SINGAPORE — 48 semi-detached houses at Eleven @ Holland in Holland Link, off Bukit Timah Road, were mortgaged and listed for sale following the developer’s liquidation.
In a span of just three days, these houses attracted hundreds of buyers and quickly sold out.
According to recent reports from Shin Min Daily News, there were even local buyers who purchased ten houses at once, although they had to pay a high Additional Buyer’s Stamp Duty (ABSD) of up to 30%.
Situated near the Good Class Bungalow enclave on Old Holland Road in prime District 10, these 48 units are part of an 82-unit project developed by Clydesbuilt (Holland Link).
Completed in 2014, these units have a 99-year leasehold tenure starting from December 2010.
With an average strata area of 3,735 square feet (sq ft) and a guide price of approximately $1,000 per square foot (psf), each semi-detached house was sold at an average price of S$3.74 million, as stated by PropNex, the sole real estate agency appointed for the mortgagee sale in a statement on 31 May.
“It is more attractive than the average transacted resale price of about $4.4 million achieved for 99-year leasehold semi-detached homes in District 10 in 2022, according to URA Realis caveat data,” said Tracy Goh, Head of Investment and Collective Sales at PropNex.
These houses come with various facilities, including a gym, swimming pool, and barbecue area. Among the 48 semi-detached houses, 45 of them have three stories, an attic, and a basement, along with five bedrooms and private lift access.
The remaining three houses have two stories, an attic, and a basement. These units were made available for viewing starting from last Saturday (3 June).
Some buyers willing to pay high ABSD of up to 30%
However, in a recent update, Shin Min Daily News reported that due to the overwhelming response, even before Saturday, numerous potential buyers had expressed interest.
Eminence Landed, a subsidiary of Propnex and the company’s largest team specializing in landed properties, reported a high level of inquiries.
Lin Huili, one of the brokers, told the Chinese media outlet that they received many appointments after the announcement, and later, the bank required buyers to submit cheques before viewing the houses.
Additionally, potential buyers were able to view the houses on Thursday (1 June), and several units were sold on the same day.
Despite Friday (2 June) being a public holiday, buyers who wanted to secure a unit still decided to make a purchase without viewing.
By the official sales day on 3 June, only around ten units were remaining, and they were sold out before 11 am.
“There are still many people inquiring whether any deals fell through and if there’s a chance to fill the vacancies,” Lin added.
Over the course of three days, more than a hundred groups of buyers were willing to submit cheques for viewing, and there were even buyers who brought cheques on the first day to purchase ten units at once.
“Although they have to pay a high ABSD of up to 30%, they still consider it worthwhile.”
Singapore government announced the implementation of increased ABSD rates effective from 27 April. For Singapore Citizens (SCs) purchasing their 3rd and subsequent residential property, will see a rise from 25% to 30%.
Liquidators appointed in November 2022
According to the Business Times, these units were previously held by Clydesbuilt (Holland Link), which together with property developer Ow Chun Ming, also known as Victor Ow, were ordered by the High Court in September 2022 to pay S$87 million in profits they made from developing the project.
The sum was to be paid to Innovative Corp, a real estate company which Ow joined as a director in December 2009 to help with a project which included Eleven Holland.
The court documents mentioned that Ow acquired knowledge of the project in his capacity as a company representative after which he successfully tendered for the project and acquired it for himself.
Ow then incorporated Clydesbuilt (Holland Link) in May 2010. Clydes built (Holland Link) is wholly owned by Clydesbuilt Investment which was thus entitled to own the 48 units. Ow then resigned from in novative Corp in August 2010.
Eleven Holland was launched in June 2011, starting from S$1,050 psf. In the High Court judgment in September 2022. Justice Ang Cheng Hock said that the reasonable construction costs of the project which included Eleven@Holland were assessed to be S$41.3 million.
Some of the 48 unsold units were rented out from 2014 to 2020, generating income of around S$21 million for Clydesbuilt (Holland Link).
These units are being wound up with liquidators appointed in November 2022, and mortgaged to Hong Leong Finance.
Correction Note: In the previous edition, it was mentioned that “there were even Chinese buyers who brought cheques on the first day to purchase ten units at once.” We apologize for the mistranslation.
