Wednesday, July 18, 2012

Sophia Mansions sold to Roxy-Pacific for $43.3m

Business Times: Wed, Jul 18

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.

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