On Jan 29, marketing agent Edmund Tie & Company (ET&Co) launched a freehold residential site at Holland Road for sale by tender, with an asking price of $110 million. This works out to be a land rate of $1,649 psf per plot ratio. According to ET&Co, the property is held under single ownership.
Located in prime District 10, the site sits on elevated land measuring 47,659 sq ft and is surrounded by views of lush greenery, according to ET&Co. It is about 200m from the Holland Village MRT station, adds ET&Co.
Under the 2014 Master Plan, the site is zoned “Residential” with a gross plot ratio of 1.4. This translates to a maximum permissible gross floor area of 66,723 sq ft.
(Credit: ET&Co)
As the site has a high development baseline, the developer would not have to pay development charges to redevelop the site at a plot ratio of 1.4, with an additional 10% balcony area, according to ET&Co.
Subject to authorities’ approval, the property can be redeveloped into a new project of 88 units, assuming each apartment is sized at an average of about 753 sq ft.
The site is also located near a 247,217 sq ft Government Lane Sales (GLS) site at Holland Road. That will be developed into a mixed-use residential and commercial project. Released in line with URA’s plans for the extension of Holland Village, the 99-year leasehold site is up for sale under the 2H2017 Government Land Sales (GLS) programme.
The tender for the Holland Road site marketed by ET&Co will close on Mar 8.