THE HOLLAND COLLECTION//Aura Park

Slower April sales not stopping launches

Tree House, The Holland Collection being launched this weekend

Would-be buyers can also look forward to two projects that will be launched for the first time this weekend – City Developments’ Tree House and The Holland Collection from Lippo Group and CLSA Capital Partners.

The Holland Collection’s 26 high-end luxury homes are being built on the site of the former Aura Park condominium in Holland Road. Lippo bought the site in a collective sale deal in June 2007 for $1,280 psf of potential gross floor area – a high for the location. CLSA Capital Partners took a 50 per cent stake in the project a few months later.

CLSA Capital Partners’ development director Peter Tham said that the partners wanted to launch the project in 2008 but decided to hold back until market sentiment improved.
‘The market took a turn for the worse and we might not have achieved our break-even price,’ said Mr Tham. ‘But we took advantage of the decline in construction costs and started building in September last year.’
The Holland Collection’s 26 units will have 19 unique variations in layout, size and space configurations. Apartment sizes range from 1,281 sq ft to 3,606 sq ft. Units will be launched this weekend at an average price of $2,000 psf.

Elsewhere, City Developments will launch its 429-unit Tree House on Chestnut Avenue. Prices start from around $600,000 for a 721 sq ft two-bedroom apartment, agents say.
Analysts have warned that government policy risk could come back into focus following March’s strong sales.

‘We believe that policy risk still exists,’ said DBS Group Research analyst Adrian Chua. ‘Back in January, strong monthly sales of around 1,480 units triggered a second wave of government measures.’

Deutsche Bank likewise raised a red flag last week. The bank’s analysts believe possible measures the government could use to cool the market include increasing the supply of land, lowering the loan-to-value limit for second home purchases and a capital gains tax.
Despite this, analysts believe that home sales are likely to stay healthy for the rest of the year amid Singapore’s economic recovery.
Mr Chua has raised his 2010 forecast for private home sales to 10,000-12,000 units, from 8,000-10,000 units, following strong Q1 2010 numbers.
Source : Business Times – 20 Apr 2010

New condo development, The Holland Collection, launched

A new high-end condo development, The Holland Collection, was launched on Friday.
The collection comprises 26 luxury homes located along Holland Road in the prime district 10 area.
The project offers two low-rise residential blocks with two, three and four bedroom apartments and penthouses of between 1,281 and 3,606 square feet.
Recreational facilities include a 33-metre lap pool, children’s pool, a gymnasium and barbeque pits.
CB Richard Ellis and Jones Lang LaSalle have been appointed agents for The Holland Collection.
Joseph Tan, executive director, residential, CB Richard Ellis said: “The launch of The Holland Collection ups the ante in the current property upswing.
“It stands out for its location and range of uniquely-designed apartments, offering savvy investors and home owners a wide choice of apartment types within a boutique development.”
Source : Channel NewsAsia – 16 Apr 2010

 

Launch of The Holland Collection Lippo Group development will have 26 luxury units Apr 16, 2010 iProperty.com

Developer Lippo Group has launched the Holland Collection, a project of 26 high-end luxury homes located in the Good Class Bungalow enclave within the prime district 10 area. The freehold project comprises two low-rise residential blocks – The Garden Units and The Holland Units. The Garden Units offer two, three and four bedroom apartments of between 1,281 sf to 3,261 sf while The Holland Units offer one bedroom plus study, two and three bedroom apartments and four bedroom penthouses of between 1,668 sf to 3,606 sf. Joseph Tan, Executive Director, Residential, CB Richard Ellis said,” The launch of The Holland Collection ups the ante in the current property upswing. It stands out for its location and range of uniquely-designed apartments, offering savvy investors and home owners a wide choice of apartment types within a boutique development.” A Lippo Group spokesperson said,” This is a highly unique project given its attractive attributes, excellent prime district address, and setting amidst a Good Class Bungalow enclave. In our experience of developing some of the most sought-after high-end residential developments in Singapore, we are confident that The Holland Collection will attract sizeable interest among home owners and property investors.”  Lippo buys Aura Park for $55.5m August 4, 2007 Lippo Realty has bought Aura Park at Holland Road near the Botanic Gardens for $55.5 million or about $1,280 per square foot (psf) of potential gross floor area – a fresh high for the location. The price is inclusive of development charges (DC) estimated at $8.5 million, but this is subject to verification of the site’s development baseline. The collective sale of the 35,724-sq-ft freehold site was brokered by Savills Singapore, which is also marketing Tulip Garden nearby. The property consultancy declined to give an update on negotiations for Tulip Garden, whose tender closed last week. Negotiations are currently under way for the 316,709-sq-ft site which has a 1.6 plot ratio and an estimated $30 million DC. Aura Park, which is about 20 years old, is a four-storey development with 28 existing units. Aura Park is zoned for residential use with a 1.4 plot ratio (ratio of maximum potential gross floor area to land area) and a four-storey maximum height. Market watchers reckon Lippo’s breakeven cost for a new high-end apartment project could hit around $1,900 to $2,000 psf, depending on just how posh the new project is. ‘We’ve not worked out the details, but we’re looking at a luxury boutique development which we should be able to launch sometime next year,’ Lippo Realty executive director Thio Gim Hock said when contacted by BT. Aura Park is almost opposite Tuan Sing’s Botanika development, where it sold 12 units through auction in April, at prices ranging from $1,710 psf to $2,420 psf. The average price achieved was $2,040 psf. Next to Aura Park is Carlton Terrace, which Bukit Sembawang bought in late 2005 for $541 psf per plot ratio (ppr). The most recent transaction in the area involved Leedon Heights, which was sold in April for $835 million or $1,062 psf ppr. The site has a 1.6 plot ratio and 12-storey maximum height. Another nearby collective sale was that of Holland Crest, which was bought by BBR Holdings for $70.6 million or $837 psf ppr, in March. Source : Business Times – 18 Jun 2007