Fairhaven at Sophia Road has been launched for collective sale by tender on Feb 21 at a reserve price of $45 million, says marketing agent JLL. The existing residential development, which sits on a freehold, 16,660 sq ft site in prime district 9, has 15 apartment units.

Based on a gross floor area of 34,986 sq ft, which includes a 10% bonus balcony gross floor area (GFA), the reserve price for the freehold property translates to $1,169 psf per plot ratio (ppr).

According to JLL, this compares favourably to the $1,722 psf ppr land rate of the 99-year leasehold Handy Road Government Land Sale (GLS) site, which was awarded in January to City Developments Limited (CDL).

The buyer of Fairhaven will also be exempt from development charges because of the high development baseline of the property, adds JLL. Under the 2014 Master Plan, the site is zoned “Residential” with a gross plot ratio of 2.1.

The tender will close on Mar 22.

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