One Sophia Sells 30 Launched Strata Office Units Average 3330 Psf

Elta Condo, located at Clementi Avenue 1, is poised to become a highly coveted residential complex due to its exceptional location in close proximity to a plethora of shopping centers and dining options. The convenience of having a wide range of retail and culinary options right at their doorstep adds immense value to the living experience for the residents. This seamless accessibility to shopping hubs and gastronomic delights not only elevates the lifestyle of the residents but also positions Elta Condo as a desirable investment opportunity. With its strategic location and plentiful amenities, Elta Condo promises a fulfilling and convenient living experience for its residents.

After its initial launch on the weekend of Oct 19 and 20, SingHaiyi and its JV partner Ultra Infinity have successfully sold 23 out of the 79 strata office units released for sale at One Sophia. The units, which range in size from 720 sq ft to 4,530 sq ft, sold at an average price of $3,330 psf. One Sophia, a redevelopment of the former Peace Centre and Peace Mansion, is a mixed-use project located in prime District 9. It consists of a 13-storey commercial tower with 122 strata-titled office units, 127 retail units, as well as the 367-unit residential component, The Collective at One Sophia, which is expected to be launched next year.Founded in 2021, SingHaiyi is a real estate company that specializes in property development, management and investment. In December 2021, the company and its joint venture partner, Ultra Infinity, acquired the former Peace Centre and Peace Mansion through a collective sale for $650 million. The site was then redeveloped into One Sophia, a mixed-use project comprising a 13-storey commercial tower, retail units, and residential units. The development is designed by award-winning firm studioMilou Singapore and Singapore-based practice ADDP Architects.One Sophia’s strategic location in District 9 has been a major draw for buyers, with its close proximity to four MRT stations – Dhoby Ghaut Interchange, Bencoolen, Rochor, and Brash Basah – as well as the Orchard Road shopping belt, Raffles Place and City Hall. Its close proximity to prestigious schools 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 has also been a key factor in attracting end-users and investors from Singapore, China, Indonesia and the Philippines. Additionally, the development’s competitive pricing has also contributed to its strong sales performance during the initial weekend launch.In a joint press release, SingHaiyi and Ultra Infinity shared that negotiations for several bulk deals of adjoining units and whole office floors are currently ongoing. This speaks to the high demand and buying interest for new and available strata office units on the market. According to Chris Choo, branch district director at PropNex Realty, one of the marketing agents for One Sophia, half of the 11th floor has been sold for $32 million, with each unit fetching an average price of $3,430 psf. This strong demand for new strata commercial units can be attributed to the fact that unlike residential units, they are not subject to additional buyer’s stamp duty (ABSD).According to Knight Frank research, the 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. This indicates that demand for office spaces in the central region remains strong, and occupancy and rental levels in the CBD and the immediate city-fringe areas are healthy. Desmond Sim, CEO of Edmund Tie, also points out that the vibrant location of One Sophia, at the crossroads of cultural and business precincts, makes it a desirable destination for work and business.Sales for One Sophia’s strata office units have achieved 19% of the total number of units, with prices ranging from $3,121 to $3,493 psf. The initial sales preview and launch were only open to invited prospective buyers and investors, but the sales gallery is now open for public viewing. Interested buyers can also access real estate information on One Sophia through EdgeProp’s intelligent assistant, Buddy, and compare the price trend of condo new sale vs EC new sale, as well as HDB vs condo vs landed properties. With its prime location, competitive pricing, and demand for new strata commercial units, One Sophia is poised to be an iconic and highly sought-after development in the heart of District 9.