A unit of developer Far East Consortium International (FEC) has bought a collective sale site in prime Holland Road for $183.38 million.
Hollandia, which sits on a 4,970.8 sq m freehold plot at the junction of Holland Road and Queensway, is in a popular residential enclave of landed homes and high-end condominiums. It is also near bustling Holland Village and an MRT station.
The six-storey block of 48 apartments was built in the mid-1980s.
Owners can expect gross sale proceeds of $3.3 million to $4.2 million, which works out to over $2,000 psf on strata area.
The site can be developed up to 12 storeys with an allowable gross floor area (GFA) of 10,004.56 sq m.
Owing to its high development baseline with an equivalent gross plot ratio of 2.01, no development charge is payable, including the additional 10 per cent GFA for balconies.
The price for Hollandia condominium translates to a land rate of $1,703 per square foot per plot ratio (psf ppr), said marketing agent Savills Singapore.
The last major collective sale site in the Holland vicinity was in December 2011, when Henry Park Apartments in Holland Grove was sold.
FEC said it plans to redevelop the site into a high-end residential development, with total GFA of about 10,000 sqm.
"The acquisition is... a great addition to the development pipeline in Singapore following Artra, which was successfully launched last year," it said.
The firm's unit, FEC Properties, launched the 400-unit Artra near Redhill MRT station last April.
The project, which FEC is jointly developing with New World Development in a 70-30 joint venture, had sold 191 apartments as at the end of last year.
The Chiu family that controls Hong Kong-listed FEC also has privately held businesses through its Tang Group of Companies.
FEC has also undertaken projects in Australia and mainland China.
Including the Hollandia deal, the nine collective sales so far this year have totalled $3.3 billion, after 30 deals last year of $8.7 billion in all.