A 15-UNIT freehold residential development at Sophia Road has been put up for public tender.
Over 80 per cent of Fairhaven's owners have agreed to the sale, and are seeking offers of more than S$45 million, or S$1,169 per sq ft on the potential gross floor area. This is based on calculations that included a bonus balcony, which the developer can build without paying for additional development charges as the property has a high baseline.
The development has about 16,660 sq ft in land area, and is zoned for residential use with a gross plot ratio of 2.1 in the 2014 Master Plan.
Located in the Central area, the site is not bound by URA's average size requirement of 70 sq m.
"Potential buyers can consider building small apartments of between 40 to 50 sq m or so, to capitalise on its location and the curtailed supply of one-bedroom or small two-bedroom units," said Yong Choon Fah, JLL's national director of capital markets.
The tender closes at 3 pm on July 1.