POSTED: 10 Sep 2013 7:33 PM | CNA

SINGAPORE: A residential site at Mount Sophia attracted nine bids at the close of its tender on Tuesday, according to the Urban Redevelopment Authority (URA).

The highest bid was submitted by a consortium comprising Hoi Hup Realty, Sunway Developments and S C Wong Holdings at S$442.28 million.

This works out to a land price of S$1,157 per square foot per plot ratio (psf ppr).

The top bid is only 0.1 per cent higher than the second highest bid, placed by Fantasia Investment (Singapore) and Singhome (Mount Sophia) at S$442 million.

EL Development submitted the lowest bid at S$284.8 million.

The tender for the 99-year leasehold site was launched on June 28.

The project is located near Dhoby Ghaut MRT Station, the Orchard Road shopping belt and the cultural areas of Little India.

It has a site area of 23,770.5 square metres and maximum permissible gross floor area (GFA) of 35,528 square metres.

In a statement, Colliers International’s director of research & advisory Chia Siew Chuin said: “The land parcel is unique, as the government rarely releases for sale, residential sites located in the prime district 9 area.”

The site is made up of the former Methodist Girls’ School and Trinity Theological College.

Ms Chia adds that “the unique history of the location might also strike a sentimental chord with homebuyers”.

At a land price of S$1,157 psf ppr, analysts estimate the break-even cost for the new project to range from S$1,650 per sq ft to S$1,750 per sq ft.

This means when units at the new project are ready for launch, the selling price could start from S$1,900 per sq ft.

– CNA/gn

http://www.channelnewsasia.com/news/singapore/mount-sophia-residential/808738.html