This will be the 9th, District 9 Prime En Bloc Property launch in 2019 and Casa Sophia’s Reserve Price is the Most Attractive!
Casa Sophia was relaunched for en bloc sale by a private treaty on Monday (March 18) 2019. The Prime District 9 property had earlier listed for or S$1,390 psf ppr or S$36 million back in July 2018.
The property remained unsold as it was launched almost immediately for after the cooling measures came into effect which delivered a severe blow to the residential collective sale market.
Tjhai Citanegara, ERA’s representative which is the marketing agent for the sale stated that the owners of this property had agreed to lower the reserve price to S$1,158 psf ppr which is 16% less compared to the previous asking price.
The new reserve price is set at S$30 million.
He further added that it wasn’t easy for the owners to settle down on a lower asking price given the fact that they had lived in this property since it was completed.
But with the cost of maintenance spiralling up due to ageing of the building and the present sentiments in the market they had agreed to lower the asking price.
Mr. Citanegara also said that they had come across few offers in the first attempt at collective sale.
The advantageous location of the freehold property coupled with lower asking price should attract several developers to it this time around.
As per the 2014 Master Plan the property has been zoned residential and has 2.1 plot ratio that can potentially yield 34 new units averaging 753 sq ft in size.