3 sites launched for sale, including Fairhaven and Pomex Court

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Fairhaven at Sophia Road sold for $57m

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...

The owners of Fairhaven (pictured) are expecting bids in excess of $45 million. (Photo: JLL)

Three private residential sites have been put up for sale by different marketing agents for a total of more than $181 million.

On Wednesday (21 February), a rare 9,999-year leasehold housing site in 1 – 21A Jalan Molek and 217 – 223A Guillemard Road was put up for sale by a single owner.

According to marketing agent Cushman & Wakefield, the 37,131 sq ft plot near Dakota, Alunied and Mountbatten MRT stations has a plot ratio of 2.8 and a gross floor area (GFA) of around 77,071 sq ft.

It could be redeveloped to achieve a maximum GFA of about 103,967 sq ft, or 114,364 sq ft including the 10 percent bonus balcony space. The site is currently occupied by 15 two-storey terrace houses, but provisional permission has already been obtained to redevelop it to a part-5/part-8 storey project with 137 units.

“At the indicative price of $99 million with a development charge of about $14.6 million to maximise the GFA including the additional 10 percent bonus balcony area, the land rate for the site will come up to approximately $993 psf per plot ratio (psf ppr),” said Cushman’s executive director of capital markets Shaun Poh.

Separately, a freehold housing site known as Fairhaven in Sophia Road was put up for collective sale by marketing agent JLL on Wednesday, with the owners expecting bids of over $45 million.

An existing five-storey project consisting of 15 apartments stands on the 16,660 sq ft site, which is within walking distance from Orchard Road and the Dhoby Ghaut interchange station.

It has a gross plot ratio of 2.1 and the expected selling price translates to $1,286 psf ppr, or $1,169 psf ppr if the bonus balcony space is included. No development charge is payable.

Similarly, the owners of the freehold Pomex Court at 50, Lorong 101 Changi Road are collectively seeking at least $37 million, or $998 psf ppr based on its 26,471 sq ft land area.

According to marketing agent Century21, the plot near Eunos and Paya Lebar MRT stations has a gross plot ratio of 1.4, meaning it can be redeveloped into a five-storey building. If it’s successfully sold at the minimum price, each owner will get between $1.53 million and $2.27 million.

The tender for the residential site in Jalan Molek/Guillemard Road will close on 20 March 2018. The tender exercises for Pomex Court and Fairhaven will close on 21 March and 22 March, respectively.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg