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Fairhaven at Sophia Road sold for S$57m to Lafe Corp

PROPERTY developer Lafe Corporation has snagged the Fairhaven development on Sophia Road for S$57 million.

The sale was made to Gioia Fund, a wholly-owned subsidiary of the mainboard-listed investment holding company.

The acquisition was made after a "competitive tender process", said Lafe Corp, taking into account current market prices of surrounding properties in the area and the site's redevelopment potential.

Located in the exclusive District 9, the property is a 15-unit, freehold development with a total site area of around 16,660 square feet (sq ft). The site is zoned residential with a plot ratio of 2.1.

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The site has a high baseline and the permissible total gross floor area for construction is some 38,385 sq ft for residential use.

It is accessible via the Central Expressway and is walking distance from Dhoby Ghaut interchange, as well as Orchard Road and numerous educational institutions.

Lafe said the acquisition will not contribute to any profit or loss, and will be funded by a combination of internal resources, bank borrowings or equity fund raising in capital markets.