Only 10% of the apartments in SingHaiyi's One Sophia are sold, and the average price

Only 10% of the apartments in SingHaiyi's One Sophia are sold, and the average price per square foot is S$2,750

The development's residential unit preview comes after the strata office unit launch in October.

November 7, 2024

CONDOsingapore.com

At an average price of S$2,750 per square foot (psf), the mixed-use development One Sophia has sold 35 residential units since its preview sale began on Wednesday, November 6. This is about 10% of the 367 units that were available. Developer SingHaiyi said that all types of units were sold, but most of the sales were for studio and two-bedroom units.

It was a slow market for new homes in the Core Central Region when the sales took place.

Studio units, which are 40 to 42 square metres (sq m), started at S$2,650 psf. One-bedroom units, which are 45 to 51 sq m, cost S$2,782 psf. Two-bedroom units, which are 60 to 71 sq m, cost S$2,561 psf. And three-bedroom units, which are 95 to 116 sq m, cost S$2,782 psf.

These residential units went on sale after the strata office units in the development went on sale at the end of October. Thirty of the building's 79 strata offices were sold at prices ranging from S$3,121 psf to S$3,493 psf at that time.

During the launch weekend, sales reached S$102.5 million, or S$3,330 per square foot. About 34% of the strata office units in the development had been sold by Thursday, with over S$118 million in sales.

Raymond Chia, CEO of SingHaiyi group, said in a statement on Thursday that the sales launch of One Sophia's residential development was originally planned for January 2025. "However, we decided to hold a preview sale this November because of the strong interest and questions we got from people who came to the strata office launch last month."

He said that so far, One Sophia has sold to people from both inside and outside of Japan.

The 7,118 square metre mixed-use development is situated in District 9 on the location of the former Peace Centre and Peace Mansion. It has two apartment buildings called The Collective at One Sophia and a 13-story business tower called One Sophia.

The total gross floor area (GFA) of the development is 33,700.29 sq m. About 60% of that will be used for business, and the other 40% will be homes.

Joint developers with ties to CEL Development (formerly known as Chip Eng Seng) and SingHaiyi bought the land for S$650 million in December 2021. There was a premium added to the 99-year lease on each site, which made the land rate S$1,426 psf per plot ratio (ppr).

When an incentive program's 7% bonus GFA was added, the land rate reached about S$1,388 psf ppr.

Ismail Gafoor, CEO of PropNex, said that since April of last year, when the Additional Buyer's Stamp Duty went up, there haven't been many new home sales in Singapore's popular Core Central Region (CCR). He said that in the CCR, only 54 new private homes were sold by developers in the whole third quarter. "Pre-sale sales at The Collective at One Sophia are already more than half of that amount." He also said, "Also, a preview period for new launches usually lasts for two weeks, but The Collective at One Sophia only had five days for its preview runway."

Marcus Chu, CEO of ERA Singapore, said, "Taken together with the number of projects starting this month, the preview for serious buyers showed that the level of interest is very high, and buyer interest remains strong."

People will be able to buy The Collective at One Sophia starting in January.