SINGAPORE - Casa Sophia in District 9 is up for collective sale with a reserve price of S$36 million.
Owners at the freehold, 12-unit development at Mt Sophia could receive between S$2.69 million and S$3.4 million.
Tjhai Citanegara, a representative from ERA said: "All owners are very supportive and we are happy to have garnered 100 per cent consensus. The location is surrounded by prestigious schools and is close to the heart of Orchard Road, projects here will definitely appeal to both investors and families."
Based on the reserve price, the land rate translates to an estimated S$1,390 per square foot per plot ratio (psf ppr), excluding development charge.
Under the Urban Redevelopment Authority's Master Plan 2014, the site is zoned "residential" with a gross plot ratio of 2.1.
It could be rebuilt into an estimated 34 units, based on a 753 sq ft per unit size.
The tender for the site will close on Tuesday, Aug 14 at 3pm.