One Sophia sells 30% of launched strata office units at an average of $3,330 psf
By Timothy Tay
/ EdgeProp Singapore |
Located at the heart of the Civic District, on the site of the former Peace Centre / Peace Mansion, One Sophia comprises premium offices, bespoke residences and an integrated retail podium. (Picture: SingHaiyi)
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SingHaiyi and its joint venture partner, Ultra Infinity, have sold 23 strata office units out of 79 units that were released for sale during its initial weekend sales launch on Oct 19 and 20. According to a press release issued by the developers on Oct 20, the units sold ranged from 720 sq ft to 4,530 sq ft and set an average selling price of $3,330 psf.
One Sophia is a redevelopment of the former Peace Centre and Peace Mansion, which were acquired in a collective sale by the SingHaiyi-led JV for $650 million in December 2021.
The new development is a mixed-use project comprising a 13-storey commercial tower with 122 strata-titled office units, 127 retail units, as well as the 367-unit residential component named The Collective at One Sopia. The condominium is expected to be launched next year.
One Sophia, located at the junction of Sophia Road and Selegie Road in prime District 9, is designed by studioMilou Singapore in partnership with the Singapore-based practice, ADDP Architects.
“The composition of offices, retail spaces and residences, merging within a sweeping curvilinear garden will create a sculptural landmark in the most iconic crossroad of Singapore,” says Jean Francois Milou, founder, studioMilou. “Residents will be able to maintain a private life within the quiet Sophia Road streetscape whilst the retail and commercial tenants can still enjoy the prominence to the main street”.
Real estate information on One Sophia is available on EdgeProp's Landlens tool. (Map: EdgeProp Singapore)
The sales launch of the strata office units means that about 19% of the total number of strata office units at One Sophia have been sold, and prices ranged from $3,121 psf to $3,493 psf. The initial sales preview and launch was only open to invited prospective buyers and investors, but the sales gallery is now open for public viewing.
“We are thrilled by the enthusiastic response to One Sophia’s strata office units,” says Raymond Chia, group CEO of SingHaiyi. He adds that the development’s strategic location and competitive pricing are a big draw for end-users and investors from Singapore, China, Indonesia and the Philippines.
One Sophia is close to four MRT stations – Dhoby Ghaut Interchange, Bencoolen, Rochor, and Brash Basah. It is also close to the Orchard Road shopping belt, Raffles Place and City Hall. Within its vicinity are 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.
In the joint press release, SingHaiyi also shared that there are ongoing negotiations for several bulk deals of adjoining units and whole office floors.
“The response over the launch weekend was strong,” says Chris Choo, branch district director at PropNex Realty, one of the marketing agents. He adds that PropNex was behind the sale of half of the office floor on the 11th floor which fetched $32 million, or about $3,430 psf.
One Sophia, located at the junction of Sophia Road and Selegie Road in prime District 9, is designed by studioMilou Singapore in partnership with the Singapore-based practice, ADDP Architects. (Picture: Benny Kee/The Edge Singapore)
Commenting on the strong demand and buying interest for new and available strata office units on the market, Alice Tan, senior director and head of consultancy at Knight Frank says: “Prospective office investors would generally find new-built developments more appealing for rental demand potential and capital appreciation objectives”. She adds that demand for office spaces in the central region has remained robust and overall occupancy and rental levels at the CBD and the immediate city-fringe areas have been healthy.
Citing Knight Frank research, Tan shares that average gross Grade A office rents in the Beach Road/Middle Road precinct ranged from $9.85 psf to $10.35 psf per month with close to 92% occupancy. In comparison, gross Grade A office rents and occupancy rates in Raffles Place / Marina Bay range from $10.25 to $10.75 psf per month with 94.6% occupancy.
“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 points out that another factor propelling the demand for new strata commercial units is the fact that, unlike residential units, strata offices and retail units are not subject to additional buyer’s stamp duty (ABSD).
The sales launch of the strata office units means that about 19% of the total number of strata office units at One Sophia have been sold, and prices ranged from $3,121 psf to $3,493 psf. (Picture: Benny Kee/ The Edge Singapore)
Check out the latest listings for The Collective At One Sophia properties
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