The 67-unit Olina Lodge, a residential development located at 15 Holland Hill in prime District 10, has been sold en bloc for $230.9 million. The buyer is Peak Opal, a unit of Kheng Leong, the privately-held property development company of legendary banker, Wee Cho Yaw of UOB.
The collective sale was launched on March 21 and closed on April 19. The sale price translates to a land rate of $1,712 psf per plot ratio (psf ppr) and is also 5% higher than the owners’ reserve price of $220 million, according to Singapore Realtors Inc (SRI) in a release on April 20.
Olina Lodge's sale price was a 5% premium to the owners' reserve price (Credit: SRI)
Olina Lodge is a freehold development sitting on a land area of 84,289 sq ft. Under the Master Plan 2014, Olina Lodge is zoned residential with a plot ratio of 1.6, and maximum height of 12-storeys. The project can therefore be redeveloped into a new development with gross floor area of 148,348 sq ft, including 10% bonus GFA for balcony space. Development charge will not be payable due to the high development baseline, says Tony Koe, managing director of SRI.
The existing apartments range from 1,281 to 2,766 sq ft, and owners can therefore expect to receive proceeds ranging from $3 million to $5 million at the conclusion of the collective sale.
As it’s a freehold plot located on a hilltop enclave, the developer will be able to build an exclusive development in a tranquil environment, with panoramic views, says Andy Gan, SRI head of investment sales.
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