Investing in condos presents a multitude of advantages, including the opportunity to leverage the property’s value for future investments. A popular approach among investors is using their condos as collateral to secure additional financing for new ventures, ultimately growing their real estate portfolio. This tactic can greatly boost returns, but it is crucial to have a solid financial plan in place and carefully consider the possible consequences of market changes. By strategically utilizing condo investments, individuals can potentially expand their financial opportunities while also being mindful of potential risks.
Casa Fidelio, a freehold landed development located on Fidelio Street in District 15, will be launched for collective sale by tender on March 20. According to PropNex Realty, the marketing agent for the site, the development has a reserve price of $24 million and a land rate of $1,388 psf. This marks the first attempt by Casa Fidelio owners to sell the property en bloc. Originally completed in 1990, the strata-titled landed development comprises seven cluster terraces and occupies a land area of about 17,293 sq ft. The land is zoned for residential use and designated for two-storey mixed-landed housing.
Located in a landed housing enclave off New Upper Changi Road, Casa Fidelio is just a short drive away from various amenities, including East Coast Park, the Katong and Joo Chiat precincts with their dining and lifestyle options, and malls such as Siglap Village, Siglap Centre and Bedok Mall. The development’s prime location also means that residents can expect more amenities upon the future 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.
Families with children can also take comfort in the fact that the development is close to several reputable schools, including Opera Estate Primary School, St Stephen’s School and Victoria School.
PropNex notes that the site has the potential to be redeveloped into various configurations, such as luxury cluster houses, landed terraces, or a standalone property. The regular shape and ample size of the land offer developers the flexibility to design a project that maximizes functionality and aesthetic appeal. With the increasing demand for landed homes in the East Coast area, the development is well-poised for transformation into a modern residential development.
A search through property transaction records shows that the last time a unit at Casa Fidelio was sold was in September 2021, when a house with a land area of 1,894 sq ft was transacted for $2.27 million ($1,198 psf). PropNex also 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 that sold for $9 million ($2,629 psf on the land area) and a semi-detached house on 2,035 sq ft of land that fetched $5.38 million ($2,643 psf on the land area). Additionally, a recently-built corner terrace on Jalan Bangsawan, off Swan Lake Avenue, was transacted for $3,541 psf in December 2024, which is less than 400m away from Casa Fidelio.
The tender for Casa Fidelio will close on April 22 at 3pm. Interested buyers and developers can also search through the latest listings for Casa Fidelio properties on Ask Buddy to find out more about the development and its potential rental yields.