Wing Tai buys Holland Tower for S$76.3 million

Wing Tai buys Holland Tower for S$76.3 million

Mar 15, 2023

https://i.imgur.com/xJHacrQ.jpg

WING Tai Holding’s wholly-owned subsidiary will acquire Holland Tower for S$76.3 million, translating to a land rate of S$1,746 per square foot per plot ratio (psf ppr), the group said on Wednesday (Mar 15).

The subsidiary, Wincove Investment, has entered into a contract for the collective purchase of the freehold site. This is subject to approval from the Strata Titles Board and the Singapore Land Authority.

Holland Tower was put up for collective sale last month; the public tender closed on Tuesday. Owners were seeking S$76 million for the property or S$1,739 psf ppr.

The 14-storey property located at 10 Holland Heights was completed in 1976, and comprises 19 residential units, each spanning 1,862 square feet (sq ft) to 2,949 sq ft. It has a site area of 2,033 square meters (sq m) with a gross floor area of 4,059 sq m.

The site falls within District 10’s Good Class Bungalow Area in Holland Park, and is a five-minute drive or a 15-minute walk to Dempsey Hill and Holland Village. It is also near the Farrer Road and Holland Village MRT stations.

Holland Tower is near schools such as Anglo-Chinese School (International) and Nanyang Primary School, and also a short distance from Singapore Botanic Gardens and the Orchard Road shopping belt.

Wing Tai plans to redevelop the property into a residential development for sale. The group does not expect the deal to have any material impact on its net asset value.

Wing Tai executive director Tan Hwee Bin said: “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.”

Its counter closed 0.7 per cent or S$0.01 lower at S$1.47 on Tuesday.

https://www.businesstimes.com.sg/com...r-s763-million