A joint venture (JV) between CLSA Capital Partners and Lippo Group has sold the remaining 14 condo units in the 26-unit freehold property The Holland Collection at slightly more than S$50 million, or about S$1,600 psf, on average.
The buyer of the remaining units, which comprise two-, three- and four-bedroom apartments, is said to be Straits Trading.
Located near the Singapore Botanic Gardens, the five-storey Holland Collection is likely to be completed later this year. Analysts believe that Straits Trading will likely hold the units as a long-term investment for rental income.
The sale is said to be brokered by Colliers International. When CLSA and Lippo first released the project at Holland Road in April 2010, the average price was indicated at approximately S$2,000 psf.
The luxury development is being constructed on the former Aura Park site, which Lippo acquired in an en bloc sale agreement in June 2007 for S$1,280 psf of potential gross floor area (GFA). CLSA Capital Partners took a 50 percent stake in the project a few months later.
Source : PropertyGuru – 15 Mar 2011