Holland Tower enbloc by Wing Tai for $76.3m

About Holland Tower Collective Sales

Holland Tower is a freehold 19-unit site that will be purchased by a wholly-owned subsidiary of Wing Tai Holdings for $76.3 million through public tender and redeveloped into a premium residential tower.

According to the marketing agency SRI Capital Market, this is the third effort at a collective sale for Holland Tower since 2018, when a tender was issued at $65 million.

The sum paid works out to $1,746 per square foot per plot ratio (psf ppr) for the land included in the deal. According to SRI’s announcement on Wednesday, owners may get anything from $3.9 million to $5.7 million per property.

“This is the first residential site to be enbloc in District 10 since the fourth quarter of 2021,” said Low Choon Sin of SRI. The success of the bid process is evidence of the desirability of the location and rising faith in prime district 10.

10 Holland Heights has a gross floor size of 4,059.05 square feet and was sold to Wincove Investment. The site measures 2,032.6 square meters.

 

Holland Tower Location

Located at 10 Holland Heights, Holland Tower is near to Dempsey Hill, Holland Village and Singapore Botanic Gardens are all within a 15-minute walk, while the Farrer Road and Holland Village MRT stations are within a five-minute drive.

 

Potential of the Site

“Holland Tower location attributed to being a luxury residential condominium with unblocked views over Holland Park greenery and the Singapore city skyline,” said Tan Hwee Bin from Wing Tai.

The “take-up rate of new homes in the vicinity is going strong,” Mr. Low added, therefore land banking is on the rise.

The property is located in the excellent class bungalow district of Holland Park, and according to SRI, it may be rebuilt up to its existing built-up extent of around 43,691 square feet if given the green light by the relevant authorities.

 

 

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