Casa Sophia relaunches for en bloc sale with lower reserve price
CASA Sophia in District 9 has relaunched for collective sale by private treaty on Monday, with a lower asking price of S$30 million.
The project first launched with a reserve price of S$36 million or S$1,390 per square foot per plot ratio (psf ppr) in July 2018, shortly after the latest round of property cooling measures was announced.
Most of the owners have since agreed to lower the reserve price by 16 per cent, resulting in a new land rate of about S$1,158 psf ppr, said Tjhai Citanegara, a representative from ERA.
"It wasn't an easy decision for the owners as many of 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 lower asking price," said Mr Citanegara.
He added: "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."
Under the Urban Redevelopment Authority's Master Plan 2014, the site is zoned "residential" with a gross plot ratio of 2.1.
It could be rebuilt into an estimated 34 units, based on a 753 sq ft per unit size.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Apple to invest US$250 million into expanding Ang Mo Kio campus
High Court dismisses China businessman’s claims against Huttons and agent in misrepresentation suit
URA awards Zion Road, Upper Thomson sites to sole bidders at lower-than-expected offers
DFI puts its last 2 Singapore properties up for sale at S$48.5 million
Delfi Orchard up for collective sale at S$438 million guide price
US 30-year mortgage rate rises to a four-month high of 7.13%