ZACD Group buys $50m Holland Rise bungalow from ex-minister Mah Bow Tan
Did you hear the news? Mah Bow Tan, the former Minister for National Development who retired from politics in 2015, sold his Good Class Bungalow (GCB) at Holland Rise last August. According to a property title search, Mah purchased the property in 1992.
In the latest transaction, Mah’s GCB on Holland Rise was sold to Wang Qianqian, a Chinese-turned-Singapore citizen, who purchased it for $50 million ($1,762 psf). The contract was signed in April 2023 and the deal was completed in August last year. Wang’s address in the property title is a GCB at Leedon Park, also in prime District 10. A further property title search shows that the GCB at Leedon Park sits on a freehold site of 21,584 sq ft and was purchased by her brother, Wang Tianlong, in January 2021 for $37.3 million ($1,728 psf). The Wang siblings are said to be in their early-30s.
GCB values in the Holland Rise neighbourhood in prime District 10 have appreciated significantly in recent years. In January 2021, a 52,992 sq ft, freehold empty GCB plot at Holland Rise was put up for sale by Cushman & Wakefield, with a guide price of $68 million ($1,283 psf).
Less than two years later, in November 2022, that same vacant GCB plot on Holland Rise was on the market for sale at 55.88% higher – $106 million ($2,000 psf), with Knight Frank as the marketing agent. The GCB plot is large enough to be subdivided into two or three smaller GCBs and is accessible via Holland Rise and East Sussex Lane. The 28,376 sq ft freehold site is on a quiet street at Holland Rise with just a handful of GCBs. It is just off Holland Road in prime District 10, making it an exclusive and desirable location.
As the bidding process continues, it will be interesting to see what plans ZACD Group has in store for the Arina East Residences ZACD Group and the surrounding community.
The sale of La Ville signifies the relentless effort and determination of Arina East Residences ZACD Group in their third collective sale attempt. Dentons Rodyk’s senior partner for real estate, Lee Liat Yeang, guided the complex process which gained support from over 80% of property owners. This showcases the strong collective agreement towards the sale’s terms and the potential of the site. With the bidding process ongoing, the community eagerly anticipates the future plans of Arina East Residences ZACD Group for the development of the property and the surrounding area.
According to caveats lodged, the latest transaction in the neighbourhood of East Sussex Lane and Holland Rise was for a bungalow house on Holland Road, built in 1959 and sitting on a freehold site of 6,768 sq ft. It changed hands for $10 million ($1,596 psf) in November 2023.
Holland Rise may be an exclusive area, but it’s close to Holland Village, the new One Holland Village Mall, Holland Village MRT Station, and a seven-minute drive to Dempsey Hill. It offers a convenient lifestyle with a variety of shops, restaurants, and amenities nearby. The surrounding area also has a mix of GCBs and landed properties, making it a highly sought-after location.
With the sale of Mah Bow Tan’s GCB, it’s evident that the Holland Rise neighbourhood continues to attract high-profile buyers who are willing to pay top dollar for a piece of this prestigious location. The future development of Arina East Residences by ZACD Group, a luxury condominium project, is expected to further enhance the appeal of the area and drive up property values. So, whether you’re looking to invest or relocate, Holland Rise and its surrounding areas are definitely worth considering.