Two developments on Sophia Road have been launched for collective sale by tender and this information has been discussed by JLL, the sole marketing agent in the country. The property, located in District 9 were relatively well known as Sophia Ville, is located at 128 Sophia Road and the other one is Fairhaven, located at 130 Sophia Road.
Though this has not been expected at first, the aimed collective sales for both developments were agreed by each property owner with a referred price of around $64 million. This number also corresponds to $1,279 psf ppr, or it could also be noted around $1,195 psf ppr when the 7% balcony area has already been factored in. It does not have any development charge payable as there is a current rise in the development baseline.
When the idea of joining the properties for sale was launched, most owners of both Sophia Ville and Fairhaven have come into a decision to join both properties for a great offer to a certain property developer. Counting on the percentage for those who have agreed with the decision, it was noted that more than 80% of the property owners have given their consent to come up with this plan for sale.
As also discussed by Yong Choon Fah, the well-known Senior Director of Capital markets at JLL, the idea of combining both properties Sophia Ville and Fairhaven is a cumulative effort on gaining a winning deal for both property owners and development buyers. As explained, it would be a good deal for owners as they could get better chances of having higher deals or prices compared to when they are going to sell it as a sole development on their own. Now when it comes to property developers who may buy it in the future, this would give a great deal as it offers a more detailed location for bringing prime developments and prestigious projects which are ideal for raising office and other property units which result in giving a more stable rental fee or to get a continuous and flexible income to rely on for sure.
PROPERTY CHECK: Penrose
Sophia Ville on Sophia Road has a site area of 7,168 sq ft, while Fairhaven has 16,660 sq ft in measurement. As of the information detailed under the 2019 Master Plan, both properties are noted and zoned for residential purposes. With both properties being combined, it would give an estimated total floor area of 53,541 sq ft, which also contains a possible 7% bonus for the balcony area.
The location of both properties is in the Central location, and this also details the possibility of getting more flexibility when it comes to securing unit sizes which are always quoted and subject for approval. Some places near the area are Dhoby Ghaut MRT Interchange, plus the popular Orchard Road Shopping District which secures continuous human traffic around the place.
Some academic institutions around the place are Lasalle College of the Arts, Nanyang Academy of Fine Arts, Singapore Management University, and the School of the Arts. Within its, 1 km proximity is popular schools including St. Margaret’s Primary School and the well-known Anglo-Chinese School (Junior).
Both property tenders will be closed on the 23rd day of September.