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SG Strong interest for Mt Sophia site

Property Here - Wednesday, September 11, 2013

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A 99-year leasehold residential site at Mount Sophia received strong interest from nine developers at the close of its tender yesterday, according to the Urban Redevelopment Authority.

Launched for tender on 28 June, the land parcel drew top bid of S$442.3 million, which translates to S$1,157 psf per plot ratio. A consortium comprising Hoi Hup Realty, SC Wong Holdings and Sunway Developments submitted the bid, closely followed by a tie-up between Fantasia Investment (Singapore) and Singhome which submitted a bid of S$442 million.

“The land parcel is unique,” Colliers International Director of Research and Advisory Chia Siew Chuin said. “The government rarely releases residential sites located in the prime district 9 area for sale.” 

“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. When the units at this project are ready for launch, the selling price could start from S$1,900 psf,” added Chia.

Notably, EL Development submitted the lowest bid of S$284.8 million.



Nikki De Guzman
, Junior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg