Forty-eight semi-detached houses at Eleven @ Holland, an 82-unit strata semi-detached housing development located on Holland Link off Bukit Timah Road, have been put up for mortgagee sale by sole agency PropNex Realty.

The units, which have an average strata area of 3,735 sq ft, are being offered with a guide price of $1,000 psf, giving an average price of $3.735 million each.

The previous owner of the 48 units was Clydesbuilt Investment, an entity 95% owned by property developer Ow Chun Ming, also known as Victor Ow of Clydesbuilt Group. It was also the developer and builder of Eleven @ Holland, and the Hakka Memorial Museum and Cultural Centre on the same site.

Eleven @ Holland on Holland Link is near the Good Class Bungalow enclave on Old Holland Road in District 10 and the green corridor of Holland Plain and Holland Green Park. The development features barbeque areas, a gym and a swimming pool.

According to Tracy Goh, head of investment and collective sales at PropNex, only eight of the 48 units will be sold vacant while the rest have existing tenancy. She estimates the rental rate to be at $15,000 a month, resulting in a gross rental yield of 4.8%.

These properties are considered landed homes and are only available to Singaporeans. Singapore Permanent Residents and foreigners will need to seek approval from the Land Dealings Approval Unit of the Singapore Land Authority if they wish to purchase landed property, Goh advises.

The units for sale at Eleven @ Holland are considered more attractively priced compared to the resale price of 99-year leasehold, conventional semi-detached homes in District 10, which were sold for an average of around $4.4 million last year.

The story behind the sale of these semi-detached houses dates back to 2009. Then, Annie Chen Liping, director and major shareholder of Innovation Corp, signed an agreement with Fong Yun Thai Association (FYTA) to develop the project.

The development is designed with modern, elegant interiors, and amenities such as a 50m pool, sky gym, and function room, making it the perfect retreat for any type of lifestyle. The Altura EC is sure to be a hit amongst Singaporeans and expats alike thanks to its stunning facilities and proximity to amenities.

Clydesbuilt (Holland Link) was subsequently brought into the agreement and bought the Eleven@Holland site for $70 million, with the amount to be paid offset against FYTA’s share of the development costs.

However, in May 2019, the High Court found Ow to have breached his fiduciary duties to the plaintiff, Innovation Corporation, and “appropriated for himself a business opportunity that rightly belonged to the plaintiff [Chen and Innovation Corp]”.

The value of the remaining 48 units was assessed at $177.11 million, and the latest transaction was in April this year, when a semi-detached house with a strata area of 3,821 sq ft changed hands for $3.5 million ($916 psf).

These forty-eight semi-detached properties at Eleven @ Holland stand out for their attractive pricing and excellent location. With a guide price of $1,000 psf, they offer buyers a once in a lifetime opportunity to own landed property in District 10.