Published October 25, 2006

Holland Hill Mansions up for sale at $272.7m

HOLLAND Hill Mansions has been put up for collective sale with an indicative price of $272.7 million or $700 psf per plot ratio.

Going en bloc: The site has a plot ratio of 1.6 and 12-storey height limit

The property sits on a 243,525 sq ft site with a plot ratio of 1.6 and 12-storey height restriction. No development charge is payable for maximising the allowable plot ratio.

Tang Wei Leng, director of investment advisory services at DTZ Debenham Tie Leung, also the marketing consultants for the site, says that assuming a building efficiency of 90 per cent and average unit size of about 1,600 sq ft each, the site can yield about 220 residential units.

Ms Tang also estimates that the breakeven price works out to $1,165 psf.

Currently, Holland Hill Mansions comprises a total of 116 apartments, one penthouse and one shop unit. Based on the projected selling price, the owners can expect an average of 60-80 per cent premium over current market prices.

Prices for residential projects in the area vary. Viz @ Holland was selling at an average $730 psf in December 2005. The Duet at the junction of Holland Road and Farrer Road was launched at an average $790 psf in January 2005. Other new developments nearby include Botanika on Holland Road.