The requested news item does not exist. Please return to News
Prime freehold District 9 redevelopment site sold
SINGAPORE, 23 March 2018 – Fairhaven, a freehold 15-unit development at Sophia Road has been sold to Gioia Fund Pte Ltd by sole marketing agent, JLL.
The 16,660 sq ft site is zoned residential with a plot ratio of 2.1. The site has a high development baseline and based on the GPR of 2.1, the developer could potentially build up to 34,986 sq ft without paying any additional development charge. The site attracted several competitive bids at the close of the tender.
With a prestigious District 9 address, Fairhaven is accessible via the nearby Central Expressway (CTE) and Dhoby Ghaut Interchange station which is within walking distance.
The site is also a stone's throw away from the main Orchard Road Shopping Belt and is in close proximity to numerous reputable primary, secondary and tertiary educational institutions. Popular schools, such as St Margaret's Primary and Anglo-Chinese School (Junior), are located within one kilometer from the site, while other reputable educational institutions, such as the Singapore Management University, Lasalle College of the Arts, Nanyang Academy of Fine Arts (NAFA) and School of the Arts (SOTA), are also in the vicinity.
Ms Yong Choon Fah, National Director at JLL says, "The winning bid of $57 million translates to a land rate of approximately $1,629 psf per plot ratio." At this sale price, the owners would expect to receive gross sales proceeds between $3.5 and $6.9 million per unit, adds Ms Yong.
Over 80 per cent of the owners have consented to the sale, which is subject to several conditions being met, including an order of sale by the Strata Titles Board and the court, where applicable.
As the property is located within the Central Area (CA), there is flexibility in terms of the number of units and their sizes to be built, subject to approval from the relevant authority.
JLL (NYSE: JLL) is a leading professional services firm that specialises in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com
JLL has over 50 years of experience in Asia Pacific, with over 37,000 employees operating in 96 offices in 16 countries across the region. The firm won 23 awards at the International Property Awards Asia Pacific in 2017 and was named number one real estate investment advisory firm in Asia Pacific for the seventh consecutive year by Real Capital Analytics. www.ap.jll.com
Yong Choon Fah
+65 6494 3671 / +65 9026 9021