Casa Fidelio, a freehold landed development located on Fidelio Street in District 15, is set to be launched for collective sale on March 20. The seven-unit cluster terrace development, completed in 1990, has a reserve price of $24 million, which translates to a land rate of $1,388 per square foot (psf). PropNex Realty, the marketing agent for the site, reveals that this is the first attempt of Casa Fidelio owners at an en bloc sale.
Casa Fidelio sits on a 17,293 square feet land that is zoned for residential use and designated for two-storey mixed-landed housing. It is located in a landed housing enclave, just a short drive away from various amenities such as East Coast Park, Katong and Joo Chiat precincts with its dining and lifestyle options, as well as malls including Siglap Village, Siglap Centre and Bedok Mall.
More amenities are expected to be available with the completion of Kembangan Wave, an integrated public housing project next to Kembangan MRT Station which will include a community club with an eating house, supermarket and outpatient healthcare facility. Popular schools in the vicinity include Opera Estate Primary School, St Stephen’s School and Victoria School.
PropNex notes that developers have the flexibility to redevelop the site into various configurations, including luxury cluster houses, landed terraces, or a standalone property due to its regular shape and ample size. According to Laurence Wong, Head of Collective Sales at PropNex, the site has great potential for transformation into a modern residential development that caters to the demand for landed homes in the East Coast area.
Caveats lodged show that the last transaction at Casa Fidelio was in September 2021, when a 1,894 square feet house was sold for $2.27 million ($1,198 psf). In contrast, only two freehold landed homes on Fidelio Street were transacted in 2024, fetching high prices of $9 million ($2,629 psf on the land area) and $5.38 million ($2,643 psf on the land area) for a terrace house and semi-detached house respectively. This shows the potential for high profits for developers, as highlighted by PropNex.
Moreover, the agency also reveals that a corner terrace on Jalan Bangsawan, located less than 400m away, was transacted at a whopping $3,541 psf in December 2024. With such transactions in the vicinity, Casa Fidelio is expected to garner strong interest from developers.
The tender for Casa Fidelio will close on April 22 at 3pm, and interested parties can check out the latest listings for Casa Fidelio properties on Edgeprop.