Adjoining condos at Sophia Road to be up for collective sale with S$64m indicative price

Thu, Jul 30, 2020

Vivienne Tay

https://www.businesstimes.com.sg/rea...dicative-price

ADJOINING condominiums Fairhaven and Sophia Ville at Sophia Road will be launched for collective sale by tender on Aug 3 with a combined indicative price of S$64 million.

The majority owners of both developments agreed to band together so that the sites may be offered to a developer who can redevelop them into a larger residential project, sole marketing agent JLL said on Thursday.

Over 80 per cent of the owners for each development have consented to the sale.

Fairhaven at 130 Sophia Road has a site area of 16,660 square feet (sq ft), while Sophia Ville at 128 Sophia Ville has a site area of 7,168 sq ft.

Both sites are zoned "residential" with a gross plot ratio of 2.1 under the Urban Redevelopment Authority's 2019 Master Plan. Together, they have a potential gross floor area (GFA) of 53,541 sq ft, inclusive of a potential 7 per cent bonus GFA for balconies.

Excluding the potential bonus GFA for balconies, the land rate for the properties will be about S$1,279 per square foot per plot ratio (psf ppr). After factoring in potential bonus GFA for balconies, the land rate will be about S$1,195 psf ppr. There is also no development charge payable due to a high development baseline, JLL said.

Fairhaven and Sophia Ville are both located within the central area, giving potential investors increased flexibility in terms of unit sizes, subject to approval from relevant authorities, according to JLL.

Yong Choon Fah, senior director of capital markets at JLL, Singapore, called the collaboration between Fairhaven and Sophia Ville owners a win-win proposition for both the owners and prospective purchasers.

Owners will stand to achieve prices higher than if they were to sell on their own, while developers will have more flexibility and scale for a premium project, she said.

It is also ideal for family offices to develop a boutique project for long-term rental income, Ms Yong added.

The properties are 400 metres away from Dhoby Ghaut Interchange station and are within walking distance to the Orchard Road shopping district.

Schools near the properties include St Margaretís Primary and Anglo-Chinese School (Junior) - which are one kilometre away. They are within the vicinity of educational institutions such as the Singapore Management University, Lasalle College of the Arts, Nanyang Academy of Fine Arts and School of the Arts.

The tender for Fairhaven and Sophia Ville will close on Sept 23, 2.30pm.