Property highlights of the week from Oct 8 to Oct 12:
1. Lafe Corp aborts en bloc purchase of Fairhaven
Singapore-listed property development and investment holding company Lafe Corp, announced on Oct 9 that its wholly-owned subsidiary Gioia Fund Pte Ltd, “will not complete” the proposed acquisition of Fairhaven, a 15-unit apartment block on Sophia Road.
According to Lafe Corp, based on the terms and conditions of the contract, failure to complete the purchase will result in the deposit and a further deposit already paid totaling $5.7 million being forefeited by the vendors.
2. Commercial property in Bedok up for sale
A commercial property at 101 Bedok North Avenue 3 is up for sale via expression of interest (EOI), announced marketing agent Savills Singapore.
The property is in the Bedok Town Centre which has a private and public residential population of more than 300,000. 101 Bedok is between the arterial roads of Bedok Central and Bedok North Street 1, and the site is elevated from the main road. It is also served by the Bedok MRT station on the East-West line, which is an eight-minute walk from the property.
3. Freehold La Ville relaunches collective sale tender
La Ville, a high-rise freehold collective sale site, has just been relaunched for sale by tender by sole marketing agent, JLL.
La Ville was launched for tender in May this year at the asking price of $152 million and the tender closed on 19 June 2018 without a deal. The Collective Sale Committee then initiated to lower the reserve price to $140.6 million.
4. $14.3 million for a pair of freehold shophouses in Jalan Besar
A pair of shophouses at 355/357 Jalan Besar are on the market for $14.3 million via an expression of interest exercise, announced marketing agent CBRE. This translates into $2,344 psf based on the gross floor area.
The two-storey properties sit on a 3,066 sq ft lot with a freehold tenure, and the site is zoned for commercial use with a plot ratio of 3.0. They are located within the Jalan Besar Secondary Conservation Area. The shophouses have a total gross floor area (GFA) of 6,100 sq ft, but conservation guidelines permit new rear extensions up to a building height of six storeys, subject to approvals. Thus, the potential GFA of the redevelopment could increase to 9,198 sq ft.
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