Fairhaven, a 15-unit residential development located along Sophia Road, has been launched for sale by public tender by sole marketing agent JLL. More than 80 per cent of the owners, by share value and strata floor area, have consented to the collective sale.
This is the first collective sale attempt by the owners of Fairhaven, who are seeking offers in excess of $45 million. This translates to approximately $1,169 psf per plot ratio on the potential GFA, after factoring in the 10 per cent bonus balcony.
The District 9 freehold development has a land area of approximately 16,660 sq ft, and is zoned “Residential” with a gross plot ratio (GPR) of 2.1 in the 2014 Master Plan. According to URA, the development has a high baseline where a developer can build an additional 10 per cent bonus balcony without paying for additional Development Charge (DC).
Commented Ms Yong Choon Fah, National Director of Capital Markets at JLL: “The site sits within the Central Area (which generally comprises of areas close to Orchard Road and Marina Bay), whereby the number of dwelling units to be built in a development is not controlled by the stipulated minimum size for residential apartments. URA’s new guidelines, which took effect on 4 November 2012, impose an average size requirement of 70 square metres or 100 square metres for the whole island, except for the Central Area. As a result, the supply of ‘shoe-boxes’, as they are often referred to, has been significantly curtailed.”
“Potential buyers can consider building small apartments of between 40 to 50 square metres or so, to capitalise on its location and the curtailed supply of one-bedroom or small two-bedroom units.”
She explained: “There have been no development sites available for sale in the vicnity since 2013. The last one was URA’s Mount Sophia site (currently Sophia Hills), which was hotly contested in 2013 with nine bids. With its central location and many established educational institutions in the vicnity, the site is expected to be popular among owner-occupiers and investors. It is also expected to appeal to families with school-going children due to its proximity to St. Margaret’s Primary School, Anglo-Chinese (Junior) School and St. Joseph’s Institution (Junior), amongst many others.”
Added Ms Yong: “Situated near Dhoby Ghaut Interchange and MRT station, the site is also near many established and prestigious educational institutions, including the School of the Arts (SOTA), Singapore Management University (SMU), Nanyang Academy of Fine Arts (NAFA) and LaSalle College of the Arts. The area is shaping up to be an educational hub with an interesting mix of amenities catering to and supporting the student population.”
The tender for Fairhaven closes at 3 pm on Wednesday, 1 July 2015.