It appears that developers and investors will have what to choose from in District 10, as two important properties are available to be purchased, as the result of collective sales. We are talking about Hollandia and Balmoral Gardens, two properties that still show the fact that the phenomenon of collective sales is not going to disappear anytime soon. The land rate for Hollandia is $1,515 for every square foot of the property, which has a total of 53,505 square feet, meaning that the starting price for this property jumps $163 million. Balmoral Garden is slightly more experience, with a land rate of $1,872 for every square foot, this freehold property having a total of 36,751.52 square feet, which means that the price expected by the owners ranges around the sum of $92 million.
Let us take a look at each of these properties and see the benefits they deliver for their future investor. Hollandia was built in the 1980s and is located, something that was set right from the start, in a residential zone. The Holland Village MRT station is close-by, just 700 meters away from the property, which is a great plus. Because this is a property located in a zone dedicated for residential use, the future developer of Hollandia has the chance of turning the current property into a residential building with 12 stories, with no development charge required in the case of this property. The developers interested in this transaction have time to think about it and place their offers until the 28th of February, 3 PM.
Balmoral Gardens, located on the Balmoral Road, can also be developed into a 12-stories building by its future owners. All the current owners of the property gave their agreement for the sale of their units, so there’s no need for the Strata Titles Board to intervene in the process. But, in comparison with Hollandia, a development charge will have to be paid by the developer that will win the tender. The value of this charge is not known just yet, as the Urban Redevelopment Authority received just recently an application that is meant to unravel the value of this charge. The developer that will get this property will have to wait until the vacant possession period ends, in order to take Balmoral Gardens into its possession. But, once this happens, the plans for the construction and marketing of the new property can be made in a rather quick manner, as nothing will stand in between. Anyone interested in placing an order for this property must do so until the 7th of February, 2.30 PM when the tender will close.
http://www.straitstimes.com/business/property/hollandia-balmoral-gardens-put-up-for-collective-sale
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