Casa Sophia relaunched for en bloc sale at lower price

Romesh NavaratnarajahMarch 19, 2019

Most of the owners agreed to a lower asking price of $30 million or $1,158 psf ppr, revealed marketing agent ERA.

The 12-unit Casa Sophia has been relaunched for collective sale by private treaty, after most of the owners agreed to a lower asking price of $30 million or $1,158 psf per plot ratio (psf ppr), revealed marketing agent ERA Realty Network.

The District 9 development was first launched with a reserve price of $36 million or $1,390 psf ppr in July last year, just a few days after the government introduced its latest round of property cooling measures.

More: Understanding The En Bloc Process (August 2018)

“It wasn’t an easy decision for the owners as many of the them lived here since the project was built, but with costs of maintenance increasing due to the age of the building, they felt that it is time. They understood the current market sentiment, hence the decision for the second attempt with a lowered asking price,” said ERA representative Tjhai Citanegara.

“There were a couple of offers that came in during the initial attempt. With its locality and reasonable asking price, we expect stronger interest after the reduction,” he noted.

Situated within Mount Sophia, the freehold development occupies a 12,327.9 sq ft site zoned residential under the 2014 Master Plan, with a gross plot ratio of 2.1.

Casa Sophia is close to Dhoby Ghaut MRT station and Orchard Road as well as various schools, including Singapore Management University and School of the Arts Singapore.

Get more details on the property market outlook for 2019 here

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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