Holland Tower offered for en bloc sale with S$65m reserve price

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 square feet, or 2,031.9 square metres. 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 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 on May 30 at 2pm.