Singapore-listed diversified real estate investor Lafe Corp. Ltd. picked up the Fairhaven freehold on Sophia Road in District 9, Singapore, for S$57 million via its Gioia Fund unit, The (Singapore) Business Times reported.

The freehold development houses 15 units, with a total land area of roughly 16,660 square feet. The site, which carries a total gross permissible area of approximately 38,385 square feet, has a plot ratio of 2.1 and is zoned for residential use, the March 28 report noted.

Lafe said it will use a mix of internal funds, bank loans or equity fund raising to finance the purchase, according to the report.

As of March 28, US$1 was equivalent to S$1.31.