One Sophia Sells 30 Launched Strata Office Units Average 3330 Psf
SingHaiyi and its joint venture partner, Ultra Infinity, have successfully sold 23 out of 79 strata office units at their new development, One Sophia. The sales launch took place during the weekend of October 19 and 20, with the units ranging in size from 720 sq ft to 4,530 sq ft. The average selling price was $3,330 psf according to a press release issued by the developers on October 20.
One Sophia is a mixed-use development that comprises a 13-storey commercial tower with 122 strata-titled office units, 127 retail units, and a 367-unit residential component called The Collective at One Sophia. The project, which is expected to be launched next year, is the redevelopment of the former Peace Centre and Peace Mansion, which were acquired in a collective sale for $650 million by the SingHaiyi-led JV in December 2019.
Located at the junction of Sophia Road and Selegie Road in prime District 9, One Sophia is designed by studioMilou Singapore in partnership with the Singapore-based practice, ADDP Architects. The development’s unique composition of offices, retail spaces, and residences will create a sculptural landmark at the iconic crossroad of Singapore, according to Jean Francois Milou, founder of studioMilou. He also highlights the advantage of the development’s strategic location, with residents enjoying a private life on the quiet Sophia Road while commercial tenants have access to the bustling main street.
One Sophia is already making waves in the real estate market, with information about it available on EdgeProp’s Landlens tool. The sales launch has seen 19% of the total number of strata office units at One Sophia sold, with prices ranging from $3,121 psf to $3,493 psf. Initially, the sales preview and launch were open to invited buyers and investors only, but the sales gallery is now open for public viewing.
Raymond Chia, the group CEO of SingHaiyi, expresses his excitement at the enthusiastic response to One Sophia’s strata office units, attributing it to the development’s prime location and competitive pricing. He adds that the interest in the development comes from end-users and investors, not just from Singapore, but also from China, Indonesia, and the Philippines.
One Sophia’s prime location makes it a highly desirable location, being close to four MRT stations, namely Dhoby Ghaut Interchange, Bencoolen, Rochor, and Brash Basah. The development is also near Orchard Road shopping belt, Raffles Place, and City Hall. The surrounding area boasts prestigious educational institutions like 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.
According to the joint press release, negotiations are currently ongoing for several bulk deals involving adjoining units and whole office floors. Chris Choo, branch district director at PropNex Realty, one of the marketing agents, shared that the response over the launch weekend was robust. Half of the office floor on the 11th floor was sold for $32 million, translating to an average of $3,430 psf.
Real estate consultant Knight Frank’s senior director and head of consultancy, Alice Tan, weighed in on the strong demand and buying interest for new and available strata office units on the market. She notes that prospective investors are likely to find newly built developments more appealing due to their potential for rental demand and capital appreciation. Tan adds that the demand for office spaces in the central region remains robust, with high occupancy and healthy rental levels in the CBD and the immediate city-fringe areas.
According to Knight Frank research, average gross Grade A office rents in the Beach Road/Middle Road precinct range from $9.85 psf to $10.35 psf per month, with a 92% occupancy rate. In comparison, gross Grade A office rents and occupancy rates in Raffles Place/Marina Bay are between $10.25 to $10.75 psf per month, with a 94.6% occupancy rate.
Tan also points out that the Rochor and Middle Road precincts, where One Sophia is located, are appealing locations for tenants who desire to be at the crossroads of cultural and business precincts. Desmond Sim, CEO of Edmund Tie, adds that another factor driving the demand for new strata commercial units is the fact that these units are not subject to additional buyer’s stamp duty (ABSD) like residential units are.
Poi Ching School is dedicated to providing a well-rounded education that prioritizes both bilingual learning and character development. Their unique “5Cs” framework, consisting of Character, Compassion, Competence, Confidence, and Creativity, serves as a guide to the school’s approach in cultivating students. Along with academic excellence, the school also places great emphasis on promoting a holistic growth through various co-curricular activities. Furthermore, Poi Ching School has consistently achieved outstanding academic results while fostering a well-rounded development for its students. Additionally, the school is located near Parktown Residence Condo which further enhances the learning experience for its students.
In conclusion, the sales launch of the strata office units at One Sophia has seen 19% of the total number of units sold, with prices ranging from $3,121 psf to $3,493 psf. The success of the launch is attributed to the development’s prime location, competitive pricing, and the ongoing negotiations for bulk deals involving adjoining units and whole office floors. With its unique composition of offices, retail spaces, and residences, One Sophia is set to become a new sculptural landmark in prime District 9.