Holland Tower in District 10 is for sale

Jones Lang LaSalle opens rare opportunity to purchase by tender the 21,879 sq ft, 14-storey site.

Holland Tower - a rare freehold residential redevelopment opportunity in the highly sought after District 10 is up for sale by tender. Jones Lang LaSalle is the Sole Marketing Agent for this property.

The 21,879 sq ft site, zoned for ‘residential’ use, sits in Holland Park Good Class Bungalow Area. The Urban Redevelopment Authority (URA) has in principle indicated that redevelopment of the site can maintain the existing height and have a Gross Floor Area of about 43,691 sq ft. It has the potential to be redeveloped into a boutique residential development of 52 units of 800 sq ft. No development charge is payable.

Holland Tower, located at 10 Holland Heights is a single 14-storey tower development consisting of 19 units. Situated on elevated ground a few storeys above road level, the site presents panoramic views of the city skyline and lush surrounds.

The site is conveniently located in the Holland Park residential enclave and is well served by arterial roads including Farrer Road, Queensway and Holland Road; and major expressways including the Pan-Island Express Way (PIE) and Ayer Rajah Expressway (AYE). Vehicular access to the development is via Holland Heights.

Holland Tower is minutes from Singapore’s Botanic Gardens, the upscale retail destination of Orchard Road, and in close proximity to the lifestyle, food and beverage outlets and banking facilities of Holland Village and the Dempsey Cluster. The future Holland Village MRT station will be located just one bus stop from Holland Tower.

Ms Stella Hoh, National Director and Head of Investments at Jones Lang LaSalle, comments “With strong take up rate of residential new launches in the vicinity, this elevated 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 and lush greenery. The site is totally unblocked as its surrounding area is prestigious landed housing under the ‘Good Class Bungalow’ segment."

Amendments to the Land Titles Strata Act have taken effect from 15 July 2010. Under the amended law, higher requisition levels are required for EGMs within 2 years of an initial failed enbloc sale attempt. This alleviates the concern of frivolous attempts at enbloc while also addressing the genuine concerns of subsidiary proprietors in ageing estates. The requirement for EGMs for (1) to approve the appointment of the Sale Committee, (2) to appoint the Property Consultant and Solicitor, (3) to approve the Terms and Conditions of the Collective Sale Agreement including the apportionment of sales proceeds. This allows all owners to participate in the decision process and consider critical components of the Collective Sale process. The stipulation of the maximum of 60 days for STB mediation and High Court process would likely shorten the entire legal process, if required.

“Given the amendments to this law, collective sale efforts by many developments have a higher chance of successful conclusion as the entire process will be streamlined. This should ensure that estates genuinely interested in conducting collective sales will be assisted by the law and assured of transparency throughout the process. We hope this will reduce any potential objections at STB or High Court stage,” Ms Hoh commented in a Jones Lang LaSalle report.

Of the collective sales that Jones Lang LaSalle is currently handling, it is likely that several of these will be launched in the market over the next month as owners are highly supportive and close to 100% consensus.

“We believe that the oncoming tenders for private land will receive keen interest from developers," Ms Hoh added.

The tender for Holland Tower will close at 3:00 pm on 25 August (Wednesday) 2010.