Sophia Mansions offered for en bloc sale

[dtrax]

Sophia Mansions, a 19-unit residential development located along Adis Road (off Sophia Road) has been offered for en bloc sale.
"The sellers are expecting offers in the region of S$42.5 million to S$45 million,'' said Yong Choon Fah, Executive Director of Credo Real Estate, the property specialist handling the en bloc sale.
The prices reflect land rates of about S$1,160 to S$1,228 psf/pr at Gross Plot Ratio (GPR) of 2.1, inclusive of development charge, she added.
The 17,545 sq ft site has been zoned "residential" under the 2008 Master Plan.

[dtrax]

wrong section, moderator, please shift to the correct thread

[Poloclub]

wrong section, moderator, please shift to the correct thread

very soon it will be right

[reporter2]

http://www.businesstimes.com.sg/brea...d-en-bloc-sale

Published June 04, 2012

Sophia Mansions offered for en bloc sale

By Angela Tan


Sophia Mansions, a 19-unit residential development located along Adis Road (off Sophia Road) has been offered for en bloc sale.

"The sellers are expecting offers in the region of S$42.5 million to S$45 million,'' said Yong Choon Fah, Executive Director of Credo Real Estate, the property specialist handling the en bloc sale.

The prices reflect land rates of about S$1,160 to S$1,228 psf/pr at Gross Plot Ratio (GPR) of 2.1, inclusive of development charge, she added.

The 17,545 sq ft site has been zoned "residential" under the 2008 Master Plan.

It can be redeveloped into a boutique development of up to 6-storey high with the option of a basement car park. The potential gross floor area of about 36,840 sf may accommodate some 35 apartments with an average size of 1,000 sf depending on layout and configuration.

There are currently 19 units of apartments in the 20-year old development.

If successful, each owner of the two-bedroom apartment will fetch an average of S$1.92 million to S$2.03 million, while owners of the three-bedroom apartments will fetch an average of S$2.56 million to S$2.71 million each.

The tender closes at 2.30 pm on Wednesday, 27 June 2012.

[reporter2]

http://www.straitstimes.com/Money/St...ry_807103.html

Sophia Mansions collective sale launched

Published on Jun 5, 2012


A COLLECTIVE sale for Sophia Mansions was launched yesterday - the latest in the popular Mount Sophia enclave to face the prospect of redevelopment.

The freehold site has a land area of about 17,545 sq ft and is zoned for residential use. It can be redeveloped into a boutique development of up to six storeys with the option of a basement carpark.

Its potential gross floor area of about 36,840 sq ft could accommodate 35 apartments with an average size of 1,000 sq ft.

Sellers are expecting offers in the region of $42.5 million to $45 million.

The site is near the Dhoby Ghaut MRT interchange station, and shopping centres including Plaza Singapura.

'A new development on the subject site would greatly appeal to the working class, small families and investors, due to its location that is within 1km radius of St Margaret's Primary School and other educational institutions in the near vicinity,' said Ms Yong Choon Fah, executive director of Credo Real Estate, which launched the sale.

There are 19 apartments in the existing 20-year-old development. More than 80 per cent of the owners have signed a collective sale agreement to sell the property.

New launches in this area generally see a strong take-up rate.

For example, neighbouring site Parc Sophia is fully sold and Sophia Residence, which is just down the road, is 99 per cent sold, said Credo Real Estate in a statement.

If successful, each owner of the two-bedroom apartment will pocket an average of $1.92 million to $2.03 million, while owners of the three-bedroom apartments will get an average of $2.56 million to $2.71 million each.

The tender closes at 2.30pm on June 27.

YUNITA ONG

[Poloclub]

http://www.businesstimes.com.sg/brea...-mansions-433m


Roxy-Pacific Holdings Limited announced on Tuesday that it has entered into a conditional agreement to purchase Sophia Mansions for $43.3 million.
The 17,545 sq ft freehold residential site at 14 Adis Road has an existing plot ratio of 2:1 for residential apartment development.
The deal hinges on approval via the issue of the Order for Sale from the Strata Titles Board or High Court.
The group said it does not expect the purchase to impact its consolidated earnings and net tangible assets per share for the financial year ending December 31, 2012, and will be funding the cost through internal means and bank borrowings.