Casa Sophia in District 9 has relaunched for collective sale by private treaty on Monday, with a lower asking price of S$30 million.
The project first launched with a reserve price of S$36 million or S$1,390 per square foot per plot ratio (psf ppr) in July 2018, shortly after the latest round of property cooling measures was announced.
Most of the owners have since agreed to lower the reserve price by 16 per cent, resulting in a new land rate of about S$1,158 psf ppr, said Tjhai Citanegara, a representative from ERA.
“It wasn’t an easy decision for the owners as many of them lived here since the project was built, but with costs of maintenance increasing due to the age of the building, they felt that it is time. They understood the current market sentiment, hence the decision for the second attempt with a lower asking price,” said Mr Citanegara.
He added: “There were a couple of offers that came in during the initial attempt. With its locality and reasonable asking price, we expect stronger interest after the reduction.”
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Under the Urban Redevelopment Authority’s Master Plan 2014, the site is zoned “residential” with a gross plot ratio of 2.1.
It could be rebuilt into an estimated 34 units, based on a 753 sq ft per unit size.