A 4-storey walk up residential development at Holland Hill is up for collective sale.
Olina Lodge is a freehold property, comprising of 67 apartment units.
The over 84,000 square feet site is a short walking distance from Holland Village and enjoys good accessibility from major roads and the Pan-Island Expressway.
Property consultants DTZ said the site can be redeveloped into a 12-storey residential development with a maximum plot ratio of 1.6 or a gross floor area of almost 135,000 square feet.
DTZ said its initial investigation shows that Development Charge is not payable up to a plot ratio of 1.6.
However, a Development Baseline Enquiry has been submitted to Urban Redevelopment Authority (URA) and DTZ will advise interested parties accordingly.
The indicative price for this site is S$225 million, reflecting S$1,575 per square foot per plot ratio, including 10 per cent of balcony space.
DTZ added the site is most likely to appeal to developers who are seeking mid-sized residential development sites in sought-after locations that are well accepted by the locals and expatriates alike.
The tender for Olina Lodge closes at 3pm on July 6.
Source : Channel NewsAsia – 7 Jun 2011