Private Preview Opens New Strata Commercial Units One Sophia Priced 3000
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The joint venture of SingHaiyi and its partners has launched the private preview for One Sophia, a new mixed-use development on the site of the former Peace Centre at 1 Sophia Road.
The 13-storey commercial tower will feature 122 strata-titled office units and 127 strata retail units. The retail units will be located in a two-storey podium while the office units will occupy the remaining 11 floors. The development will also have a three-storey basement carpark with 273 parking lots.
The sizes of the office units range from 720 sq ft to 4,530 sq ft, with approximately half of the units ranging from 721 sq ft to 1,614 sq ft.
According to Tan Hong Boon, executive director of Capital Markets at JLL Singapore, one of the marketing agents for the collective sale of Peace Centre and Peace Mansion, the diversity of unit sizes has attracted a wide range of end-users and investors. He adds, “Our team has advised several clients who are looking to purchase several adjoining units, and a handful who are considering buying out an entire floor.”
The indicative pricing for the office units on the third to fifth floors is between $3,000 psf and $3,500 psf, and the developers are currently gauging interest during the private preview before releasing the exact sales prices and launching the units for sale.
One Sophia is the commercial component of the mixed-use development, with the residential component being called The Collective at One Sophia. This will consist of two 19-storey private residential tower blocks with 367 apartments, ranging from studios to three-bedroom units.
The residential component is expected to preview next year. The entire development will be managed by three separate Management Corporation Strata Title (MSCT), which will each oversee the office, retail, and residential components.
In December 2021, a joint venture comprising CEL Development, SingHaiyi Crystal, and Ultra Infinity successfully acquired the former Peace Centre and adjacent Peace Mansion through a collective sale worth $650 million, translating to $1,426 psf per plot ratio.
According to Tan, One Sophia has attracted strong interest from prospective owner-occupiers and investors, who are drawn to the potential transformation of the area. Its prime location at the junction of Sophia Road and Selegie Road puts it within close proximity to Bras Basah, Bugis, Dhoby Ghaut, and the Orchard Road shopping belt. The development is also conveniently close to four MRT stations: Dhoby Ghaut Interchange, Bencoolen, Brash Basah, and Rochor.
“The project has drawn the attention of investors as it is the only new project in the Orchard Road area offering new strata commercial units for sale,” says Tan. “Its pricing is also competitive, with most freehold strata-titled office developments in the area going for more than $4,000 psf.”
He adds that despite being a 99-year leasehold development, One Sophia’s indicative price is reasonable compared to freehold commercial buildings in the area. Additionally, it has an edge over surrounding commercial buildings in terms of modern wellness and sustainability standards, which are prevalent in new commercial buildings today.
One Sophia has a signature architectural element of two lushly planted curvilinear planes that complement the vertical composition of gardens and office glass boxes. Only the third, eighth, and 13th office floors will have direct access to garden terraces on their respective floors.
The office units at One Sophia will have a ceiling height of 3.1m, as opposed to the typical 4m for newly built Grade A offices. The development has also attained Green Mark Gold Plus from BCA, whereas most new Grade A developments on the market claim the higher Green Mark Platinum certification. The basement car park lots, which will be shared with the residential component, will be available for season parking.
EdgeProp understands that the developer intends to curate the selection of brands and retail concepts for One Sophia. With a total of 127 retail units spread across 90,000 sq ft, the developer is considering new brands and existing brands that can introduce new retail concepts. They also hope to bring in leisure, wellness, and entertainment concepts to diversify the retail offering.
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Seven strata retail units at Sim Lim Square for sale at $19.46 mil
A mock-up of an office unit at One Sophia (Photo: Benny Kee/)
The 13-storey commercial tower consists of a two-storey retail podium and 11 floors of office space. (Photo: Benny Kee/)
One Sophia is being developed on the site of the former Peace Centre at 1 Sophia Road. (Photo: SingHaiyi/)
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SingHaiyi, in partnership with other developers, has recently launched a private preview of the strata commercial units at One Sophia. This mixed-use project is located on the former site of Peace Centre at 1 Sophia Road.
The commercial tower, which spans 13 storeys, will house a total of 122 strata-titled office units and 127 retail units. The retail units will occupy two storeys in the podium, while the remaining 11 floors will be dedicated to office space. The development also boasts a three-storey basement carpark with 273 parking lots.
Office units at One Sophia range from 720 sq ft to 4,530 sq ft, with around half of the units falling within the 721 sq ft to 1,614 sq ft range.
The variety of unit sizes has attracted a diverse mix of end-users and investors, according to Tan Hong Boon, executive director of Capital Markets at JLL Singapore, one of the marketing agents for the collective sale of Peace Centre and Peace Mansion. Tan says, “Our team has advised several clients who are looking to purchase several adjoining units, and a handful who are considering buying out an entire floor.”
The indicative pricing for office units on the third to fifth floors ranges from $3,000 per square foot (psf) to $3,500 psf. The developers are currently gauging interest during the private preview before releasing the final sales prices and launching the units for sale.
One Sophia is the commercial component of this mixed-use development, with the residential component called The Collective at One Sophia. It will feature two 19-storey private residential tower blocks, with a total of 367 apartments ranging from studios to three-bedroom units.
The residential component is expected to preview next year. The entire development will be managed by three separate Management Corporation Strata Title (MSCT) entities, each overseeing the office, retail, and residential components.
In December 2021, CEL Development, SingHaiyi Crystal, and Ultra Infinity formed a joint venture and successfully acquired the former Peace Centre and adjacent Peace Mansion through a collective sale worth $650 million, or $1,426 psf per plot ratio.
According to Tan, One Sophia has garnered strong interest from prospective owner-occupiers and investors, who see the potential transformation of the area. Its prime location at the junction of Sophia Road and Selegie Road puts it in close proximity to Bras Basah, Bugis, Dhoby Ghaut, and the Orchard Road shopping belt. The development is also conveniently close to four MRT stations: Dhoby Ghaut Interchange, Bencoolen, Brash Basah, and Rochor.
“The project has drawn the attention of investors as it is the only new project in the Orchard Road area offering new strata commercial units for sale,” says Tan. “Its pricing is also competitive, with most freehold strata-titled office developments in the area going for more than $4,000 psf.”
He adds that despite being a 99-year leasehold development, One Sophia’s indicative price is reasonable compared to freehold commercial buildings in the area. Additionally, it has an edge over surrounding commercial buildings in terms of modern wellness and sustainability standards, which are prevalent in new commercial buildings today.
One Sophia has a signature architectural element of two lushly planted curved planes that complement the vertical composition of gardens and office glass boxes. Only the third, eighth, and 13th office floors will have direct access to garden terraces on their respective floors.
The office units at One Sophia will have a ceiling height of 3.1m, as opposed to the typical 4m for newly built Grade A offices. The development has also attained Green Mark Gold Plus from BCA, whereas most new Grade A developments on the market claim the higher Green Mark Platinum certification. The basement car park lots, which will be shared with the residential component, will be available for season parking.
EdgeProp understands that the developer intends to curate the selection of brands and retail concepts for One Sophia. With a total of 127 retail units spread across 90,000 sq ft, the developer is considering new brands and existing brands that can introduce new retail concepts. They also hope to bring in leisure, wellness, and entertainment concepts to diversify the retail offering.
[Gallery]
Read also:
Seven strata retail units at Sim Lim Square for sale at $19.46 mil
A mock-up of an office unit at One Sophia (Photo: Benny Kee/)
The 13-storey commercial tower consists of a two-storey retail podium and 11 floors of office space. (Photo: Benny Kee/)
One Sophia is being developed on the site of the former Peace Centre at 1 Sophia Road. (Photo: SingHaiyi/)
