Sophia Court Fetches $230m in Collective Sale

FIRST Capital Asia Land, a subsidiary of Guocoland, has bought Sophia Court (picture) at Addis Road for $230 million in a collective sale.

The price for the 166,140 sq ft site works out to approximately $661 per sq ft per plot ratio inclusive of the development charge of about $790,000.

There are 188 units comprising more than 50 different sizes ranging from 55 sq metres to 291 sq metres. The owners stand to get an average of about $856,000 to $2.65 million reflecting a market premium of 70 per cent said Mr Jeremy Lake, executive director of investment properties at CB Richard Ellis which brokered the deal.

Source : Weekend Today – 9 Dec 2006

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