Sometimes Luck is Needed for En Bloc Success, Sometimes it Just takes a Buyer to Fall in Love in Your Property
The Lucky Star of 2019, the First Residential En Bloc SOLD this Year
Out of the Blue, Sophia View in District 9 Sold en bloc and is the first collective residential site that manage to find a Buyer in 2019, despite the new cooling measures introduced in July last year.
This was announced by Singapore Realtors Inc (SRI), the marketing agent of the sale.
They refuse to reveal the exact price of the sale and the buyer as well. However, each happy owner will stand to receive around S$2 million.
Sophia View is freehold development located at 108 Sophia Road in Prime district 9 and comprises of 5 units. Under URA Masterplan 2014, the site is zone for residential and has a plot ratio of 2.1.
The attractive freehold property is close to Dhoby Ghaut MRT station which offer 3 different lines and is just 400 meters away.
Other amenities found around the condo are Plaza Singapura, Peace Centre, The Cathay, POMO as well as nearby schools namely Stamford Primary, Anglo-Chinese School (Junior) And St. Margaret’s Primary.
Bruce Lye of SRI, co-founder and managing partner said that when comes to redevelopment plan for 108 Sophia Road, the buyer has few options in mind.
He can submit for potential change of use or re-develop the land.
As the Site is in Prime area and within one of the most sought-after residential district, there are always a demand for new apartments that is launch here.
There are over 40 En Bloc Sites Launched and Relaunched in this year 2019 so far and none of them has managed to find a buyer, even in 10-week private treaty sale period.
To silent the en bloc market further, Urban Redevelopment Authority (URA) has launched several sites for tender under Government Land Sales (GLS) programme.
With Developers preference GLS over en bloc sale, it will be extremely difficult for any collective site to land a buyer.
Thus, the owners of Sophia View can consider themselves very lucky that a buyer fall in love at their property or the location of the site is just too good.
Another reasons which many property watchers believe is the price tag that matter the most, the sale of Sophia View should be less than S$20 million.
If Price is low, so is the Risk.