The Fairhaven development, whose asking price was S$45 million, has been scooped for S$12 million more.
The winning bid was a generous S$57 million.
The high purchase price of this freehold property gives some individual owners a chance to take home up to S$6.9 million in yields per unit.
The lowest yield for a single unit is set to be around S$3.5 million. The public tender that was launched on Feb 21, 2018 came to a close on Mar 22.
JLL’s national director, Yong Fah, disclosed that there were several developers who showed interest by submitting bids for this 16,660 sq ft site, which is in District 9, one of Singapore’s prime regions.
JLL Singapore was the firm chosen to handle the Fairhaven en bloc sale.
Gioia Fund, the winning bidder, is a subsidiary wholly owned by Lafe Corp, an investment company listed on Singapore’s Stock Exchange.
Currently, the Fairhaven site with its 15-unit development has cost the buyer S$1,629 per sq ft per plot ratio (psf ppr), which compares favourably with Handy Road’s land rate back in Jan 2018, which was S$1,722 psf ppr.
Fairhaven freehold site has a plot ratio of 2.1 and is zoned for residential.
The gross floor area for the Fairhaven development, inclusive of the 10% bonus balcony area is 34,986, and luckily, no development charge is involved.
- Fairhaven Condo is located in Prime District 9, 130 Sophia Road Singapore. The nearest MRT station of Fairhaven will be Dhoby Ghaut which is less than ½km away.
- There are also good schools within a kilometre range, and they include St Margaret’s Primary School, Creatif Mindz Education Centre and Insworld Institute. The Anglo-Chinese Primary School, St. Joseph Institution Junior, and Balestier Hill Primary are also within easy reach from Fairhaven.
- The famous Orchard Road is right in front of the condo
- It only takes 5 mins drive to Central Business District and Marina Bay
- For grocery shopping, dining and banking services, Plaza Singapura will provide almost everything the future resident’s needs.