Casa Fidelio, a landed housing development located on Fidelio Street in District 15, will be put up for collective sale through tender on March 20. According to PropNex Realty, the marketing agent 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 (psf). This is the first attempt at an en bloc sale by the owners of Casa Fidelio.
Built in 1990, Casa Fidelio consists of seven strata-titled cluster terraces and is situated on a land area of approximately 17,293 sq ft. The land is zoned for residential use and is designated for two-storey mixed-landed housing, making it a prime redevelopment opportunity.
Located in a landed housing enclave, Casa Fidelio is just a short drive away from various amenities such as East Coast Park, dining and lifestyle options at the Katong and Joo Chiat precincts, and shopping malls like Siglap Village, Siglap Centre, and Bedok Mall.
With the upcoming completion of the Kembangan Wave, an integrated public housing project next to Kembangan MRT Station, even more amenities will be available in the area. These include a community club with an eating house, supermarket, and outpatient healthcare facility.
The development is also surrounded by reputable schools, such as Opera Estate Primary School, St Stephen’s School, and Victoria School.
According to PropNex, there are various redevelopment options for the site, including luxury cluster houses, landed terraces, or an expansive standalone property. The regular shape and ample size of the site provide developers with the flexibility to design a project that caters to both functionality and aesthetic appeal. The site 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, PropNex’s head of collective sales.
Based on caveats lodged, the last transaction at Casa Fidelio was in September 2021 when a house with a land area of 1,894 sq ft was sold for $2.27 million ($1,198 psf). PropNex points out that in the past year, only two freehold landed homes on Fidelio Street were transacted: A terrace house on a land area of 3,423 sq ft sold for $9 million ($2,629 psf), and a semi-detached house on 2,035 sq ft of land fetched $5.38 million ($2,643 psf). In December 2021, a recently-built corner terrace on Jalan Bangsawan, which is less than 400m away from Casa Fidelio, was transacted at $3,541 psf.
The tender for Casa Fidelio will close on April 22 at 3 pm.