Two Adjoining Developments at Sophia Road up for collective sale
Fairhaven and Sophia Ville, two freehold collective sale sites at Sophia Road, have been launched for sale by tender by sole marketing agent, JLL.
The majority owners of Fairhaven and Sophia Ville have agreed to band together so that it may be offered to one developer who could redevelop them into one larger residential project.
JLL, we constantly look at ways of enhancing value for our owner-clients that still serves our developer-customers well. We believe this collaboration is a win-win proposition for both the owners and prospective purchasers. For the owners, they would stand to achieve prices higher than if they were to sell on their own. For developers, this offering gives them more flexibility and scale for a premium project or it is ideal for family offices to develop a boutique project for long term rental income,” said Ms. Yong Choon Fah, Senior Director of Capital Markets at JLL, Singapore.
Fairhaven at 130 Sophia Road has a site area of 16,660 sqft, while Sophia Ville at 128 Sophia Ville has a site area of 7,168 sqft. Under the 2019 Master Plan, the sites are zoned ‘Residential’ with a gross plot ratio of 2.1. Over 80 per cent of the owners for each development have consented to the sale. The combined site has a potential Gross Floor Area (GFA) of 53,541 sqft (inclusive of a potential 7% bonus GFA for balconies).
With a prestigious District 9 address, the plot has excellent accessibility with Dhoby Ghaut Interchange station a mere 400m away. It is 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. The locale is also infused with rich cultural heritage with the National Museum of Singapore, the Singapore Art Museum, Fort Canning Hill, the Peranakan Museum, all located close by.
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 indicative price for the combined site is in excess of $64 million, which reflects about $1,279 per sq ft per plot ratio (psf ppr) or $1,195 psf ppr after factoring in the 7 per cent bonus balcony. There is no development charge payable due to a high development baseline.
The property is located within the Central Area (“CA”) giving potential investors increased flexibility in terms of unit sizes, subject to approval from the relevant authorities
The tender for Fairhaven and Sophia Ville closes on Wednesday, 23 September 2020, at 2.30 p.m.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.