Prime freehold Sophia Road residential redevelopment site up for collective sale
Description
SINGAPORE, 21 February 2018
Nestled in the heart of the city, the five-storey development comprises 15 apartment units. Under the 2014 Master Plan, the 16,660 sq ft site is zoned ‘Residential’ with a gross plot ratio of 2.1. Over 80per cent of the owners have consented to the sale.
With a prestigious District 9 address, the plot has excellent accessibility via the Central Expressway (CTE) and Dhoby Ghaut Interchange station which is a mere 400m away. Fairhaven is also within walking distance to the renowned Orchard Road shopping district – a vibrant 2.2km shopping belt with over 800,000 sqm of retail, entertainment and dining options as well as state of the art medical facilities.
In addition, the site is in close proximity to established primary, secondary and tertiary educational institutions. Popular schools, such as St Margaret’s Primary and Anglo-Chinese School (Junior), are within one kilometre of the site, while reputable educational institutions, such as the Singapore Management University, Lasalle College of the Arts, Nanyang Academy of Fine Arts (NAFA) and School of the Arts (SOTA), are in the vicinity.
The owners are expecting bids in excess of $45 million, which reflects about $1,286 per sq ft per plot ratio (psf ppr) or $1,169 psf ppr after factoring in the 10 per cent bonus balcony. There is no development charge payable due to a high development baseline. This compares favorably to the recent 99-years Government Land Sale (GLS) site at Handy Road, which received a highest bid of $1,722 psf ppr last month. Additionally, the owners are in the midst of applying for an Outline Planning Permission (OPP).
"With its close proximity to the iconic Orchard Road shopping belt and with many established educational institutions in the vicinity, we are expecting strong interest from owner-occupiers and investors looking for smaller development plots in District 9," said Ms. Yong Choon Fah, National Director of Capital Markets at JLL, Singapore. As the property is located within the Central Area (CA), “a potential investor has an increased flexibility in terms of unit sizes subject to approval from the relevant authorities”, she added.
The tender for Fairhaven closes on Thursday, 22 March 2018, at 2.30 p.m.
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Note to editors:
1. For a high-resolution photograph of the site, please click here.