Published February 1, 2007

Holland Crest put up for sale for $68 million

HOLLAND Crest, located within walking distance to Holland Village, has been put up for sale by expression of interest. The development, which comprises two blocks of 41 residential apartments, has a price tag of about $67.5 million.

Marketing agent Knight Frank said in a press statement yesterday that with a high baseline and no development charge payable, the expected price tag reflects a land value of $800 per square foot per plot (psf/pr). As a gauge, the neighbouring Holland Hill Mansions was sold to MCL for slightly above S$750 psf/pr in November.

Under the 2003 Master Plan, the 4,899.8 sq metre freehold site (about 52,743 sq ft) is zoned for residential use at a plot ratio of 1.6, and a height control of 12 storeys. The successful developer would be able to build an estimated 66 units, averaging 1,200 sq ft each. Break-even price of the new apartments is likely to be $1200 -$1300 psf.

The regular-shaped site currently houses 41 units with sizes ranging from 92 sq metres to 222 sq metres. Knight Frank expects the site to interest mid-sized developers who are looking at building upper mid-end condominiums to establish their presence in the prime districts. The expression of interest exercise will close at 3.00pm on March 6.