Wednesday, July 18, 2012

Sophia Mansions sold en bloc for S$43.3m to Roxy-Pacific

Roxy-Pacific Holdings Limited will acquire the 19-unit Sophia Mansions (pictured) at Mount Sophia for S$43.3 million.

With a land area of 17,545 sq ft, the price for the 20-year-old freehold site works out to S$1,175 psf ppr based on a gross plot ratio of 2.1, said marketing agent Credo Real Estate.

The owners had previously said they would sell the development at between S$42.5 million and S$45 million.

Owners of three-bedroom apartments will receive between S$2.5 million and S$2.7 million in gross sales proceeds while those owning two-bedders will get around S$1.8 million to S$2 million.

Credo said the site could yield an additional gross floor area (GFA) of 1,105 sq ft (or about three percent of the GFA) for balcony space, with no development charge.

Inclusive of the three percent balcony space, the land rate will be S$1,140 psf ppr.

Meanwhile, the 75-unit 1919 Residences, located near Sophia Mansions, has been fully sold just weeks after 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.

Sophia Mansions enjoys accessibility to Dhoby Ghaut MRT station and shopping malls like PoMo and Plaza Singapura.

View the original article here

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