Enbloc news: Olina Lodge (Updated)

A 4-storey walk up residential development at Holland Hill is up for collective sale.

Olina Lodge is a freehold property, comprising of 67 apartment units.

The over 84,000sqft site is a short walking distance from Holland Village and enjoys good accessibility from major roads and the Pan-Island Expressway.

Property consultants DTZ said the site can be redeveloped into a 12-storey residential development with a maximum plot ratio of 1.6 or a gross floor area of almost 135,000sqft.

DTZ said its initial investigation shows that Development Charge is not payable up to a plot ratio of 1.6.

However, a Development Baseline Enquiry has been submitted to Urban Redevelopment Authority (URA) and DTZ will advise interested parties accordingly.

The indicative price for this site is $225 million, reflecting $1,575psf ppr, including 10% of balcony space.

DTZ added the site is most likely to appeal to developers who are seeking mid-sized residential development sites in sought-after locations that are well accepted by the locals and expatriates alike.

The tender for Olina Lodge closes at 3pm on July 6.

Source: Channel News Asia

Update (The Business Times, June 8):The freehold Olina Lodge at Holland Hill has been put up for collective sale with an indicative price of $225 million or $1,666psf ppr.

If Olina Lodge's successful bidder taps the balcony allowance of 10% additional gross floor area, an $8.33 million DC is payable; based on this, the $225 million indicative price would reflect a unit land price of $1,575psf ppr.

Analysts note taht in the secondary market, units at The Lush on Holland Hill and Parvis nearby have changed hands in the $1,500psf region on average in the past few months.

Further away, Oxley Holdings group released units at Loft@Holland  (comprising mostly one-bedders of about 323 - 484sqft) at a median price of $2,017psf in January.

Off Farrer Road, GuocoLand is said to be planning to release its new condo on the former Leedon Heights site at about $2,300 - 2,400psf on average. The project will have two to four-bedroom units.

Market watchers reckon that the successful bidder of Olina Lodge is likely to redevelop the site into a project with mostly smallish units.

Assuming the $225 million price is achieved, owners stand to receive $3 million to $4.9 million per unit - about 65% more than what they would stand to receive if they sold their units individually.

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