THE upmarket Fairhaven condominium in Sophia Road has been launched for a collective sale with hopes of getting at least $45 million.
As there are 15 units, this price means each unit will fetch about $2.8 million, around $1 million more than the prevailing market rates for units in the area that are not put up for collective sale.
The $45 million figure works out to $1,169 per sq ft per plot ratio, based on the potential gross floor area after factoring in the 10 per cent bonus balcony, a statement said yesterday.
The District 9 development has a land area of approximately 16,660 sq ft with a gross plot ratio of 2.1. A new development could be built with bonus balconies without incurring additional
development charges, according to the Urban Redevelopment Authority. The site is near the Dhoby Ghaut interchange and MRT station and in the Central Area vicinity where no development land has gone on sale since 2013.
"With its central location and many established educational institutions in the vicinity, the site is expected to be popular among owner-occupiers and investors," said Ms Yong Choon Fah, national director of Capital Markets at JLL, its sole marketing agent. The tender closes at 3pm on July 1.
Meanwhile, real estate services firm CBRE has put up 11 contiguous units of commercial space in the Singapore Shopping Centre in Orchard Road for sale.
The site of about 7,061 sq ft fetched rent of $7.20 per sq ft from the previous tenant, an insurer, said CBRE yesterday, adding that the property is ideal for education, retail and lifestyle-related businesses.
CBRE also invited bids for two freehold adjoining shophouses in the Geylang Conservation Area. The shophouses occupy 2,900 sq ft and come with extension permits for buyers to carry out alterations and development works.
While CBRE is the sole marketing agent for Orchard Road space, it is working with HRL Properties for Geylang sales.
The upmarket Fairhaven condominium is near the Dhoby Ghaut interchange and MRT station and in the Central Area vicinity where no development land has gone on sale since 2013. -- PHOTO: JLL