Mount Sophia Apt sold for $15m

Property
Published February 15, 2007

Mount Sophia Apt sold for $15m


MOUNT Sophia Apartment, a 13-unit walk-up apartment block on Sophia Road, has been sold to BS Capital for $15.18 million through a collective sale tender.

The price, plus a development charge of about $70,000 to intensify land use, reflects a land cost of $564 per sq ft per plot ratio. The breakeven price of the new project is estimated at $920 to $930 psf.

Marketing agent Credo Real Estate said yesterday that the tender exercise was keenly contested by four other parties. Mount Sophia Apartment, with an 80 per cent consensus from owners, was put up for sale in January this year.

The existing development, with a land area of 1,197 square metres (12,882 sq ft) is within walking distance of Plaza Singapura, The Cathay and Dhoby Ghaut MRT.

Credo Real Estate managing director Karamjit Singh said that under the 2003 Masterplan the site is zoned for residential use with a plot ratio of 2.1 and can be redeveloped into a niche apartment block catering to inner-city living. With a total gross floor area of some 27,053 sq ft, the developer can configure the project as 26 apartments averaging about 1,000 sq ft each.