http://www.straitstimes.com/archive/...achet-20141018

HOT SPOT

Location 'elevates Mount Sophia's cachet'

Area's character continues to evolve, with art schools adding zest

Published on Oct 18, 2014 12:42 AM

ST_20141018_HOTSPOT18_750678.pdf
The 493-unit Sophia Hills is expected to be completed in 2018. Units range from one-bedroom to four-bedders. Home prices in the Mount Sophia area have been flat this year, says Colliers International, but are unlikely to see significant corrections. -- PHOTO: HOI HUP SUNWAY MOUNT SOPHIA PTE LTD

By Rennie Whang

THE Mount Sophia area has been changing for years now, and the newest kid on the block is the 493-unit Sophia Hills.

The condo is expected to be ready for preview next month, said developer Hoi Hup Sunway, although pricing is not yet available.

The units will range from 463 sq ft one-bedders to 1,539 sq ft four-bedders. Dual-key apartments will also be on offer. Completion is expected to be in 2018.

The condo will be one more addition to an area used to seeing the new displacing the old.

After all, the slopes above the Selegie area once housed Eu Tong Sen's Eu Villa, the Methodist and Nan Hua girls' schools and Trinity Theological College.

The schools have moved on to new pastures while Eu Villa was torn down in the 1980s to make way for Sophia Court.

There has been transformation at the foot of Mount Sophia as well, the site of The Cathay, Plaza Singapura and Dhoby Ghaut MRT station.

The Selegie area is home to a lively blend of art schools, niche retail shops as well as food and beverage outlets.

The School of the Arts, LaSalle College of the Arts and Nanyang Fine Arts Academy have all helped inject a healthy dose of youthful vigour.

Older shopping centres, including Parklane Shopping Mall and Peace Centre, stand beside newer developments like Wilkie Edge and the refurbished PoMo.

Earlier this month, Kian Ho Bearings said it would acquire 10 shops at Peace Centre for $15.27 million in a bid to diversify from its business in core bearings, seals and power transmission belts. The shops have a remaining tenure of 55 years.

And Hiap Hoe is selling 33 of its shops at Parklane for about $55.6 million. The units have 59 years left on their leases.

Parklane tried unsuccessfully for a collective sale in 2007.

The area's mid- to long- term outlook "is positive as the completion of Rochor and Bencoolen Downtown Line MRT stations will... improve connectivity with the rest of the island", said Ms Chia Siew Chuin, director of research and advisory at Colliers International.

She estimated that 1,150 apartments have been completed in the area since 2005 as part of 13 projects, including 8@Mount Sophia, Parc Emily, Parc Sophia and Mount Sophia Suites.

Projects under development include 1919, Liv on Sophia and Liv on Wilkie, which will together add a further 220 units over the next few years.

Home prices in the area have been flat this year - about $2,300 to $2,400 per sq ft (psf) for new sales and $1,600 to $1,800 psf for resales, noted Ms Chia.

"Prices of private residences here are not expected to see significant corrections despite the foreseeable weak market conditions," she said, citing the central location and broad range of amenities as plus points.

"Given its location up on a hill, there is a measure of exclusivity, distancing these homes from the crowd."

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