Mt Sophia Apartment, Lewis Court up for tender

Property
Published January 18, 2007

Mt Sophia Apartment, Lewis Court up for tender


TWO more prime district en bloc sites - Mount Sophia Apartment in District 9 and Lewis Court in District 10 - have been put up for sale by tender.

Mount Sophia Apartment, near Plaza Singapura, has a land area of about 12,882 square feet. The price is expected to be about $13 million to $14 million, or $483-520 per square foot per plot ratio (psf ppr) inclusive of a development charge estimated at $70,000.

This translates to a breakeven cost of about $790-830 psf of potential saleable floor area. Based on the 2003 Master Plan, the site has a plot ratio of 2.1 and is zoned for residential use.

Lewis Court, in Lewis Road within walking distance of the Botanic Gardens, has a slightly bigger land area of about 20,662 sq ft. And the buyer can purchase adjoining state land of 1,011 sq ft. The price for Lewis Court is $25 million to $26 million, or $670-696 psf ppr inclusive of an estimated $570,000 premium for the adjoining state site.

This is provided the developer maximises the 10 per cent extra gross floor area allowed for balconies, which in this case is free from development charge. The breakeven price for a new project is estimated at $1,000-1,030 psf of potential saleable floor area.

Based on the 2003 Master Plan, the site is zoned for residential use with a plot ratio of 1.6 and a height restriction of 12 storeys. Inclusive of the state land, the combined site should accommodate a luxurious residential project with gross floor area of about 34,676 sq ft. This could be configured into 22 apartments of about 1,500 sq ft each.

Both tenders are being handled by property firm Credo Real Estate. The tender for Mount Sophia Apartment closes at 2.30 pm on Tuesday, Feb 13, while that for Lewis Court closes at 2.30 pm on Wednesday, Feb 14.