Freehold Olina Lodge sold for $230.9m
The sale price is 5.0 percent higher than the owners’ reserve price of $220 million, and works out to a land rate of $1,712 psf ppr. (Photo: SRI)
The freehold Olina Lodge at 15 Holland Hill has been successfully sold for $230.9 million to Peak Opal, a unit of property developer Kheng Leong, said marketing agent Singapore Realtors Inc (SRI) on Friday (20 Apr).
This was the residential project’s third try at an en bloc sale after two previous attempts in 2011 failed.
More: Olina Lodge, Verdun House Launched For Collective Sale
The sale price is 5.0 percent higher than the owners’ reserve price of $220 million, and works out to a land rate of $1,712 psf per plot ratio (psf ppr). No development charge is payable.
Completed in 1990, the 67-unit condo sits on an approximately 84,289 sq ft hilltop site. Apartment sizes range from 1,281 sq ft to 2,766 sq ft.
Depending on the size of the units, each owner could receive between $3 million and $5 million.
Under the Master Plan 2014, Olina Lodge is zoned residential with a gross plot ratio of 1.6 and an allowable height of up to 12 storeys.
Tony Koe, managing director at SRI, said: “Despite a spate of collective sale deals done in the Holland Road area recently and a huge slate of redevelopment sites on the market, the tender for Olina Lodge still managed to attract keen interest from developers due to its excellent locational attributes.”
The site is located close to the Holland Village, Commonwealth and Farrer Road MRT stations, as well as commercial amenities in Holland Village and Dempsey Village.
“A hilltop enclave plot in prime District 10 is rare and Olina Lodge provides an opportunity for the developer to build an exclusive new development providing a tranquil environment with panoramic views,” noted Andy Gan, head of investment sales of SRI.
SRI is also marketing Verdun House, a mixed-use development right next to Mustafa Centre, which has a guide price of about $60 million ($2,100 psf ppr).
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Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
