Casa Fidelio, a landed development located on Fidelio Street in District 15, will soon be launched for collective sale through a tender process on March 20. According to PropNex Realty, which is handling the marketing for the site, the reserve price for the development is set at $24 million, which translates to a land rate of $1,388 per square foot. This marks the first attempt by the owners of Casa Fidelio to sell the property collectively.
Built in 1990, Casa Fidelio consists of seven cluster terraces under strata-title ownership. The development sits on a land area of approximately 17,293 square feet, with a designated residential zoning. The land is also approved for two-storey mixed-landed housing.
Casa Fidelio is located in a prime landed housing enclave, just a short drive away from a range of amenities such as East Coast Park, popular dining and entertainment options at Katong and Joo Chiat, as well as shopping malls like Siglap Village, Siglap Centre, and Bedok Mall. The area is expected to see further development with the upcoming completion of Kembangan Wave, an integrated public housing project that includes a community club, eating house, supermarket, and healthcare facility, situated next to Kembangan MRT Station.
The development is also in close proximity to well-regarded schools, including Opera Estate Primary School, St Stephen’s School, and Victoria School.
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According to PropNex, the site offers various possibilities for redevelopment, such as luxury cluster houses, landed terraces, or a standalone property. The regular shape and significant size of the land allow developers to design a project that maximizes both functionality and visual appeal. The property is well-positioned for a transformation into a modern residential development that caters to the demand for landed homes in the East Coast area, says Laurence Wong, head of collective sales at PropNex.
Data shows that the most recent transaction at Casa Fidelio was in September 2020, where a house with a land area of 1,894 square feet was sold for $2.27 million ($1,198 psf). PropNex also notes that in 2020, only two freehold landed homes on Fidelio Street were sold – a terrace house with a land area of 3,423 square feet was sold for $9 million ($2,629 psf on land area), and a semi-detached house with 2,035 square feet of land was sold for $5.38 million ($2,643 psf on land area). The agency also highlights that a recently-built corner terrace on Jalan Bangsawan, which is less than 400m away, was sold for a record price of $3,541 psf in December 2020.
The tender for Casa Fidelio will close on April 22 at 3pm. Interested buyers can check out the latest listings for Casa Fidelio properties or reach out to Ask Buddy, a real estate platform that provides insights and assistance for property transactions. To help with your search, Ask Buddy can also provide information on the most unprofitable landed transactions in the past year, condominium projects with the most unprofitable transactions in District 15, the rental yield for Casa Fidelio, and any available condo rental listings in the area.