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Strong interest in mortgagee sale of Eleven@Holland semi-detached homes with 48 cheques collected

SINGAPORE - The 48 semi-detached houses at Eleven@Holland put up for mortgagee sale have attracted strong interest from buyers since the units – priced between $3.7 million and $4.4 million – opened for viewing on June 3.

These units are part of the 99-year leasehold development, which comprises 82 units of semi-detached, strata-landed cluster homes. Eleven@Holland, launched for sale when new in 2011, was developed by Clydesbuilt (Holland Link), which is being wound up; liquidators were appointed last November.

On Thursday, PropNex, the real estate agency appointed for the mortgagee sale, said the 48 cheques collected were all from Singaporean buyers.

Tracy Goh, head of investment and collective sales at PropNex, said: “Despite the cooling measures and high interest rates, we observe that homebuyers remain on the lookout for value buys. Many of them are able to deploy funds to purchase properties when attractive opportunities arise.”

PropNex said that the transactions are subject to the approval of the mortgagee and buyers signing the sale-and-purchase agreements.

The 48 units put up for the sale have an average strata area of 3,735 square feet (sq ft), with a guide price of about $1,000 per square foot (psf).

Earlier this week, news broke that a businessman had intended to buy 10 of the units. On Thursday, PropNex said: “As the deposits for the units were not made promptly, the opportunity to buy the units was given to other buyers in view of the overwhelming demand.”

Eleven@Holland sits on a 125,000 sq ft site. Its lease commenced in December 2010. Facilities include a gym, swimming pool and barbecue area. The development is located within walking distance of the Sixth Avenue MRT station and within a kilometre of a few primary schools.

The 48 mortgagee units put up for sale on May 31 were previously held by the developer, which, together with property developer Ow Chun Ming (also known as Victor Ow), were ordered by the High Court in September 2022 to pay $87 million in profits they made from developing Eleven@Holland.

The sum was to be paid to Innovative Corp, a real estate company which Mr Ow joined as a director in December 2009 to help with a project, which included Eleven@Holland.

The project was initiated by Fong Yun Thai Association (FYTA), which owns the land at 33 Holland Link nearby.

According to court documents, Mr Ow acquired knowledge of the project in his capacity as a company representative. He then successfully tendered for the project and acquired it for himself, and incorporated Clydesbuilt (Holland Link) to carry it out.

Under the agreement, FYTA was to be entitled to 25 of the 82 residential units.

Seven of these 25 units were sold by FYTA to the Char Yong (Dabu) Association, which is now putting them up for sale via tender. PropNex has been appointed to market these 3,735 sq ft units, each of which has three storeys plus an attic and basement. Six units are tenanted, and the seventh, vacant.

PropNex said: “The successful tenderer for each property will be the party who has put in the highest bid that is accepted by the vendor.”

The tender closes at noon on June 12. THE BUSINESS TIMES