100% say 'yes'
Holland Hill Lodge owners asking for between $15 million and $16 million
05:55 AM Jan 29, 2010
by Millet Enriquez emelita@mediacorp.com.sg
SINGAPORE - Holland Hill Lodge in Holland Hill has been put up for collective sale.
The 3-storey residential development sits on a corner rectangular shaped land measuring some 9,033 square foot (sq ft).
The property was built in the mid-1990s and comprises 11 units of varying sizes and a basement car park.
The marketing agent Credo Real Estate announced the tender for the freehold residential development with the asking price of between $15 million and $16 million. This translates to a land price of between $1,038 per square foot (psf) per plot ratio (ppr) and $1,107 psf ppr.
The collective sale has received 100 per cent consent from the 11 tenants and requires no approval from the Strata Title's Board.
The marketing agent said the property can be redeveloped into a 12-storey boutique residential development with 22 apartments averaging 620 sq ft in size.
The buyer can refurbish and reconfigure the apartments to increase the number of rooms, which can be used as hostel or serviced apartments.
Owners of the property will get between $900,000 for studio units and $2.1 million for a 3 plus one bedroom maisonnette, said executive director of Credo Real Estate, Yong Choon Fah.
Ngee Ann Polytechnic real estate lecturer Nicholas Mak said the collective sale may be pricing itself too high, as transacted prices of property in the Holland Hill area was only at $900 psf to $1,000 psf in the fourth quarter of last year. In May 2009, a property in the area was sold for only $622 psf, said Mr Mak.
While property prices in the area may have risen in the past few months, Mr Mak believes the asking price for the residential property is "a bit aggressive".
As such, it may be challenging to find a willing buyer, unless there are some other factors that the buyer sees in the property.
This buyer would have to be able to sell the redeveloped property at $1,600 psf to be viable.
URL http://www.todayonline.com/Business/EDC100129-0000082/100-say-yes
Saturday, January 30, 2010
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