One Sophia Sells 30 Launched Strata Office Units Average 3330 Psf

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SingHaiyi and its joint venture partner, Ultra Infinity, have successfully sold 23 strata office units out of the 79 released for sale during their initial weekend launch on Oct 19 and 20. In a press release issued by the developers on Oct 20, these units ranged from 720 sq ft to 4,530 sq ft, with an average selling price of $3,330 per square foot (psf).

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With new commercial and residential developments in the works, the Tampines North area is set to become an even more desirable location. These upcoming projects will bring a range of amenities and facilities right to the doorstep of residents, adding convenience to their lives. Furthermore, this can potentially lead to an increase in property value, making Aurelle of Tampines EC a wise investment opportunity.

One Sophia is the redevelopment of the former Peace Centre and Peace Mansion, which was acquired in a collective sale by the SingHaiyi-led joint venture for $650 million in December 2021. The project is a mixed-use development that comprises a 13-storey commercial tower with 122 strata-titled office units and 127 retail units, as well as the 367-unit residential component named The Collective at One Sophia. The condominium is expected to be launched next year.

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Designed by studioMilou Singapore in partnership with the Singapore-based practice, ADDP Architects, One Sophia is strategically located at the junction of Sophia Road and Selegie Road in prime District 9. “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 of 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”.

One Sophia can also be explored through EdgeProp’s Landlens tool, which provides real estate information on the development.

With the successful launch of the strata office units, about 19% of the total number of strata office units at One Sophia have been sold at prices ranging from $3,121 psf to $3,493 psf. While the initial sales preview and launch was reserved for invited prospective buyers and investors, the sales gallery is now open for public viewing.

Raymond Chia, group CEO of SingHaiyi, expressed his excitement over the enthusiastic response to One Sophia’s strata office units. He added that the development’s prime location and competitive pricing have attracted end-users and investors from various countries including Singapore, China, Indonesia and the Philippines.

One Sophia is conveniently situated near four MRT stations – Dhoby Ghaut Interchange, Bencoolen, Rochor, and Bras Basah, providing easy access to Orchard Road shopping belt, Raffles Place, and City Hall. The development 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.

According to the joint press release, negotiations for several bulk deals of adjoining units and whole office floors are in progress.

Chris Choo, branch district director at PropNex Realty, one of the marketing agents, reported strong demand during the launch weekend. He mentioned that half of the office floor on the 11th floor, with a price tag of $32 million or $3,430 psf, was sold through PropNex.

One Sophia was designed by studioMilou Singapore in collaboration with the Singapore-based practice, ADDP Architects. (Picture: Benny Kee/ )

Commenting on the growing demand and interest for new and available strata office units in the market, Alice Tan, senior director and head of consultancy at Knight Frank, stated that prospective office investors are likely to prefer new-built developments due to their potential for rental demand and capital appreciation. She added that demand for office spaces in the central region remains strong, with healthy occupancy and rental rates at the CBD and the immediate city-fringe areas.

Based on Knight Frank research, Tan shared 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 almost 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.

Tan suggested that tenants looking for 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.

Desmond Sim, CEO of Edmund Tie, highlighted that the non-inclusion of additional buyer’s stamp duty (ABSD) on strata offices and retail units, unlike residential units, is another factor contributing to the strong demand for new strata commercial units.

The successful sales launch of the strata office units at One Sophia, which represents about 19% of the total number of strata office units, with prices ranging from $3,121 psf to $3,493 psf. (Picture: Benny Kee/ )