Eleven @ Holland, a development of 48 semidetached homes located at Holland Link off Bukit Timah Road, has been put up for mortgagee sale. The homes were built in 2014 and have a 99-year leasehold tenure starting in December 2010 as part of a larger 82-unit strata semi-detached housing complex.
The average stratum area of the 48 semi-detached homes for sale is 3,735 square feet. Each semi-detached home costs an average of $3.735 million, based on a guiding price of $1,000 psf.
Clydesbuilt Investment, which is 95 percent controlled by Clydesbuilt Group’s Ow Chun Ming, also known as Victor Ow, formerly held all 48 apartments at Eleven@Holland. Clydesbuilt (Holland Link) was the other entity responsible for the development and construction of both Eleven @ Holland and the Hakka Memorial Museum and Cultural Centre.
Joint venture partner Innovation Corp, led by director and substantial shareholder Annie Chen Liping, sued Ow and Clydesbuilt (Holland Link). In a ruling issued in May 2019, a High Court judge concluded that both Ow and Clydesbuilt (Holland Link) “dishonestly assisted the first defendant [Ow] in the breach of his fiduciary duties” to the plaintiff, Innovation Corporation. The High Court also held that Ow “siezed for himself the deal that rightly belonged to Innovation Corp,” which enabled Clydesbuilt to become an owner and constructor of the Eleven@Holland project.
After winning the auction to construct Eleven @ Holland in September 2022, Ow and Clydesbuilt (Holland Link) were compelled to pay Innovation Corp around $87 million in earnings.
The original agreement to build the project was signed by Innovation Corp and Fong Yun Thai Association (FYTA) back in 2009. The Fong Yun Thai Association (FYTA) held the Eleven@Holland property that now houses the Fong Yun Thai Association Columbarium. In May of 2010, after Chen had presented Ow to FYTA, the board voted to officially name Ow as the project’s developer. Ow and Innovation Corp. had planned to develop the idea together as a joint venture.
Clydesbuilt (Holland Link) paid $70 million for the Eleven@Holland property in October 2010, and that sum was used to FYTA’s portion of the development expenditures. In accordance with the terms of the deal, following completion of Eleven@Holland, Clydesbuilt Investment would own 57 of the 82 semi-detached homes, while FYTA would own 25. Nine were originally available, but they sold out quickly.
On May 13, 2019, the court issued a judgment on responsibility, valuing the remaining 48 units at $177.11 million. This judgment was entered on September 23, 2022.
Sales of all 48 apartments at Eleven@Holland, at PropNex’s estimated average price per unit of $3.735 million, may bring in $179.28 million. The $87 million in debt owing to Innovation Corp. will be paid off with the money from the sale.
On Holland, Eleven@Holland Link is located in a great part of District 10 right off the Good Class Bungalow neighborhood on Old Holland Road. Holland Green Park and Holland Plain provide a green buffer.
Forty-five of the 48 residences on the market are two-family homes. Each has four floors, including a basement and an attic. Each unit has a private elevator and two garage spaces in addition to the five bedrooms and five bathrooms. Each of the three apartments has two ground floors, an attic, and a basement.
Eleven @ Holland is located on a 125,000 square foot plot allocated for three-story semi-detached houses under the URA Master Plan 2019, according to Tracy Goh, head of investment and collective sales at PropNex. The complex has a swimming pool, fitness center, and barbecue spaces.
According to a caveat, the most recent sale at Eleven @ Holland occurred in April of this year, when a semi-detached home with a strata area of 3,821 square feet went for $3.5 million ($916 psf).
Eight of the apartments will be sold without tenants, while the other forty-two will be sold with current occupants. According to PropNex, the monthly rental cost should be about $15,000, with a gross rental return of around 4.8%.
Compared to the sales price of around $4.4 million reached for 99-year leasehold, conventional semi-detached residences in District 10 last year based on caveats submitted, the property is “more attractively priced” at an average of $3.735 million per unit, says Goh.
Eleven @ Holland’s strata semi-detached homes are designed to appeal to “a diverse group of buyers,” according to Goh. This includes first-time homebuyers, HDB upgraders, and those already living in private condominiums who would want to move into a landed property.
Only eight of the 48 detached residences are now available for purchase without a tenant. If certain apartments can get $15,000 in monthly rent, as Goh believes, the gross rental yields would be about 4.8%. Because “there is capital upside given the limited supply of landed homes in Singapore,” she says.
Landed residences are exclusive to citizens and permanent residents of Singapore. Goh points out that the Land Dealings Approval Unit of the Singapore Land Authority must be contacted by Singapore Permanent Residents and foreigners before they may purchase landed property in Singapore.
