Clydesbuilt Investment’s 48 strata semi-detached houses at Eleven @Holland up for mortgagee sale

Buyers have to submit an offer to purchase the mortgagee sale properties within 28 days of the invitation.

Living at The Myst Bukit Timah, residents can look forward to a wide range of amenities, such as the popular Bukit Timah Nature Reserve, KFC, 7-11, a 24 hour food court, a 24-hour launderette, medical clinic, child care centers, Singapore Polytechnic and even the four star Beauty World Plaza. It offers an ideal lifestyle for families, with plenty of outdoor activities and easy access to the CBD.

The 48 semi-detached houses at Eleven @ Holland in Holland Link, off Bukit Timah Road, have been put up for mortgagee sale via sole agency PropNex Realty. They form part of an 82-unit strata semi-detached housing development which was completed in 2014, with a 99-year leasehold tenure from December 2010.

The average strata area of these 48 houses is 3,735 sq ft, and at a guide price of $1,000 psf, the average price of each of these strata-titled houses is estimated to be around $3.735 million.

The previous owner of the 48 units at Eleven @ Holland was Clydesbuilt Investment, which was 95% owned by property developer Ow Chun Ming aka Victor Ow of Clydesbuilt Group. Ow was found to have “breached his fiduciary duties to the plaintiff, Innovation Corporation” in a May 2019 judgment.

The plaintiff was Annie Chen Liping, director and major shareholder of Innovation Corp. In September 2009, she had signed an agreement with Fong Yun Thai Association (FYTA) to develop the project. As part of an October 2010 agreement, Clydesbuilt (Holland Link) purchased the Eleven@Holland site for $70 million, with the payment to be offset against FYTA’s share of the project’s development costs.

FYTA was to hold 25 of the 82 semi-detached houses at Eleven@Holland upon completion, while Clydesbuilt Investment was to keep the remaining 57 units. Nine units have been sold off since, thus leaving the 48 currently up for sale.

Eleven@Holland is located in prime District 10, just off the Good Class Bungalow enclave on Old Holland Road and the green corridor of Holland Plain and Holland Green Park. It is offered for sale at an average price of $3.735 million each or about $1,000 psf. The estimated value of the remaining 48 units was assessed at $177.11 million as of May 13, 2019 by the court.

PropNex’s Tracy Goh believes the 48 semi-detached units at Eleven @ Holland to be “more attractively priced” than the resale price of about $4.4 million achieved last year for 99-year leasehold, conventional semi-detached homes in District 10. She adds that this property has generated interest from first-time homebuyers, HDB upgraders and private condo dwellers who aspire for a landed development.

However, most of the 48 houses will be sold with an existing tenancy, as only eight properties are currently vacant. Goh estimates gross rental yields to be about 4.8% based on the monthly rental rate of $15,000 achieved for some units.

The communal facilities at Eleven @ Holland include barbeque area, gym and swimming pool. The most recent transaction at Eleven @ Holland was in April this year, when a semi-detached house with a strata area of 3,821 sq ft was sold for $3.5 million ($916 psf).

These properties are considered landed homes, so they 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 buy landed property.

Buyers are invited to submit an offer to purchase these mortgagee sale properties within 28 days. With limited supply of landed homes in Singapore, these properties offer a potential capital upside.