Residential redevelopment site on Sophia Road for sale, price above $35 mil
/ EdgeProp Singapore |
132 Sophia Road (Picture: Knight Frank)
SINGAPORE (EDGEPROP) - A residential site at 132 Sophia Road in prime District 9 is up for sale via tender at a guide price “exceeding $35 million”, according to a Nov 1 press release by Knight Frank Singapore, the appointed marketing agent.
The site has a land area of about 13,783 sq ft that is zoned for residential use with a gross plot ratio of 2.1. The property is for sale on a 103-year leasehold tenure. It is adjacent to the Istana grounds and is approximately 400m away from the Dhoby Ghaut MRT Interchange. The property’s legal title is held by a single owner.
Map showing 132 Sophia Road. It is located adjacent to Orchard Sophia and St Margaret's Primary School (Source: EdgeProp LandLens)
“132 Sophia Road is situated on a hilltop enclave on Mount Sophia, presenting a rare opportunity for developers to acquire a prime site near Orchard Road for redevelopment into boutique residential apartments that cater to homebuyers seeking city living with a prime address, or families with children attending the nearby educational institutions,” says Chia Mein Mein, head of capital markets (land and collective sale) at Knight Frank Singapore.
Based on a guide price of $35 million, this works out to a land rate of $1,221 psf per plot ratio (psf ppr), inclusive of a nominal land betterment charge. Taking into consideration the 7% bonus gross floor area allowed for balconies, the land rate works out to $1,204 psf ppr.
Chia believes the locations of the site would make it appealing to buyers looking for properties in the Core Central Region. "Home prices in the mass market locations of Singapore have reached new benchmarks, narrowing the gap with home prices in the prime locations. This presents value opportunities and an as-yet untapped potential for capital appreciation for homes in the prime central locations," she observes.
Recent condo transactions within a 500m radius of 132 Sophia Road (Source: EdgeProp LandLens)
The tender will close on Nov 29 at 3pm.
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