20 Apr OLINA LODGE sold for SGD230.9 million to PEAK OPAL
Singapore, 20th April 2018: Singapore Realtors Inc (SRI) is pleased to announce that Olina Lodge, a residential development situated at 15 Holland Hill has been sold to Peak Opal Pte Ltd, related to Kheng Leong for S$230.9 million.
The sale price is 5% higher than the owners’ reserve price of S$220 million. At S$230.9 million, the sale price works out to a land rate of S$1,712 per square foot per plot ratio. Development Charge will not be payable due a high development baseline as confirmed by URA.
Depending on the size of the property, each owner could receive between S$3 million to S$5 million from the successful sale of the development.
Mr. Tony Koe, Managing Director at SRI, says, “Despite a spate of collective sale deals done in the Holland Road area recently and a huge slate of redevelopment sites on the market, the tender for Olina Lodge still managed to attract keen interest from developers due to its excellent locational attributes. The market is showing strong signs of recovery as we begin to see a surge in property transactions across all sectors since 2017.”
Olina Lodge is a freehold development comprising 67 units with a site area of approximately 7,830.7 sq m (or 84,289 sq ft). The apartment size ranges from 1,281 sq ft to 2,766 sq ft. Under the Master Plan 2014, Olina Lodge is zoned Residential with a Gross Plot Ratio of 1.6 and an allowable height of up to 12-storeys.
Mr. Andy Gan, Head Investment Sales of SRI, says, “A hilltop enclave plot in prime District 10 is rare and Olina Lodge provides an opportunity for the developer to build an exclusive new development providing a tranquil environment with panoramic views.”
Residents of the future development can look forward to being within walking distance to Holland Village/ Commonwealth / Farrer Road MRT stations and the convenient amenities in Holland Village and Dempsey Village.
Mr. Joshua Ong, Chairman of Olina Lodge Collective Sale Committee, says, “We are immensely delighted with the excellent outcome achieved by SRI for Olina Lodge tender. The capabilities and professionalism of the team surpassed our expectations of a local boutique real estate consultancy firm.”
The collective sale tender for Olina Lodge was launched on 21st March 2018 and closed on 19th April 2018.
For more information, please contact:
Mr. Tony Koe | Managing Director, Agency | SRI Pte Ltd
(M) +65 9797 1118 (E) firstname.lastname@example.org
Mr. Andy Gan | Head Investment Sales | SRI Pte Ltd
(M) +65 9222 4666 (E) email@example.com