Holland Tower, a 14-storey residential block in District 10, has been put up for collective sale by Jones Lang LaSalle (JLL).
The property, located within the Holland Park Good Class Bungalow Area, is zoned for residential use and has a total site area of 21,879 sq ft. The URA has indicated that a new development can maintain the existing height and may have a maximum GFA of 43,691 sq ft, with no development charge payable.
“Seeing the increasing trend in mid to high end residential property developments, we expect Holland Towers to be redeveloped into a mixed use property bringing together residential as well as some commercial elements,” said Ms. Tejaswi Chunduri, real estate analyst at PropertyGuru.com.sg.
Given its smaller site area and the recently implemented cooling measures, Ms. Tejaswi expects the asking price to fetch between S$70 million and S$75 million.
It is also “unlikely that the developer would construct many units. We expect around 40 to 50 luxury units to maximise the land use,” she said.
Holland Tower is well served by major roads including Holland Road, Queensway and Farrer Road, as well as major expressways such as the Ayer Rajah Expressway (AYE) and Pan-Island Expressway (PIE).
Ms. Stella Hoh, National Director and Head of Investments at JLL, said the “elevated freehold site is expected to draw strong interest due to its locality, proximity to amenities and the potential to be redeveloped into a boutique development offering exclusivity in a Good Class Bungalow area and offering unblocked views of lush greenery as the site is totally unblocked.”
The property is minutes away from Orchard Road and the Botanic Gardens, as well as within close proximity to several lifestyle, F&B outlets and banking facilities at the Dempsey Cluster and Holland Village.
“There are many attractive selling points such as an upcoming MRT station (Holland Village) in the future, excellent accessibility, great potential for good capital appreciation, high rental demand in the area, and many nearby eating establishments,” said Ms. Tejaswi.
The tender for Holland Tower will close on February 23.