Gioia Fund Pte Ltd, a wholly-owned subsidiary of Singapore-listed investment holding company, Lafe Corp, emerged the buyer of the 15-unit Fairhaven. According to Yong Choon Fah, JLL national director, who brokered the sale, the site had attracted “several competitive bids” at the close of the tender on March 22.
The purchase price of $57 million translates to a land rate of $1,629 psf per plot ratio, says Yong. Located on Sophia Road in prime District 9, Fairhaven sits on a 16,660 sq ft, freehold site zoned residential, with a plot ratio of 2.1. As the site has a high development baseline and based on the plot ratio of 2.1, it could potentially be built up to a gross floor area of 34,986 sq ft. The developer would therefore not incur a development charge.
Based on the sale price, unit owners at Fairhaven would expect to walk away with proceeds between $3.5 and $6.9 million each.
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