Two-bedroom unit at Sophia Residence for sale at $1.5 mil
By Timothy Tay
/ EdgeProp Singapore |
Sophia Residence is a freehold development in the Mount Sophia neighbourhood. (Picture: Samuel Isaac Chua/The Edge Singapore)
EDGEPROP (SINGAPORE) - A two-bedroom unit at Sophia Residence in prime District 9 will be up for sale at Edmund Tie’s next property auction on Oct 18. A bank sale, this 797 sq ft unit on the second floor has a guide price of $1.5 million, which translates to $1,882 psf on the floor area.
Sophia Residence is a freehold development on Sophia Road, and one of a handful of condominiums in the exclusive Mount Sophia residential enclave. The 272-unit development was completed in 2014 by property developer GuocoLand, which also developed Guoco Tower in Tanjong Pagar and the upcoming Guoco Midtown on Beach Road. Other notable condominiums in this secluded neighbourhood include Sophia Hills, 8 @ Mount Sophia and Parc Sophia.
Sophia Residence comprises an eight-storey residential block fronting Adis Road and four 14-storey, high-rise residential blocks. The unit mix includes studios and two- to four-bedroom units that range from 614 sq ft to 3,003 sq ft, including penthouse varieties.
The development was well-received by buyers when it was launched for sale in July 2009. The initial 38 units released for sale were immediately snapped up, prompting the developer to release another 100 units.
URA’s submitted developer sales data shows that the project recorded a cumulative take-up rate of about 64% by end-July 2009. The units sold ranged from $1,450 to $1,850 psf. The project was 98% sold by July 2010.
Three units have changed hands at Sophia Residence so far this year. On Aug 5, a 797 sq ft unit on the fourth floor changed hands for $1.46 million ($1,833 psf), while a 797 sq ft unit on the eighth floor was transacted for $1.5 million ($1,883 psf) on May 7. On May 4, a 1,432 sq ft unit on the fourth floor was sold for $2.7 million ($1,886 psf).
Based on a compilation of URA caveats, the average selling price at Sophia Residence is about $1,838 psf. Only two freehold condominiums in the area beat that average: The 50-unit Nomu on Handy Road has an average price of $2,547 psf, while the 295-unit Parc Emily on Mount Emily Road has an average price of $1,894 psf.
Given its location in a prime district, the indicative rental range over the last 12 months is between $2.40 psf per month (pm) and $6.50 psf pm, with an average rent of approximately $4.75 psf pm. The implied rental yield based on these contracts is close to 3.1%, on a par with the estimated implied rental yields of the nearby condominiums Parc Sophia and Sophia Hills, at 3.3% and 3.4%, respectively.
The condominiums at Mount Sophia are close to the Orchard Road shopping belt and the Bras Basah Road and Bencoolen Street arts and cultural district. The property will appeal to families with school-going children as it is near the School of the Arts, Lasalle College of the Arts and the Singapore Management University. St Margaret’s Primary School will be relocated to nearby Wilkie Road by December 2023.
The nearest MRT station is Dhoby Ghaut MRT Interchange, which serves the North-South, North-East and Circle Lines. Other nearby stations include Bencoolen MRT Station on the Downtown Line, Bras Basah MRT Station on the Circle Line and Bugis MRT Station on the East-West and Downtown Lines.
Check out the latest listings near Sophia Residence, Sophia Hills, 8 @ Mount Sophia, Parc Sophia, Guoco Tower, Nomu, Parc Emily, Dhoby Ghaut MRT Interchange, Bencoolen MRT Station, Bras Basah MRT Station, Bugis MRT Station, School of the Arts, Lasalle College of the Arts, St Margaret’s Primary School
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