Holland Crest, located within walking distance to Holland Village, has been put up for sale by expression of interest. The development, which comprises two blocks of 41 residential apartments, has a price tag of about $67.5 million.
Marketing agent Knight Frank said in a press statement yesterday that with a high baseline and no development charge payable, the expected price tag reflects a land value of $800 per square foot per plot (psf/pr). As a gauge, the neighbouring Holland Hill Mansions was sold to MCL for slightly above S$750 psf/pr in November.
Under the 2003 Master Plan, the 4,899.8 sq metre freehold site (about 52,743 sq ft) is zoned for residential use at a plot ratio of 1.6, and a height control of 12 storeys. The successful developer would be able to build an estimated 66 units, averaging 1,200 sq ft each. Break-even price of the new apartments is likely to be $1200 -$1300 psf.
The regular-shaped site currently houses 41 units with sizes ranging from 92 sq metres to 222 sq metres. Knight Frank expects the site to interest mid-sized developers who are looking at building upper mid-end condominiums to establish their presence in the prime districts. The expression of interest exercise will close at 3.00pm on March 6.
Source : Business Times - 1 Feb 2007
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