Casa Fidelio, a cluster of seven terraced houses located on Fidelio Street in District 15, will be put up for en bloc sale on March 20 with an asking price of $24 million. This translates to a land rate of $1,388 psf, according to PropNex Realty, the marketing agent for the site. This is the first time that the owners of Casa Fidelio are attempting to sell the development collectively.
Built in 1990, Casa Fidelio is a freehold strata-titled landed development with a land area of approximately 17,293 sq ft. The site is zoned for residential use and designated for two-storey mixed-landed housing. The location of Casa Fidelio is in a serene landed housing neighbourhood, just a short drive from various amenities such as East Coast Park, popular dining and lifestyle options at the Katong and Joo Chiat districts, and several shopping malls including Siglap Village, Siglap Centre, and Bedok Mall.
Additional amenities are expected to be available once Kembangan Wave, an integrated public housing project next to Kembangan MRT Station, is completed. The new development is set to include a community club with an eating house, supermarket, and outpatient healthcare facility.
Some of the notable schools in the vicinity of Casa Fidelio include Opera Estate Primary School, St Stephen’s School, and Victoria School.
PropNex states that the land can be developed into various configurations, such as luxury cluster houses, landed terraces, or a standalone property. “The regular shape and ample size of the site give developers the flexibility to design a project that maximises functionality and aesthetic appeal,” says Laurence Wong, PropNex’s head of collective sales. He adds, “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.”
According to 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). In 2024, only two freehold landed homes on Fidelio Street were transacted. A terrace house occupying a land area of 3,423 sq ft sold for $9 million ($2,629 psf on land area), while a semi-detached house on 2,035 sq ft of land fetched $5.38 million ($2,643 psf on land area). PropNex points out that a recently-built corner terrace on Jalan Bangsawan, less than 400m away from the site, was transacted at $3,541 psf in December 2024.
When contemplating an investment in a condominium, it is crucial to evaluate the potential rental yield. Rental yield refers to the annual rental income as a percentage of the property’s purchase price. In Singapore, the rental yields for condos can vary significantly based on factors such as location, property condition, and market demand. For instance, areas near business districts or educational institutions tend to have high rental demand, resulting in better rental yields. To gain a deeper understanding of the rental potential of a specific condo, conducting thorough market research and seeking guidance from real estate agents can be highly beneficial. Moreover, keeping track of new condo launches can also provide valuable insights into the current rental market.
The tender for Casa Fidelio will close on April 22 at 3pm.