Freehold 12-unit Casa Sophia sold en bloc for S$29m

Price works out to about S$1,200 per square foot per plot ratio including estimated S$2.2 million development charge

TUE, JAN 14, 2020


ALL 12 units of Casa Sophia, a freehold apartment development along Sophia Road, are being sold for a total of S$29 million.

This works out to around S$1,200 per square foot per plot ratio inclusive of an estimated S$2.2 million development charge, BT understands.

The property is being bought by a Singapore-incorporated company that is equally owned by Chinese citizen Zhang Zhiming and Singaporean Huang Yanhong.

The buyer is expected to redevelop the property.

Located in District 9, Casa Sophia has a land area of 12,328 sq ft and was completed in the early 1990s.

Under the Urban Redevelopment Authority's Master Plan 2019, the site is zoned for residential use with 2.1 plot ratio (ratio of maximum gross floor area to land area). The plot may be redeveloped into a new project with around 36 units of an average size of 700 sq ft.

The deal is understood to have been sealed through private treaty.

The collective sale was initially launched through a tender exercise in July 2018, a few days after the introduction of the latest round of property cooling measures; the reserve price then was S$36 million.

The tender closed in August 2018 but did not result in the property being sold.

In March 2019, the collective sale was relaunched by private treaty with a lower reserve price of S$30 million.

Talk in the market is that eventually a deal was sealed at S$29 million in the fourth quarter of last year.

Casa Sophia is near Dhoby Ghaut MRT Station, the School Of The Arts, the Singapore Management University and the Civic District.