Owners Upbeat about En Bloc despite Cooling Measures
The newly announced cooling measures in property sales haven’t dented spirits of Casa Sophia owners.
They have launched their 12-unit site for en bloc sale with $36 million as the reserve price. The District 9 site’s sale would earn the owners $2.69 million to $3.4 million if the tendering process goes through successfully.
Based on the development reserve price, the land rate would be around S$1,390 psf ppr which excludes development charge.
ERA Realty Network has been hired as the marketing agents for the sale.
Casa Sophia Condo is a attractively located site in Mount Sophia one of the most sought after locations in Singapore.
The 12,327.9 sq ft. freehold site is a part of a residential zone under the Master Plan for 2014 and has 2.1 Gross Plot Ratio.
ERA believes that the site has many incentives for the developer as it is located close to Orchard Road and Dhoby Ghaut MRT. Being a District 9 prime location, past sales in the area have witnessed enthusiasm among developers.
In a statement Tjhai Citanegara an official representative for ERA said that the sales committee has been able to garner 100% consensus for the sale of the site and all the owners have cooperated with the marketing agent.
As all owners have agreed to the collective sale, there is no need for STB approval and the whole en bloc sale process will be shorter.
He also added that the freehold site is located close to some of the most prestigious educational institutes in the city that include School of the Arts Singapore, Saint Margaret’s Primary School, Nanyang Academy of Fine Arts, Singapore Management University and the LASALLE College of the Arts which would serve as a major attraction for families as well as investors.
The tender for the site shall close on 14th of August.