MCL Land top bidder for Holland site
MCL Land is set to increase its presence in the Holland/Farrer roads area after it emerged as the top bidder for the collective sale of Holland Hill Mansions, BT understands.
Its $292 million price works out to about $750 per square foot of potential gross floor area. No development charge is payable. The price is 36 per cent higher than the $550 psf ppr unit land price MCL paid for the nearby Waterfall Gardens and a couple of smaller adjoining sites at Farrer Road in February.
Both Holland Hill Mansions and Waterfall Gardens are on freehold sites zoned for residential use with a 1.6 plot ratio (ratio of maximum potential gross floor area to land area). Both sites have a 12-storey maximum height. The deals were handled by DTZ Debenham Tie Leung.
The Holland Hill Mansions has a land area of 243,525 sq ft and can be redeveloped into a new condo with about 205 units averaging 2,000 sq ft. Based on MCL’s purchase price, the breakeven cost works out to about $1,100 to $1,200 psf, say analysts. Market watchers suggest that MCL Land may take a partner to develop the project.
The existing Holland Hill Mansions have 116 apartments, a penthouse and a shop unit. Through the collective sale, owners stand to receive sums which could be 65 to 85 per cent more than they might have had by selling their homes individually, according to some estimates.
On the stock market yesterday, MCL ended one cent higher at $1.70.
Source : Business Times - 29 Nov 2006
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