Wednesday, July 18, 2012

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

Straits Times: Wed, Jul 18

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.

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