Sophia View, a five-unit residential development in District 9, was sold in June to a private investor, making it this year’s first residential collective sale, reported Business Times.
While marketing agent SRI refused to reveal the exact purchase price for the property, it shared that each unit will receive around $2 million.
Located at 108 Sophia Road, Sophia View is nestled on a site zoned residential with a plot ratio of 2.1.
SRI co-founder and managing director Bruce Lye said the buyer is acquiring the property in his own name, while “keeping his options open”. The buyer will evaluate later whether to redevelop the site or apply for potential change of use.
“Essentially for this investor, he sees the potential upside of the area and value of the land and is taking a long-term view of the market,” he said.
The residential en bloc market has remained relatively quiet despite several fresh and relaunched tender.
The last such transaction were that of Phoenix Heights, which was sold to an associate of OKP Holdings in August 2018, and Waterloo Apartments, sold to Fragrance Group for $131.1 million in November, said Christine Li, head of research for Southeast Asia at Cushman & Wakefield.
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Fiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email email@example.com