A 99 years lease residential site at Mount Sophia attracted nine bids at the close of its tender on Tuesday, according to the Urban Redevelopment Authority (URA).
The land parcel drew top bid of S$442.3 million, which translates to S$1,157 psf per plot ratio. the winning bid was submitted by a consortium comprising Hoi Hup Realty, SC Wong Holdings and Sunway Developments . The top bid is closely followed by a tie-up between Fantasia Investment (Singapore) and Singhome which submitted a bid of S$442 million. It is just a mere 0.1 per cent difference between the top 2 bid.
This residential land parcel has a site area of 2.37 hectares or 23,770.5 square meters (sqm) with a gross floor area of 35,528 square meters (sqm), and it is located just beside the 270 units Sophia Residence, which is still under construction. The site is also convenient for all future residents, mainly because it is just a few minutes away from the Dhoby Ghaut Interchange MRT Station. It is also very close to the Central Expressway, allowing it to be easily accessible to the rest of Singapore. Beside that, it is also just a short stroll to the world renowned shopping belt, Orchard Road. Aside from its proximity to Orchard Road, It is close to famous schools such as Singapore Management University ( SMU ), Nanyang Academy of Fine Arts, School of the Arts (“SOTA”) and Lasalle College of the Arts.
At a land price of S$1,157 per sq ft per plot ratio, the estimated break-even cost could range from S$1,650 psf to S$1,750 psf. Selling price could be expected to be around $1900 range. The residential site has a gross plot ratio (GPR) of 1.4/1.6 and it is expected to have 500 estimated housing units.
Source – Propertyguru, URA