The owners of the 15-unit apartment are asking for bids over $45m.
JLL launched the freehold collective sale site at Sophia Road, Fairhaven. The 16,660 sqft site is zoned residential with a gross plot ratio of 2.1. Over 80% of the owners have consented to the sale.
The five-storey development comprises 15 apartment units. The plot is accessible via the Central Expressway (CTE) and Dhoby Ghaut Interchange station which is a mere 400m away. Fairhaven is also within walking distance to the Orchard Road shopping district.
The owners are expecting bids in excess of $45m, which reflects about $1,286 psf ppr or $1,169 psf ppr after factoring in the 10% bonus balcony. There is no development charge payable due to a high development baseline.
The tender for Fairhaven closes on Thursday, 22 March 2018, at 2:30 p.m.
JLL said this compares favourably to the recent 99-years Government Land Sale (GLS) site at Handy Road, which received the highest bid of $1,722 psf ppr last month. Additionally, the owners are in the midst of applying for an Outline Planning Permission (OPP). City Developments Limited's (CDL) bid for Handy Road won against 10 others. OCBC Investment Research estimates breakeven average selling prices (ASP) of $2,250 psf for the project.
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