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.
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.
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