Two freehold properties launched for en bloc sale

Holland Tower in District 10 was put up for sale with a reserve price of $65 million. (Photo: SRI)

More homeowners are trying their luck at collective sales, with two freehold developments launched at a combined price of $103 million.

The Holland Tower condominium in District 10 was put up for sale on Wednesday (2 May) with a reserve price of $65 million, said marketing agent Singapore Realtors Inc (SRI).

More: Developers’ En Bloc Appetite Diminishing: RHB

Located at a cul-de-sac in 10 Holland Heights, the development is close to commercial amenities at Holland Village and Dempsey Village.

Zoned for good class bungalows, the 21,871 sq ft site could be redeveloped into its original use, subject to the relevant authorities’ approval.

SRI said the reserve price works out to a land rate of $1,489 psf per plot ratio (psf ppr). Other en bloc sales in the vicinity this year include The Wilshire at $1,600 psf ppr, Hollandia ($1,703 psf ppr) and Olina Lodge ($1,712 psf ppr).

Meanwhile, marketing agent JLL revealed yesterday that nearly all owners of Margate Point in District 15 have given their nod for the first en bloc sale attempt of the 15-unit development.

“Margate Point’s minimum expected price of $38 million offers boutique developers and contractors an attractive and affordable redevelopment proposition, particularly if they have found themselves priced out of the market,” said JLL senior consultant Karamjit Singh.

Besides its views over the Meyer Road and Goodman Road landed enclaves and the low-rise residential areas in Joo Chiat, another selling point is its proximity to an upcoming MRT station.

Situated off Meyer Road and Mountbatten Road, the 12,800 sq ft site has an allowable gross plot ratio (GPR) of 2.1. Subject to approval from the authorities, the site may be redeveloped into a condominium of up to 35 units with at an average size of 753 sq ft.

“Subject to confirmation on the property’s development baseline, Margate Point’s reserve price translates to a land rate of approximately $1,417 psf ppr for a redevelopment up to GPR 2.1 – before any bonus gross floor area for balconies,” noted Singh.

“There is a high chance of getting 100 percent consent from the owners towards this collective sale. At the moment, owners representing 14 out of 15 of the apartments have already inked their consent. Should the last consent be obtained, the owners can then bypass the Strata Titles Board application process and work towards legal completion taking place within three months of contract.”

The tender exercises for Holland Tower and Margate Point will close on 30 May and 6 June respectively.

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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

This post was originally posted on Property Guru Property Market News Section