Local developer Koh Brothers Group offered $120.4 million and won the en bloc tender for Toho Mansion at Holland Road. The company which brokered the sale, Edmund Tie & Company, said nine bids were made for the site. The strong interest in the en bloc tender suggests that the en bloc fever is not going to subside anytime soon.
Here is how an En bloc sales process work and how much time you have to search for a new property.
The en bloc tender of the freehold site currently sits on an area of 4,427.8 sqm and consists of two four-storey residential blocks accommodating a total of 32 apartments. The buyers have plan for a lifestyle-themed development for the site.
Toho Mansion is a Freehold Walk-up Apartment located at 186 Holland Road in District 10. It is close to several MRT stations, as well as prominent schools. It is also close to Holland Road Shopping Centre. The walk-up apartment is an elevated site and within a private enclave. It also overlooks the adjacent Good Class Bungalow housing estate.
Winner of the en bloc tender, Koh Brothers managing director and CEO Francis Koh said, “Just off Holland Village, we are excited to have won this prime and rare freehold site that is in the heart of the vibrant Holland Village lifestyle enclave. As a lifestyle-themed developer, we look forward to creating a fresh concept that will offer a seamless and integrated experience with the great convenience and connectivity in this up-and-coming neighbourhood, which has been earmarked by the Government for a highly-anticipated makeover and expansion.”
Edmund Tie & Company investment advisory senior director Swee Shou Fern noted that the en bloc tender site sits on an attractive location: “Its many positive attributes include the coveted freehold tenure, single ownership, prestigious Holland Road address, high development baseline and the convenience of Holland Village, Chip Bee Gardens and the MRT station located right at its doorstep.”
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