SINGAPORE - FEC Properties, an indirect wholly-owned subsidiary of Hong Kong-listed Far East Consortium International, has secured a collective sale site in Singapore's Holland Road in District 10 for S$183.38 million.
The sale price for Hollandia translates to a land rate of SS$1,703 per square foot per plot ratio (psf ppr), according to the marketing agent Savills Singapore.
In a regulatory filing with the Hong Kong stock exchange, Far East Consortium said it plans to redevelop the site into a high-end residential development with total gross floor area (GFA) of about 10,000 sqm."The acquisition is consistent with the company's regionalisation strategy and is a great addition to the development pipeline in Singapore following Artra which was successfully launched last year," it said. Artra, a 400-unit development near Redhill MRT station is jointly developed by FEC Properties and New World Development.
Occupying a corner plot at the junction of Holland Road and Queensway, the freehold site of 4,970.8 sqm lies within a popular residential enclave of landed homes and high-end condominiums. It is served by public transport plying Holland Road and is near Holland Village MRT. Sitting on the site now is Hollandia, a six-storey block of 48 apartments built in the mid-1980s.
Under the 2014 Master Plan, the site is zoned for residential use with a gross plot ratio of 1.6. Subject to planning approvals from the relevant authorities, the land may be developed up to 12-storeys with an allowable 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 gross floor area for balconies."Undoubtedly, this freehold plot will benefit from the successful tender of the highly attractive mixed-use government land sale (GLS) site located at the heart of Holland Village," said Suzie Mok, senior director of investment sales at Savills Singapore, who brokered the deal.
The last major transacted collective sale site in the Holland vicinity was in December 2011 for Henry Park Apartments at Holland Grove.
At the agreed sale price, owners of Hollandia could expect to receive gross sale proceeds ranging from S$3.3 million to S$4.2 million, which works out to over S$2,000 psf on strata area.