The price works out to a land rate of $1,200 per sq ft per plot ratio (psf ppr).
Casa Sophia, a 12-unit freehold residential development located along Sophia Road, has been sold en bloc for $29 million, reported The Business Times.
Including a development charge of around $2.2 million, the price works out to a land rate of $1,200 per sq ft per plot ratio (psf ppr).
The buyer, which is expected to redevelop the property, is a Singapore-incorporated firm that is equally owned by Singaporean Huang Yanhong and Chinese citizen Zhang Zhiming.
Completed in the early 1990s, the District 9 development is nestled on a 12,328 sq ft site zoned for residential use under the 2019 Master Plan with a plot ratio of 2.1.
The site may be redeveloped into a 36-unit project with an average unit size of 700 sq ft.
The deal is said to have been sealed via private treaty.
Casa Sophia was first launched for collective sale in July 2018 – just a few days after the government rolled out the latest round of property cooling measures – with the reserve price pegged at $36 million.
The tender closed in August 2018 but no sale was concluded.
As such, the development was relaunched for collective sale by private treaty in March 2019 with the reserve price lowered to $30 million.
Rumour has it that the deal was eventually sealed at $29 million during the fourth quarter of 2019.
Located near Dhoby Ghaut MRT Station, Casa Sophia is also close to the Civic District, the School of the Arts and Singapore Management University.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email email@example.com