The collective sale of Casa Fidelio, a freehold landed development located on Fidelio Street, is set to take place on March 20th, with PropNex Realty acting as the marketing agent for the site. According to the agency, this is the first attempt at an en bloc sale by the owners of Casa Fidelio, with a reserve price of $24 million, which equates to a land rate of $1,388 per square foot.
Completed in 1990, Casa Fidelio consists of seven units of cluster terraces, occupying a land area of approximately 17,293 square feet. The site is zoned for residential use and designated for two-storey mixed-landed housing. Situated in a landed housing enclave, the development is just a short drive away from various amenities, including East Coast Park, dining and lifestyle options at the Katong and Joo Chiat precincts, and malls such as Siglap Village, Siglap Centre, and Bedok Mall.
The surrounding area is expected to offer even more amenities in the future with the completion of Kembangan Wave, an integrated public housing project next to Kembangan MRT Station. This development will include a community club, eating house, supermarket, and outpatient healthcare facility.
The location of Casa Fidelio on a map (Source: EdgeProp LandLens)
In terms of education options, Casa Fidelio is close to schools such as Opera Estate Primary School, St Stephen’s School, and Victoria School.
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PropNex has highlighted that the site has the potential for redevelopment in a variety of configurations, including luxury cluster houses, landed terraces, or an expansive standalone property. “The site’s regular shape and ample size provide developers with the flexibility to design a project that maximizes both functionality and aesthetic appeal, making it well-suited for transformation into a modern residential development catering to the demand for landed homes in the East Coast area,” says Laurence Wong, PropNex’s head of collective sales.
According to caveats lodged, 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 per square foot). PropNex also notes that in the past year, only two freehold landed homes on Fidelio Street were transacted. A terrace house with a land area of 3,423 square feet was sold for $9 million ($2,629 per square foot on the land area), and a semi-detached house on 2,035 square feet of land sold for $5.38 million ($2,643 per square foot on the land area). Less than 400 meters away, a newly-built corner terrace on Jalan Bangsawan, off Swan Lake Avenue, was transacted for $3,541 per square foot in December 2020.
The tender for Casa Fidelio will close on April 22 at 3pm. Interested parties can view the latest listings for Casa Fidelio properties on EdgeProp.