Archive for category: Misc

Havelock MRT is also the closest MRT station, surrounded by popular eateries and amenities to fulfill daily needs. Housing a plethora of condo facilities, Zion Road Condo is the perfect place to unwind and relax.

Wing Tai Holdings on July 28 announced that its wholly-owned subsidiary, Wincove Investment, had withdrawn from the en bloc purchase of Holland Tower for $76.3 million, citing “non-fulfilment of certain conditions” as the reason for pulling out of the deal.It is believed that the Singapore-listed property developer had paid the 5% down payment for the property, which has a built-up area of 43,691 sq ft and sits on a 21,878 sq ft freehold elevated site at 10 Holland Heights, a quiet road off Queensway.Under the URA Master Plan 2019, the site is zoned “Residential” and is situated within the Holland Park Good Class Bungalow (GCB) Area in prime District 10.However, Wing Tai’s planned redevelopment of the site might have been thwarted by the stringent site constraints and restrictions, which include a 15m setback requirement from the Category 2 road, Queensway, along with restrictions on height and gross floor area (GFA).SRI Capital Market’s Low Choon Sin, who had been the exclusive marketing agent for Holland Tower, brokered the deal.However, this is not the first time a developer has pulled out of an en bloc deal. Hong Kong-listed Shun Tak Holdings had aborted its en bloc purchase of High Point 2½ years ago, following the introduction of new cooling measures with an increase in Additional Buyer’s Stamp Duty (ABSD) for foreigners from 20% to 30%. Wing Tai had intended to leverage the site’s “superior location attributes to develop a luxurious and iconic residential development with unblocked views of the lush greenery in Holland Park and the Singapore city skyline”, according to its executive director Tan Hwee Bin in the group’s March 15 press release.Wealthy foreign buyers and Permanent Residents (PRs) tend to gravitate towards such condominiums in the Core Central Region (CCR). However, the government’s latest cooling measures – with extra ABSD for foreigners doubling from 30% to 60% – have caused a marked decrease in the number of residential properties purchased by foreigners, with only 27 units bought in June, 2.5% of all transactions.Holland Tower is likely to be the latest casualty among en bloc deals, which have been in the doldrums due to government cooling measures. If the sales conditions were not met, the deposit paid by Wing Tai would usually have to be fully refunded.