Wing Tai Holdings has won a tender for the collective purchase of a residential building in Singapore’s posh Holland Village area for S$76.3 million ($56.8 million), with the developer planning to remake the site into luxury housing as the city-state’s high-end market continues to hit new milestones.
Known as Holland Tower, the 14-storey building is at 10 Holland Heights in prime District 10, within a five-minute drive or 15-minute walk of the Holland Village MRT station and its surrounding amenities. The ageing apartment block features 19 units across a built area of 43,691 square feet (4,059 square metres).
“Wing Tai is pleased to have won the tender for this attractive freehold site in the exclusive Holland Park Good Class Bungalow area,” executive director Tan Hwee Bin said Wednesday in a release. “We plan to leverage its superior location attributes to develop a luxurious and iconic residential development with stunning unblocked views of the lush greenery in Holland Park as well as the Singapore city skyline.”
SGX-listed Wing Tai made its announcement the same week as reports that a luxury unit in the nearby Orchard Road area had leased for a record S$15.60 per square foot per month, setting a new high-water mark in Singapore’s apartment market as analysts anticipated even pricier deals in the future.
The 1976-vintage Holland Tower enjoys easy access to key transport arteries such as the Ayer Rajah Expressway and the Pan Island Expressway. Nearby schools include ACS International and Nanyang Primary School.
Wing Tai is set to pay S$1,746 ($1,300) per square foot of potential built area for the redevelopment property, which occupies an elevated site measuring 21,862 square feet.
Ongoing luxury projects in the area include Hyll on Holland, a 319-unit development of Far East Consortium and Koh Brothers Group, and One Holland Village, a mixed-use project led by Far East Organization.
The One Holland Village site next to Holland Village MRT station was acquired in 2018 by a joint venture of Far East Organization, Hong Kong-based sister company Sino Group and Japan’s Sekisui House for S$1.2 billion, or S$1,888 per square foot of buildable area. The project will offer 296 luxury residential units for sale, 255 serviced apartments for temporary stays, 80,730 square feet of offices and 145,314 square feet of retail space.
Wing Tai’s win marks the fourth successful collective sale in Singapore this year, following LHN Group’s purchase of a commercial block in the city-state’s Rochor district last month for S$80 million. LHN’s co-living division Coliwoo plans to convert the GSM Building at the corner of Middle Road and Waterloo Street into a mixed-use facility with serviced apartments on the upper floors and commercial units on the first two levels.
Also in February, a joint venture of UOL Group and its Singapore Land Group subsidiary announced that it had won a tender for the Meyer Park condo complex at 81 and 83 Meyer Road on the East Coast for S$392.2 million. The partners plan to redevelop the building into a high-rise luxury condominium of 230 to 250 units.
In January, local property and hospitality group Roxy-Pacific Holdings is understood to have led a consortium that won a tender for the collective purchase of Bagnall Court on the Upper East Coast at a reduced price of S$115.3 million.
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