Strong interest for residential plot at Mt Sophia
In the 3rd Quarter of 2013, the land parcel at Mount Sophia which measured up to the size of 255,866 sq ft was released for sale by the URA (Urban Redevelopment Authority). Due to its strategic location of being in Prime district 9 and close to Dhoby Ghaut MRT Interchange, this land parcel drew strong interest from 9 potential bidders. The land parcel consisted of 3 heritage buildings and one of the conditions of sale was that these historical buildings must be conserved and restored.
Eventually the tender for this residential site at Mt Sophia was awarded to Hoi Hup Realty Pte Ltd, Sunway Developments Pte Ltd and S C Wong Holdings Pte Ltd. The winning bid was at $1,156.53 per square foot per plot ratio amounting to a total of $442.3 million.
In the second article below, it was suggested that the expected break-even cost for the developers would be $1,630 – $ 1,800 per square feet and selling price might be staring from $1,900 per square feet.
Credits: The Straits Time
Credits: Business Times
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