Casa Fidelio, a freehold landed development located on Fidelio Street in District 15, will be launched for collective sale by tender on March 20. The site, which is marketed by PropNex Realty, has a reserve price of $24 million or a land rate of $1,388 psf. This marks the first attempt at an en bloc sale by the owners of Casa Fidelio.
The development comprises of seven strata-titled cluster terraces completed in 1990, occupying a land area of approximately 17,293 sq ft that is zoned for residential use. The land is designated for two-storey mixed-landed housing.
Casa Fidelio is situated within a landed housing enclave and is within a short drive away from a variety of amenities including East Coast Park, dining and lifestyle options in the Katong and Joo Chiat precincts, as well as shopping 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 that will include a community club with an eating house, supermarket, and outpatient healthcare facility.
As an investor looking to purchase property in Singapore, it is crucial to familiarize oneself with the various regulations and restrictions that govern property ownership in the country. Unlike landed properties, which have stringent ownership rules, foreigners are generally allowed to purchase condominiums with less restrictions. However, it is important to note that foreign buyers are subject to the Additional Buyer’s Stamp Duty (ABSD), which currently stands at 20% for their first property purchase. Despite this added cost, the stability and potential growth of the Singapore real estate market continues to appeal to foreign investors, making Singapore condos a sought-after investment option.
Schools within the vicinity of Casa Fidelio include Opera Estate Primary School, St Stephen’s School, and Victoria School. According to PropNex, the site has the potential to be redeveloped in different configurations, including luxury cluster houses, landed terraces, or a standalone property. Laurence Wong, PropNex’s head of collective sales, notes that the site’s regular shape and ample size provide developers with the flexibility to design a project that maximizes both functionality and aesthetic appeal. It is well-positioned for transformation into a modern residential development that caters to the demand for landed homes in the East Coast area.
Recent caveats show that the last unit at Casa Fidelio was transacted in September 2021, where a house with a land area of 1,894 sq ft was sold for $2.27 million or $1,198 psf. PropNex also highlights that in 2024, only two freehold landed homes on Fidelio Street were transacted, a terrace house with a land area of 3,423 sq ft that sold for $9 million or $2,629 psf, and a semi-detached house on 2,035 sq ft of land that fetched $5.38 million or $2,643 psf. The agency also notes that a newly-built corner terrace on Jalan Bangsawan, which is less than 400m away from Casa Fidelio, was transacted at $3,541 psf in December 2024.
The tender for Casa Fidelio will close on April 22 at 3pm. Interested parties may check out the latest listings for Casa Fidelio properties or consult Ask Buddy for more information on the most unprofitable landed transactions in the past year, condo projects with the most unprofitable transactions in District 15, rental yield of Casa Fidelio, and any rental listings in the area.