Hollandia near Holland Village En Bloc by Far East Consortium
FEC Properties Pte. Limited (“FEC Properties”), an indirect wholly‐owned subsidiary of Far East Consortium International Limited (“FEC”), acquired the Hollandia along Holland Road at a tendered price of S$183,383,800.
The existing owners can expect gross sale proceeds of $3.3 million to $4.2 million, which works out to over $2,000 psf based on strata area.
The existing plot with an area of 4,970.80 square metres (sqm) is located at Holland Road and Queensway. It sits strategically within the enclave of landed homes and easily accessible to Orchard Road and major expressway.
With such sizeable land area, the developer is able to develop Hollandia into a full condominium with swimming pool, good sized gym, outdoor playground and bbq. There are incidence to suggest that home buyers are more willing to pay a premium for condominium which comes with full facilities. As Singapore property landscape becomes more competitive, the developers prefer to head towards product differentiation instead of price war. This is partly due to the high cost for its raw material and increasing difficulty to build land bank. The higher floor units could enjoy unblocked view over the Good Class Bungalows estate, making it an attractive selling point to those seeking an escape from the urban city life.
What is the future selling price of Hollandia?
Based on the tendered price, it translates to a land rate of $1,703 per square foot per plot ratio (psf ppr), with an estimated breakeven price between $2150 – $2250 per square foot (psf). The future launch price could be in the range of $2800 to $2900 per square foot.
As the site is not affected by the new revised average strata requirement of 85 square metres, the developer can capitalise on their strategic position to build more shoebox units. The shoebox units could appeal strongly to investors due to its close proximity to Holland Village MRT station. There is foreseeable demand for rental from working professionals in Bouna Vista, Alexandra and Habourfront Centre due to the high congregation of business parks and commercial buildings.
Due to its high development baseline, there will be no development charge levied when redeveloped to a 12-storey residential building. With its gross plot ratio of 2.012, including the 10 per cent bonus gross floor area, Hollandia can achieve an allowable maximum gross floor area (GFA) of 10,004.56 square metres.
This could yield about 140 units based on an average of 70 sqm, which is ideal for a compact 2 bedroom apartment. The estimated rental for a fully furnished 2 bedrooms might fetch $4000 per month.
Amenities and Transport Nearby Holland Village MRT
As Singapore moves towards a car-lite city, Hollandia offers an excellent opportunity for home buyers and investors to acquire a freehold property near MRT Station in the Bukit Timah area.
(Credit: SMRT)
Holland Village MRT Station is within walking distance to Hollandia:
EXIT A: Holland Avenue, Taman Warna, Chip Bee Gardens, Anglo-Chinese School (International), Vietnam Embassy
EXIT B: Holland Avenue, Lorong Liput, Holland Village Market and Food Centre, Holland Village Station (Shopping), Holland Road Shopping Centre
EXIT C: Holland Avenue, Holland Village Shopping Mall, Lorong Liput, Masjid Kampong Holland
Investors looking for stable and attractive rental will benefit from easy access to Holland Village MRT Station (Circle Line) which is highly demanded by working professionals, researchers and student in Biopolis Bouna Vista, Mapletree Business City at Alexandra and Habourfront Centre.
Holland Village boasts a 24-hour Cold Storage supermarket which offers extensive selection of quality produce, air-flown seafood, premium beef, imported cheese and wine giving the residents unparalleled convenience at their door step.
Holland Village offers unique street shopping lifestyle and outdoor dining experience that is hugely popular with Singapore citizens and expatriates. There are plenty of cafes and beauty services ranging from nail care, hair care to massage to provide residents with an eventful weekend.
During the night, Holland Village comes to life when live music starts playing at Wala Wala since 1993. Wala Wala Cafe Bar is where beer aficionados gather around to savour their wide range of taps of brew and superb selection of more than 30 bottled beers. This is a firm punctuation to the qualities on offer that entice regulars night after night at Wala Wala.
Holland Village has been earmarked by the Singapore Government for major rejuvenation and was recently sold to Far East Organisation (FEO). FEO organised a block party on the weekend of 4th November 2018 to commemorate Holland Village as it undergoes a rejuvenation.
Star Vista offers great shopping and dining options
Star Vista is part of a 15-storey mixed development built in Vista Exchange, One-North precinct, managed by CapitaLand Singapore. Hollandia are one station away to Star Vista located next to Buona Vista MRT Station. The integrated hub will comprise a Civic and Cultural Zone anchored by a 5,000-seat auditorium serving the needs of more than 400,000 residents, students and working population in the immediate vicinity.
Botanic Gardens is just within 5 minutes’ drive from Hollandia
The Botanic Gardens is just a short drive from Holland Road – a perfect venue for residents seeking inspiration and short recluse from work. Botanic Gardens offers plenty of open spaces ideal for outdoor picnics, exhibitions, musical events and sports.
The Botanic Garden started in 1822 is currently managed by the National Parks Board, a statutory board of the Singapore government. With more than 150 years of history, the 82-hectare Gardens holds a unique and significant place in the history of Singapore. It continues to play an important role as a leading tropical botanical institute, and an endearing place to all.
Impress your friends and visitors whenever they visit you at Hollandia!
FEC plans for further regionalisation plans in Singapore
Mr. Chris Hoong, Managing Director of FEC, said they plan to redevelop the existing site into a high-end residential development of approximately 10,000 squares metres. The acquisition of Hollandia complements their regionalisation strategy and is a great addition to their pipeline in Singapore following the success of ARTRA condominium at Alexandra View.