Ravi Chandran
Offers are expected in the region of S$10 million for the freehold detached house at 145 Holland Road
Knight Frank Singapore announced on 14 July that it has been appointed as the sole marketing agent by an estate to offer 145 Holland Road, a freehold detached house near Holland Village, for sale by tender.
Offers are expected in the region of S$10 million for the freehold detached house, which translates to a land rate of approximately S$1,826 psf.
The site of the freehold detached house is located within District 10, which is highly sought after by homebuyers. It also enjoys close proximity to Holland Village and Holland Village MRT station on the Circle Line, both of which are situated approximately 200 metres away. The immediate vicinity is predominantly residential in nature, comprising landed housing, as well as high-end condominium and apartment developments.
145 Holland Road has a site area of 508.9 sqm (approx. 5,478 sq ft) and is zoned “Residential”, with a Gross Plot Ratio of 1.4, under the Master Plan 2019. Sitting slightly above road level, the development enjoys a 24-metre frontage onto Holland Road.
The site of the freehold detached house can potentially be subdivided into a pair of semi-detached houses or 3 terrace houses, subject to authorities’ approval.
Mr Ian Loh, Head of Capital Markets (Land & Building, Collective & Strata Sales), Knight Frank Singapore, shares, “We have seen a pickup in demand for landed homes since the beginning of 2021. More than 200 landed homes exchanged hands with total sales volume in excess of S$2.2 billion in Q1 2021, substantially higher than the S$1.4 billion recorded in Q4 2020. We expect 145 Holland Road to attract strong interest among homebuyers and developers.”
The tender for the freehold detached house 145 Holland Road will close on 11 August 2021, Wednesday at 3.00 pm.
Mr Paul Ho, chief officer at iCompareLoan, said: “With 7 new developments coming up in the area, Holland Village dream home may be what you want if you can afford the purchase price.”
“With proper financial planning, a dream home in, around or near Holland Village may not be totally out of reach for some aspirants,” he added.
A few factors should inform your decision to buy your Holland Village dream home:
- Affordable?
Use calculators to see if the mortgage payments on the new loan is affordable given your current salary. Property loan calculators help you know the mortgage payments from the different financial providers.
- Change in credit situation
Since the last time you took the loan, has your salary/company’s results/financial position improved or deteriorated? Have you been late in payment of debt? Did you sign on to be a guarantor or taken up more debt? Do you have a tenant? What is the remaining lease? All these factors will be considered when you apply for refinancing as your credit profile will be reassessed.
- Costs
Financing residential property may lead to costs such as those relating to valuation, legal, etc. Look out for promotions where banks/financing companies waive charges.
- Clawback and lock-in period
Review your letter of offer and read up on the clawback and lock-in period to ensure that financing makes sense for you. If the switch is onerous and costly, it may not be worthwhile.
- Shop around
Once you have done your homework on the above, you can shop around for the financial institution that offers the loan package that suits you and look out for promotions. Make sure you view the loan package from the various financial providers, but do note that there are different rates for properties bought under personal name or company name.
- Documentation
You will likely be asked to provide the following in the application if you apply to finance residential property. Have these ready on hand if your property is bought under a company name.
- Copy of NRIC/Passport
- Income statement and/or audited financials (corporation)
- Bank statements
- Loan account statement from existing financing company showing repayment history
- Latest CPT withdrawal statement for property to be refinanced (if there is utilization of CPF)
- Title Deed
A good Mortgage broker can assist you to refinance commercial property safely, further more, it’s free of charge as they receive a fee from the bank when a loan is completed. Think of them (mortgage brokers) as Supermarket assistants who can guide you on a number of brands of noodles. Talk to them about your taste, whether you want it a bit salty or sweeter, spicy or not, etc. They will find you the bank loan on the shelf.
