Fairhaven and Sophia Ville on Sophia Road up for collective sale from $64 mil

By
/ EdgeProp Singapore
|
July 30, 2020 2:28 PM SGT
Two adjoining developments along Sophia Road in prime District 9 have been launched for sale by tender, says the sole marketing agent JLL. The freehold properties are Fairhaven at 130 Sophia Road and Sophia Ville at 128 Sophia Road.
The indicative price for both properties is more than $64 million, which translates to $1,279 psf per plot ratio (ppr), or $1,195 psf ppr after factoring in the 7% bonus balcony area. There is no development charge payable due to the existing high development baseline.
The majority owners of Fairhaven and Sophia Ville have agreed to band together to offer the sites to one developer. Over 80% of the owners for each development have consented to the sale.
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Fairhaven (left) and Sophia Ville (right) are up for collective sale, with the indicative price for both properties set at more than $64 million, or $1,279 psf ppr. (PictureL JLL)
“We believe this collaboration is a win-win proposition for both the owners and prospective purchasers. For the owners, they would stand to achieve prices higher than if they were to sell on their own. For developers, this offering gives them more flexibility and scale for a premium project or it is ideal for family offices to develop a boutique project for long-term rental income,” says Yong Choon Fah, senior director of capital markets at JLL.
Fairhaven has a site area of 16,660 sq ft while Sophia Ville has a site area of 7,168 sq ft. Both sites are zoned for residential use under the 2019 Master Plan, and each has a gross plot ratio of 2.1. The combined site has a potential gross floor area of 53,541 sq ft which includes a potential 7% bonus balcony area.
Both developments are in the central area which means that the future development will have increased flexibility in terms of unit sizes, subject to approvals. The properties are also close to Dhoby Ghaut MRT Interchange and the Orchard Road shopping district.
Popular schools nearby include St Margaret’s Primary School and Anglo-Chinese School (Junior) which are within 1km of the site. Other educational institutions nearby are the Singapore Management University, Lasalle College of the Arts, Nanyang Academy of Fine Arts, and the School of the Arts.
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The tender for both properties will close on Sept 23.