Sophia Mansions sold for S$43.3m

Fwah damn gd price bot by developer... think with 1919 fully sold, can slowly carrot head with insane profit margin:

Source: CNA

SINGAPORE - 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.

Sellers become carrot head!
Should sell developers at at least $1500 psf ppr inclusive of balconies space that can be built so that developers can sell at $2000 psf with minimal profit! Now, they will still sell at >$2000 psf but at big fat profit!

Quote:

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Originally Posted by dtrax

Fwah damn gd price bot by developer... think with 1919 fully sold, can slowly carrot head with insane profit margin:

Source: CNA

SINGAPORE - 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.

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Quote:

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Originally Posted by teddybear

Sellers become carrot head!
Should sell developers at at least $1500 psf ppr inclusive of balconies space that can be built so that developers can sell at $2000 psf with minimal profit! Now, they will still sell at >$2000 psf but at big fat profit!

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Carrot headers = Buyers of new development = Sellers of Sophia Mansion to Developer lol

http://www.businesstimes.com.sg/arch...y-pacific-433m

Published July 18, 2012

Sophia Mansions sold to Roxy-Pacific for $43.3m

By Felda Chay


SOPHIA Mansions, a 19-unit development at Mount Sophia, was sold to Roxy-Pacific Holdings Limited for $43.3 million.

Owners of two-bedroom apartments at the development stand to receive gross sales proceeds of between $1.8 million and $2 million, while those who own three-bedroom homes will receive between $2.5 million and $2.7 million.

Sellers of the 20-year-old freehold site with a land area of about 17,545 square feet had previously indicated that they were willing to part with the development for a price of between $42.5 million and $45 million.

Credo Real Estate, which handled the sale, said the selling price amounts to $1,175 per square foot per plot ratio based on a gross plot ratio of 2.1.

It said there is potential to build an additional gross floor area (GFA) of about 1,105 sq ft (or about 3 per cent of the gross floor area) of balconies without incurring any development charge.

The land rate, inclusive of the 3 per cent balcony space, will be about $1,140 psf ppr, said Credo.

Last month, a new 75-unit development called 1919 Residences, situated a stone's throw away 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," said Yong Choon Fah, executive director at Credo.

The site is relatively close to the Dhoby Ghaut MRT station, and shopping malls such as Plaza Singapura and The Pomo.

http://www.straitstimes.com/Money/St...ry_823353.html

Roxy-Pacific unit buys Sophia Mansions for $43.3m in collective sale

Published on Jul 18, 2012


A UNIT of Roxy-Pacific Holdings has bought a 19-unit residential project in Mount Sophia for $43.3 million in a collective sale.

The 20-year-old Sophia Mansions was put up for collective sale for the first time last month, and was bought by RP Assets on Monday.

The sale price works out to a figure of $1,175 per sq ft per plot ratio.

Apartment owners will get proceeds of $1.8 million to $2 million for two-bedders, and $2.5 million to $2.7 million for three-bedders.

The sale is subject to the Strata Titles Board's approval, said property consultancy Credo Real Estate, which handled the deal.

The 17,545 sq ft freehold site is zoned for residential use under the 2008 Master Plan and has a maximum building height of about 36m above sea level.

Credo said in a statement that the site can be redeveloped into a boutique project of up to six storeys.

The plot is within 1km of St Margaret's Primary School.

Credo executive director Yong Choon Fah said 1919, a nearby 75-unit luxury condo, was sold out within weeks of its launch.

'Buyers who 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,' she said.

Mr Teo Hong Lim, Roxy-Pacific's executive chairman, said potential home buyers can expect a new upmarket apartment project to be built on the site.

Launch prices are likely to be above $2,000 psf.

'We find that this area lacks future land supply... Not many developers (are) holding land in this vicinity,' he said.

AMANDA TAN