Aerial view of Olina Lodge (source: SRI)
On March 21, the freehold Olina Lodge was launched for collective sale via tender, with Singapore Realtors Inc (SRI) as the sole marketing agent. The freehold Olina Lodge has a land area of about 84,289 sq ft and is up for sale at a reserve price of $220 million, or $1,631 psf per plot ratio (ppr). Due to its high development baseline of a gross plot ratio (GPR) of 1.6, there is potentially no development charge payable.
According to SRI, the land rate could be potentially averaged down further to slightly below $1,500 psf ppr, if the developer chooses to build an additional 10% gross floor area (GFA) for balconies.
This is Olina Lodge’s third attempt at a collective sale. Situated at 15 Holland Hill at prime District 10, it is zoned “Residential” under the 2014 Master Plan. The redevelopment can be a 12-storey development with 128 units, assuming an average size of 1,000 sq ft each. The tender for Olina Lodge will close on April 19.
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