The Collective at One Sophia sets average price of $2,750 psf and moves 35 units after brief five-day preview
By Nicholas Lam
/ EdgeProp Singapore |
The Collective at One Sophia is the residential component of One Sophia, a mixed-use development along Sophia Road. (Photo: SingHaiyi Group)
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Joint venture partners SingHaiyi Group and Ultra Infinity have sold 35 units at The Collective at One Sophia and set an average selling price of $2,750 psf. The units were sold during a two-day preview sale that began on Wednesday, Nov 6.
The Collective at One Sophia, which comprises 367 condominium units, is the residential component of One Sophia, a mixed-use development along Sophia Road. The project also consists of a 13-storey commercial tower consisting of 127 strata-titled retail units within a two-storey retail podium, as well as 122 strata office units in the top 11 floors.
About 34% of the strata office units have been sold since its launch last month, at an average selling price of $3,330 psf. The preview sale of the 35 residential units at The Collective at One Sophia so far represents about 9.5% of the total number of units.
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The sales preview of The Collective at One Sophia was brought forward from its initial date which had been set for January next year. According to the developer, the strong buying interest it had received for the sales launch of the commercial units last month prompted them to accelerate their preview and launch schedule.
“In response to the robust interest and queries we received from prospects who attended the strata office launch, we decided to conduct a preview sale this November. The strong demand for our strata office and the enthusiastic interest for The Collective at One Sophia showcases its potential as a hub for living and business,” says Raymond Chia, group chief executive officer of SingHaiyi.
Units at The Collective at One Sophia range from studios to three-bedroom apartments, and unit sizes range from 430 sq ft to 1,249 sq ft. Studios are priced from $1.14 million ($2,650 psf) while the three-bedders are priced from $2.85 million ($2,782 psf).
The condo will include amenities such as a pool, Azure Spa, a social club, lounge deck, games room and sky alcove.
The sales performance of The Collective at One Sophia is “very encouraging” considering new home sales in the Core Central Region (CCR) have been muted since April 2023, says Ismail Gafoor, CEO of PropNex.
This was when the government doubled the additional buyer’s stamp duty (ABSD) from 30% to 60% levied on foreigners buying their first property in Singapore.
Gafoor adds that developers only sold 54 new private residential units in the CCR for the whole of 3Q2024. “The Collective at One Sophia’s preview sales are already more than half of that figure,” he says.
CEO of ERA Singapore Marcus Chu concurs, adding: “Given the number of projects launching this month, the short private preview (of The Collective at One Sophia) for keen buyers showed that interest level was very encouraging and buyer interest remains firm”.
The preview sale of The Collective at One Sophia will run from 6 to 30 November before the sales gallery closes in December ahead of its public launch in January 2025.
Check out the latest listings for The Collective At One Sophia, Condominium properties
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