The winning bid is 21 percent higher than the reserve price of $45 million. (Photo: JLL)
Following a tender exercise that attracted several competitive bids, the freehold Fairhaven condominium at Sophia Road in District 9 has been sold for $57 million to Gioia Fund, a wholly-owned subsidiary of investment holding company Lafe Corp.
The five-storey development comprising 15 apartments sits on a 16,660 sq ft site that is close to Orchard Road and the Dhoby Ghaut interchange station.
More: 3 sites launched for sale, including Fairhaven and Pomex Court
The winning bid is 21 percent higher than the reserve price of $45 million, and works out to a land rate of about $1,629 psf per plot ratio.
“At this sale price, the owners would expect to receive gross sales proceeds of between $3.5 and $6.9 million per unit,” said Yong Choon Fah, national director at JLL, which brokered the deal.
Zoned for residential use with a gross plot ratio of 2.1, the site has a high development baseline. The developer could potentially build up to 34,986 sq ft without paying any additional development charge.
Check out our project reviews in District 9.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
