already inked their consent to the sale, said marketing agent JLL yesterday.

If the last holdout gives the green light, the owners can bypass the Strata Titles Board application process and work towards legal completion taking place within three months of contract.

Margate Point in Margate Road is near Meyer and Mountbatten roads. It has a land area of about 12,800 sq ft with an allowable gross plot ratio (GPR) of 2.1.

The site could be redeveloped into a maximum of 35 apartments with an average size of 70 sq m per unit, said JLL.

JLL senior consultant Karamjit Singh said: "Margate Road happens to be the dividing line that segregates the high-rise residential zone from the safeguarded two-storey landed estate.

"The new high-rise development at Margate Point's site would stand to enjoy excellent, unobstructed views across the vast Meyer Road and Goodman Road landed zones up to the low-rise residential areas in Joo Chiat."

He added that Margate Point's reserve price translates to a land rate of about $1,417 per sq ft per plot ratio (psf ppr) for a redevelopment up to GPR 2.1 - before any bonus gross floor area for balconies.

Mr Singh deemed this "reasonable" in view of the transacted prices and asking prices of other land parcels in the vicinity.

Meanwhile, the owners of the 19-unit Holland Tower condominium near Holland Village have put their site up for sale with a reserve price of $65 million.

The freehold site at 10 Holland Heights occupies a land area of 21,871 sq ft.

Marketing agent Singapore Realtors said the site sits within a district zoned for good-class bungalows, but developers may redevelop the land to its current intensity subject to approval.

The reserve price works out to $1,489 psf ppr, which implies that the site has a maximum allowable built-up area of about 43,650 sq ft, or a plot ratio of about two times.

Recent sales in the upscale District 10 area include Olina Lodge at $1,712 psf ppr, Tulip Garden at $1,790 psf ppr, and Hollandia at $1,703 psf ppr.

"Holland Tower offers the successful tenderer the opportunity to develop a unique product of exceptional quality with sweeping views over the luscious greenery," Singapore Realtors head of investment sales Andy Gan said in a statement.

The tender for Holland Tower closes at 2pm on May 30, while that for Margate Point closes at 2.30pm on June 6.

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A version of this article appeared in the print edition of The Straits Times on May 03, 2018, with the headline Collective sale sites near Mountbatten, Holland V up for grabs. Subscribe