FEC Properties buys Hollandia in collective sale for $183.4m
FEC Properties, a completely owned subsidiary of Hong Kong listed Far East Consortium International has bought the 48-unit Hollandia in District 10 for the price value of $183.4 million. The price sets to a land rate of around $1,703 psf per plot ratio (ppr). This freehold property was sold for around $20.23 million greater than its reserve price of $163.15 million which is $1,515 psf ppr.
Each individual unit owners could expect to get the gross sale proceeds ranging between $3.3 and $4.2 million which sets to around $2,000 psf on strata area, tells Savills, which did brokerage for the deal.
This property is placed on a 53,505 sq ft site which is specifically zoned for residential use under Singapore’s 2014 Master Plan and the GPR being 1.6. This site could be redeveloped up to 12 storey building block with an allowable GFA of around 107,688 sq ft yet subjected to approvals.