SINGAPORE - Owners of the 19-unit Holland Tower condominium near the Holland Village neighbourhood have put their site up for collective sale by tender with a reserve price of S$65 million.
The freehold site at 10 Holland Heights occupies a land area of about 21,871 sq ft, or 2,031.9 sq m. The marketing agent, Singapore Realtor Inc, said that the site sits within a district zoned for good-class bungalows, but that developers may redevelop the site to its current intensity subject to approval from the authorities.
Singapore Realtor said that the reserve price works out to S$1,489 per sq ft per plot ratio (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 region include Olina Lodge at S$1,712 psf ppr, Tulip Garden at S$1,790 psf ppr and Hollandia at S$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 Realtor head of investment sales Andy Gan said in a statement.
The tender for the site closes at 2pm on May 30.
To date this year, 24 collective sale sites have sold for S$8.06 billion, almost surpassing the S$8.52 billion achieved in 2017.