SINGAPORE (Mar 29): Lafe Corporation is buying the 15-unit Fairhaven development at Sophia Road in Singapore for $57 million in an en bloc sale.

The freehold property is located in District 9, just outside the main Orchard Road shopping belt.

With a total site area of approximately 16,660 sq ft, the site is zoned “residential” and has a plot ratio of 2:1.

The permissible total gross floor area for construction is approximately 38,385 square feet for residential use.

Lafe intends to fund the proposed acquisition, which has a purchase price that is triple of Lafe’s market capitalisation of approximately $18 million, via a combination of the group’s internal resources, bank borrowings, and equity fund raising in the capital markets.

The group says the acquisition comes under the ordinary course of its business.

As the property is not a revenue-generating asset, the proposed acquisition will not contribute any profit or loss to the group.

Shares of Lafe last closed at 71 cents on Mar 19.