One Sophia Sells 30 Launched Strata Office Units Average 3330 Psf
AdvertisementSingapore-listed property developer, SingHaiyi Group, and its joint venture partner, Ultra Infinity, have announced the successful sale of 23 out of 79 strata office units during the initial weekend sales launch of their new project, One Sophia. The sales took place on Oct 19 and 20, with units ranging from 720 sq ft to 4,530 sq ft, and achieving an average selling price of $3,330 per square foot (psf). This marks a significant milestone for the development, which is a collaboration between the two companies located at Sophia Road and Selegie Road in prime District 9. With the sales launch of the strata office units, approximately 19% of the total number of units at One Sophia have been sold, with prices ranging from $3,121 psf to $3,493 psf, indicating strong demand and buying interest for the strata office market.
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One Sophia is a mixed-use redevelopment project comprising a 13-storey commercial tower with 122 strata-titled office units, 127 retail units, and 367 residential units, named The Collective at One Sophia. The project is set to be launched in 2022, and its strategic location and competitive pricing have generated great interest among prospective buyers and investors from Singapore, China, Indonesia, and the Philippines.
The former Peace Centre and Peace Mansion, acquired in a collective sale by the SingHaiyi-led joint venture for $650 million in December 2021, were transformed into One Sophia. The development is designed by studioMilou Singapore in partnership with the Singapore-based practice, ADDP Architects. Its unique composition of retail spaces, offices, and residences, combined with a sweeping curvilinear garden, will create a stunning landmark in one of Singapore’s most iconic crossroads.
According to the developers, the sales response over the launch weekend was strong, with half of the office floor on the 11th floor, which fetched $32 million, or about $3,430 psf, sold by PropNex Realty, one of the marketing agents. The sales preview and launch were initially open only to invited buyers and investors, but the sales gallery is now open to the public.
One Sophia is located at the junction of Sophia Road and Selegie Road in prime District 9, close to four MRT stations – Dhoby Ghaut Interchange, Bencoolen, Rochor, and Brash Basah – and key areas such as Orchard Road, Raffles Place, and City Hall. It is also surrounded by prestigious educational institutions such as Singapore Management University (SMU), University of Arts Singapore (UAS), School of the Arts (SOTA), Nanyang Academy of Fine Arts (NAFA), and LASALLE College of the Arts, making it an attractive location for end-users and investors.
The retail and commercial tenants will enjoy the prominence to the main street, while the residents will maintain a private life within the quiet Sophia Road streetscape, according to Jean Francois Milou, founder of studioMilou.
Alice Tan, senior director and head of consultancy at Knight Frank, noted that the demand for new strata office units is driven by the preference for new-built developments by prospective office investors, who are interested in rental demand potential and capital appreciation. She added that demand for office spaces in the central region has remained robust, and occupancy and rental levels at the CBD and the immediate city-fringe areas have been healthy.
Tenants who desire to be in vibrant locations at the crossroads of cultural and business precincts would find the Rochor and Middle Road precincts (where One Sophia is located) a refreshing destination for work and business, says Tan.
Desmond Sim, CEO of Edmund Tie, pointed out that strata offices and retail units are not subject to additional buyer’s stamp duty (ABSD), making them more appealing for investors compared to residential units.
SingHaiyi and Ultra Infinity have announced ongoing negotiations for several bulk deals of adjoining units and whole office floors, indicating a strong interest in the strata office market.
Overall, One Sophia has received an enthusiastic response for its strategic location, competitive pricing, and unique design, making it a prime investment opportunity for prospective buyers and investors.