The 25-year-old, flat block sits on a 12,328 sq feet, freehold website on Sophia Road in prime District 9. Beneath the URA Master Plan for 2014, the website is zoned’residential’ and contains a plot ratio of 2.1. It has the capacity to be redeveloped to a new 34-unit condo, assuming a mean size of 753 sq feet for the units.
Visit the Peak Residence location for official showflat appointment to be obtained at https://www.PeakResidence.sg.
Casa Sophia was initially put on the marketplace available in July 2018 for $36 million ($1,390 psf per plot ratio), together with ERA Realty Network since the advertising representative. Each of the owners had consented to a collective deal, so it had acquired 100 percent consensus. On the other hand, the tender was started under a week following the announcement of their new property cooling steps on July 5, 2018.
Recognising the shift in programmers’ opinion following the most recent property cooling steps, the owners of Casa Sophia were fast to reduce their asking price to $30 million ($1,158 psf ppr), or 16% less. The job was relaunched available in March 2019, which has been ran by private treaty.
The owners had obtained”a few supplies” throughout the initial collective sale effort, noted ERA’s representative, Tjhai Citanegara, that had been managing the collective sale afterward.
It appears, among these curious parties had returned struck together with all the owners of Casa Sophia in a cost of $29 million, or $1,119 psf ppr.
“If stock of prime, condo units begin to run low again, a few programmers who have been first-movers in the past collective economy cycle, could revisit the en bloc marketplace for prime, freehold plots ,” states Bruce Lye, managing partner of SRI. “The current collective selling of Casa Sophia is a nod to this.”
Lye points into the government property sale of Irwell Bank Road, a large website in prime District 9. The tender for its 99-year leasehold plot was first launching last October and shut a week [Jan 9, 2020]. CDL is the programmer behind a series of luxury and high-end jobs in the prime districts which were launched at the previous two to three decades, specifically, Boulevard 88, Gramercy Park, New Futura, Haus on Handy and Nouvel 18.
The 2nd Greatest bid came in the consortium behind One Holland Village mixed-use growth, namely Far East Organisation, Sino Group and Sekisui House.
Bids were below analysts’ expectation as”developers provisioned a greater margin for the 25 percent remittable ABSD [added Purchaser’s stamp duty] if they Be Unable to build and market the job within the specified period of five Decades,” said Tricia Song, Colliers International mind of