Built somewhere in the middle of the 80s, Hollandia, which is a beautiful property located at the intersection of Queensway and Holland Road in District 10, was just won by FEC Properties as a result of a collective sale. The property has quite a potential when it comes to future developments, considering that at the moment it has 6 stories and a total of 48 flats to offer. FEC Properties, which is a subsidiary company owned entirely by Far East Consortium International, from Hong Kong, got the property for $183.38 million. The price was triggered by the value of the property’s square foot, which was $1,703 at the moment of the collective sale, as mentioned by Savills Singapore, the market agent that supervised the selling process.
What will Far East Consortium do with its newly acquired property? The plans of the company include the development of a high-end building with modern apartments, with a total surface of approximately 10,000 sqm. But this is not the only project of the company in Singapore. Far East Consortium launched Astra in 2017, a project that is developed by New World Development and FEC Properties together. The generous property that will have 400 units is located very close to Redhill MRT and it is as ambitious as Hollandia will be. Although it is smaller, having a surface of only 4,970.8 sqm, Hollandia’s location is a clear advantage. It sits in a highly appreciated residential area and it is surrounded by top-notch condominiums, so most certainly clients won’t fail to appear once the new development will be launched. Not to mention that Holland Village MRT, which is in its close proximity, and the Holland Road provide excellent public transportation in the area.
Defined as a property developed for residential purposes, by the Master Plan created in 2014, Hollandia can be easily expanded to a property of 12 stories, which means that its surface will be expanded to 10,004.56 sqm, once the right planning approvals are obtained from the local authorities. FEC Properties got a very good deal with this property, as there are no development charges to be paid, due to its high baseline for development. The company won’t have to pay even if they plan on building balconies to each unit, as the 10% additional fee that is charged in this case will not be applied either. Apparently, Hollandia was included in the government’s mixed-use land that was put out for sale right in the middle of the beautiful Hollandia Village.
It’s been quite a few years since a property was sold through a collective sale in this area. The last property was sold in 2011, in the month of December. The sold property was very close to Hollandia and it is today known as the Henry Park Apartments. Also, having in mind the selling price of Hollandia, each owner should expect a gross amount that varies between $3.3 million to $4.2 million.
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