The freehold Olina Lodge at Holland Hill has been put up for collective sale with an indicative price of $225 million or $1,666 psf ppr. Analysts expect good demand for the site at the junction of Fernvale Link and Sengkang West Avenue. They expect a top bid in the range of $200-$230 psf ppr. The site, a few minutes' drive to the Singapore Botanic Gardens, is zoned for residential use with a 1.6 plot ratio (ratio of maximum gross floor area to land area) and 12-storey maximum height under Master Plan 2008. No development charge (DC) is payable if the 84,288 sq ft site is redeveloped up to 1.6 plot ratio, said DTZ, which is marketing Olina Lodge. However, a development baseline enquiry has been submitted to Urban Redevelopment Authority and DTZ will advise interested parties accordingly, it added. If Olina Lodge's successful bidder taps the balcony allowance of 10 per cent additional gross floor area, an $8.33 million DC is payable; based on this, the $225 million indicative price would reflect a unit land price of $1,575 psf ppr. Analysts note that in the secondary market, units at The Lush on Holland Hill and Parvis nearby have changed hands in the $1,500 psf region on average in the past few months. Assuming the $225 million price is achieved, owners stand to receive $3 million to $4.9 million per unit - about 65 per cent more than what they would stand to receive if they sold their units individually.
- The Business Times, P10
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