Fairhaven, a 15-unit residential development along Sophia Road, has been launched for sale by public tender.
This is the first time that the freehold property has been put up for collective sale, and more than 80 per cent of the owners, by share value and strata floor area, have consented to the move.
The property has a land area of approximately 16,660 square feet, and the future developer can build an additional 10 per cent bonus balcony without paying for additional Development Charge (DC).
Its marketing agent JLL said the owners are looking for offers in excess of S$45 million. This translates to about S$1,169 per square foot per plot ratio on the potential gross floor area, after factoring in the 10 per cent bonus balcony.
JLL’s National Director of Capital Markets, Ms Yong Choon Fah, said: “Potential buyers can consider building small apartments of between 40 (and) 50 square metres or so, to capitalise on its location and the curtailed supply of one-bedroom or small two-bedroom units.”
The public tender for Fairhaven closes on Jul 1.
Source : Channel NewsAsia – 2 Jun 2015