Owners Rejoice as they Finally Make it Through
Casa Sophia, a freehold condo @ 105 Sophia Road has found a buyer and sold en bloc for S$29 million.
This deal is sealed through private treaty sale which brokered by ERA Realty Network, the appointed marketing agent for Casa Sophia collective sale.
The attractive freehold property is bought by a Singapore-incorporated company which owned by Singaporean Huang Yanhong and Chinese citizen Zhang Zhiming.
The sold price appears cheap at $1,120 psf ppr provided if the developer is able to maximise the gross floor area of 25,889 sq ft.
As this area is affected by height restrictions of Singapore Height Datum of 30 meters, the final land price will be determined by the gross floor area that is eventually approved by URA.
Much expected that redevelopment of the site is inside the buyer’s mind.
Casa Sophia first launched their site for sale in July 2018 last 2 years ago and the price was set at S$36 million ($1,390 psf ppr). The tender closed in August with no buyer pick up the site.
Then in March 2019 last year, they relaunched their collective again by private treaty and this time they price attractivity at S$30 million ($1,158 psf ppr), or 16% discount.
According to ERA, they received some offers by interested parties and after rounds of negotiation, a deal was struck at S$29 million in the fourth quarter of last year 2018.
With 100% consensus and all owners agreed to the collective sale, no STB approval is needed.
Casa Sophia Joined the Ranks of
(District 9 – Successful Collective Sales Club)
Casa Sophia is located at Prime district 9 Singapore, within core central region (CCR). This zone is often known as hunting ground for developers.
Being part of district 9, it enjoys wide range of amenities such as Dhoby Ghaut MRT interchange Station which serve 3 lines enable everyone to access all parts of Singapore.
Within mins walk away is the Orchard Road Shopping belt and the School of The Arts, the Singapore Management University are close to the site.
This freehold site is great for residential redevelopment as it meets the buyer checklists.
The condo development was completed in early 1990s and covers a land area of 12,328 sq ft.
As per URA Master Plan 2019, the en bloc site is zoned only for residential use with plot ratio of 2.1. The site enables the buyer to redeveloped into a new project with around 36 condo units if 700 sq ft as the average unit size.