One Sophia Sells 30 Launched Strata Office Units Average 3330 Psf
The joint venture between SingHaiyi and Ultra Infinity has successfully sold 23 out of 79 strata office units during the initial weekend sales launch of One Sophia on Oct 19 and 20, according to a press release issued by the developers on Oct 20. The average selling price for these units, ranging from 720 sq ft to 4,530 sq ft, was $3,330 psf.The projects, 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 named The Collective at One Sophia. The new development is a redevelopment of the former Peace Centre and Peace Mansion, acquired by the SingHaiyi-led JV in a collective sale for $650 million in December 2021.According to Jean Francois Milou, founder of studioMilou, the designer of One Sophia, the project is set to be a “sculptural landmark” in prime District 9. The development boasts a strategic location, with four MRT stations in proximity, and close to schools such as SMU, UAS, SOTA, NAFA and LASALLE College of the Arts.The strata office units at One Sophia have attracted strong interest, with substantial buyers from Singapore, China, Indonesia and the Philippines. This is due to the development’s prime location and competitive pricing. The sales preview and launch, initially open to invited buyers and investors only, are now accessible to the public.Furthermore, there are ongoing negotiations for several bulk deals of adjoining units and whole office floors at One Sophia. The response to the launch weekend was also strong, with half of the office floor on the 11th floor selling at $32 million, or approximately $3,430 psf.According to Alice Tan, senior director and head of consultancy at Knight Frank, the demand for office spaces in the central region has remained robust, and various companies’ need for new office spaces has propelled buyers’ interest in strata office units. Additionally, strata office and retail units are exempted from ABSD, making them a more attractive option than residential units.Overall, the sales launch has sold approximately 19% of the total number of strata office units at One Sophia, with prices ranging from $3,121 psf to $3,493 psf. Interested buyers can access EdgeProp’s Landlens tool for real estate information on One Sophia.
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