The M by Wing Tai

Casa Sophia, a 12-unit freehold residential development situated along Sophia Road, was sold en bloc for about $29 million, reported The Business Times.

New launch condo target to launch in 2019/2020, The M by Wing Tai Holdings Limited.

Adding a growth charge of about $2.2 million, the cost works out into a land rate of $1,200 per sq feet per plot ratio (psf ppr).

The purchaser, which is predicted to redevelop the land, is a Singapore-incorporated company that’s equally possessed by Singaporean Huang Yanhong and Chinese citizen Zhang Zhiming.

Finished in the early 1990s, the District 9 growth is nestled on a 12,328 sq feet website zoned for residential use under the 2019 Master Plan using a plot ratio of 2.1.

The website might be redeveloped to a 36-unit endeavor using an average unit size of 700 sq ft.

The deal is thought to have been sealed through private treaty.

Casa Sophia was initially introduced for collective sale in July 2018 — only a couple of days after the government rolled out the most recent round of land cooling steps — together with the book price pegged at $36 million.

The tender closed in August 2018 however no purchase has been concluded.

Therefore, the growth has been relaunched for collective sale by private treaty at March 2019 using the book price reduced to $30 million.