SINGAPORE - Fairhaven, a 15-unit freehold residential development along Sophia Road, has been launched for sale, a first such attempt by the owners after more than 80 per cent consented for the collective sale.
Owners are seeking offers in excess of $45 million or $1,169 per sq ft on the potential gross floor area, a released issued on Tuesday said.
The District 9 development has a land area of approximately 16,660 sq ft, and is zoned for residential use with a gross plot ratio of 2.1 in the 2014 Master Plan.
The site sits within the Central Area vicinity where no development sites available for sale since 2013.
"With its central location and many established educational institutions in the vicnity, the site is expected to be popular among owner-occupiers and investors," said Ms Yong Choon Fah, National Director of Capital Markets at JLL - its sole marketing agent.
"Potential buyers can consider building small apartments of between 40 to 50 square metres or so, to capitalise on its location and the curtailed supply of one-bedroom or small two-bedroom units."
The tender for Fairhaven closes at 3 pm on July 1, 2015.