Sophia Mansions, a 19-unit development located at Mount Sophia, has been sold for S$43.3 million.
Its marketing agent Credo Real Estate said the property was acquired in a collective sale deal by RP Assets Pte Ltd, a subsidiary of Roxy-Pacific Holdings.
Under the 2008 Master Plan, the freehold site is zoned for residential use and Credo said it could be developed into a boutique development of up to six storeys.
Credo said the sale price of S$43.3 million works out to about S$1,175 per square foot per plot ratio based on a Gross Plot Ratio of 2.1.
It added that there is potential to build an additional gross floor area (GFA) of about 1,105 sq ft (about 3%) of balconies without incurring any development charge.
The land rate inclusive of the 3% balconies will be about S$1,140 psf per plot ratio.
The sale is subject to Strata Titles Board’s approval.
If successful, each owner stands to receive up to S$2.0 million for a 2-bedroom apartment and up to S$2.7 million for a 3-bedroom apartment.
Yong Choon Fah, executive director at Credo Real Estate, said: “Last month, a new 75-unit development, 1919 Residences, situated just a stone’s throw from Sophia Mansions, was fully sold within weeks of its official launch.
“Buyers who have missed out on the opportunity to own a new home in this popular residential enclave can look forward to a new development being launched on this site in the near future.”
The site is located close to Orchard Road and the Central Business District.
Source : Channel NewsAsia – 17 Jul 2012