JLL sells two District 9 residential sites worth $62 mil

By Valerie Kor / EdgeProp Singapore | December 1, 2020 3:43 PM SGT
Fairhaven Sophia Ville - EDGEPROP SINGAPORE
The sites may be redeveloped into a prime residential apartment development with a total gross floor area of over 50,000 sq ft (Photo: JLL)
SINGAPORE (EDGEPROP) - Two adjoining collective sale sites in District 9, namely, Fairhaven and Sophia Ville, have been sold for $62 million or a unit land rate of $1,239 psf/plot ratio by JLL to a local developer. Totalling 23,828 sq ft, the sites are zoned under the 2019 Master Plan for residential use with a gross plot ratio of 2.1.
The freehold residential sites were put up for tender jointly in late August. More than 80% of the owners have consented to the sale, subjected to several conditions. Yong Choon Fah, senior director at JLL Singapore Capital Markets, says, “By conducting a joint tender exercise, we bring greater value to owners of both sites by offering the buyer economies of scale and a higher efficiency from the larger site.”
Located on Sophia Road, the sites are within 10 minutes by car to Orchard Road MRT station. Dhoby Ghaut MRT Interchange Station is within a few minutes’ walk via a shortcut.
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Additionally, the location is near to the upcoming St Margaret’s Primary School, Anglo-Chinese School (Junior) as well as School of The Arts (SOTA). There are also tertiary education institutions nearby such as LaSalle College of The Arts, Nanyang Academy of Fine Arts and Singapore Management University.
The site may be redeveloped into a prime residential apartment development with a total gross floor area of over 50,000 sq ft.