Casa Fidelio, a freehold landed development located on Fidelio Street in District 15, will soon be put up for collective sale through a tender process starting from March 20. PropNex Realty, the marketing agent for the site, has announced that the reserve price for the development is set at $24 million, which works out to a land rate of $1,388 psf. This marks the first attempt by Casa Fidelio owners to launch an en bloc sale for the property.
When it comes to investing in condos in Singapore, another crucial factor to consider is the government’s property cooling measures. In an effort to regulate the real estate market and discourage speculative buying, the Singaporean government has implemented various measures over the years. One of these measures is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may affect the short-term profitability of condo investments, they ultimately contribute to the long-term stability of the market and create a safer investment environment for buyers.
Completed in 1990, Casa Fidelio is a strata-titled landed development consisting of seven cluster terrace units. It sits on a land area of about 17,293 sq ft which is zoned for residential use, and is designated for two-storey mixed-landed housing. The development is located in a landed housing enclave and is just a short drive away from various amenities, including East Coast Park, dining options at the Katong and Joo Chiat precincts, and several malls such as Siglap Village, Siglap Centre and Bedok Mall.
More amenities are expected to be available with the upcoming completion of Kembangan Wave, an integrated public housing project next to Kembangan MRT Station. This project will include a community club with an eating house, supermarket and outpatient healthcare facility.
Within the vicinity of Casa Fidelio, there are also several schools, including Opera Estate Primary School, St Stephen’s School and Victoria School.
According to PropNex, the site has the potential to be developed in various configurations, such as luxury cluster houses, landed terraces, or even a standalone property with generous space. “The site’s regular shape and ample size provide developers with the flexibility to design a project that maximizes both functionality and aesthetic appeal, and it is well-positioned to cater 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 most recent transaction at Casa Fidelio was in September 2021, where a unit with a land area of 1,894 sq ft was sold for $2.27 million ($1,198 psf). PropNex highlights that in 2024, only two freehold landed homes on Fidelio Street were transacted: A terrace house occupying a land area of 3,423 sq ft was sold for $9 million ($2,629 psf on the land area), and a semi-detached house on a 2,035 sq ft land area fetched $5.38 million ($2,643 psf on the land area). The agency also notes that a recently-built corner terrace on Jalan Bangsawan, just 400m away from Casa Fidelio, was sold for $3,541 psf in December 2024.
The tender for Casa Fidelio will close on April 22 at 3pm. Interested buyers can check out the latest listings for Casa Fidelio properties on Ask Buddy.