Wing Tai buys Holland Tower for $76.3 million
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Holland Tower falls within the Good Class Bungalow Area in Holland Park and it is zoned for residential use.
PHOTO: SRI
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SINGAPORE – Property developer Wing Tai Holdings’ wholly owned subsidiary will acquire Holland Tower for $76.3 million via public tender and redevelop the freehold 19-unit site into a luxury residential development.
This represents Holland Tower’s third collective sale attempt since 2018, when it launched a tender at $65 million, according to marketing agent SRI Capital Market.
The transacted price translates to a land rate of $1,746 per sq ft per plot ratio (psf ppr). The owners can receive $3.9 million to $5.7 million per unit, SRI said on Wednesday.
SRI managing partner Low Choon Sin said: “This marks the first residential site sold en bloc in District 10 since fourth-quarter 2021. The tender award demonstrates the attractiveness of the site and locality... (and) growing confidence in the (prime district).”
Sold to Wincove Investment, the District 10 project at 10 Holland Heights sits on a 2,032.6 sq m site with a gross floor area of 4,059.05 sq m.
Wing Tai executive director Tan Hwee Bin said the developer plans to “leverage (the site’s) location attributes to develop a luxurious and iconic residential development with stunning unblocked views of the lush greenery in Holland Park as well as the Singapore city skyline”.
Mr Low said land banking activity is picking up as “the take-up rate of new homes in the vicinity is going strong”.
Located within the Holland Park good class bungalow area, the site is zoned for residential use and may be redeveloped to its current built-up area of about 43,691 sq ft, subject to the authorities’ approval, SRI said.
The site is within a five-minute drive or 15-minute walk from Dempsey Hill, the Singapore Botanic Gardens and Holland Village, with Farrer Road and Holland Village MRT stations nearby.
