Sophia Mansions, a 20-year-old with 19-unit residential units in Mount Sophia was sold for $43.3 million in a enbloc sale to RP Assets which is a unit of Roxy-Pacific Holdings.
At this price, the sale price is equivalent to $1,175 per sq ft per plot ratio.
Existing unit owners are expected to get $1.8 – $2 million for a 2-bedrooms apartment and $2.5 – $2.7 million for a 3-bedrooms apartment. As not all owners has approved the enbloc sales, the sale is subject to the Strata Titles Board's approval.
Under the 2008 Master Plan, this 17,545 sq ft freehold land parcel is zoned as residential with a maximum height of about 36m AMSL which is suitable for a residential project of 6 storey high.
As this land parcel is within 1km from St Margaret's Primary School within prime district 9, a nearby 75-unit luxury condo was sold out within a short period from the launch.
A new development on this site is expected to fetch above $2,000 psf where a new upmarket apartment is expected to be built to cater to buyers who have previously missed out on the opportunity to purchase the nearby condo in this prime location.
19 Jul 2012