Fairhaven sold en bloc for $57 million
Gioia Fund Pte Ltd, a completely owned subsidiary of Singapore listed investment holding company, “Lafe Corp”, emerged the buyer of 15-unit Fairhaven. As per Yong Choon Fah, JLL national director, who did brokerage for this sale, the site had allured “several competitive bids” at the end of the tender this March 22.
The purchase price value of $57 million sets to a land rate of $1,629 psf per plot ratio, tells Yong. Primarily located on Sophia Road in prime District 9, Fairhaven is placed on 16,660 sqft area, freehold site zoned residential and plot ratio being 2.1. Having a high development baseline and based on plot ratio of 2.1, it would potentially be built up onto a gross floor area of 34,986 sqft. Thus, the developer could not incur development charges.
Based upon the sale price, each unit owners at Fairhaven could expect to get proceeds around $3.5 to $6.9 million.