[New Project] One Sophia opens private preview for new strata commercial units, priced from $3,000 psf

SingHaiyi and its joint-venture partners have commenced private previews for the strata commercial units at One Sophia, a new mixed-use development.

The 13-storey commercial tower will comprise 122 strata office units and 127 strata retail units. The retail units will be spread across a two-storey retail podium, while the office units will occupy the remaining 11 storeys. There is also a three-storey basement carpark offering 273 parking spaces.

Office unit sizes range from 720 sq ft to 4,530 sq ft, with approximately half of the units spanning between 721 sq ft and 1,614 sq ft.

According to an executive director of capital markets at JLL Singapore, the wide selection of unit sizes at One Sophia appeals to a broad spectrum of end-users and investors. JLL is one of the marketing agents that brokered the collective sale of Peace Centre and Peace Mansion.

The unit sizes are well-calibrated to cater to prevailing market demand in this sector. The marketing team is currently advising several prospective buyers looking to acquire multiple adjoining units, as well as a handful considering entire-floor purchases.

The developers have released an indicative price guide of $3,000 to $3,500 psf for office units on the third to fifth storeys, gauging buying interest during the ongoing private previews before confirming selling prices and releasing units for sale.

One Sophia represents the commercial component of the upcoming mixed-use development. The residential component is named The Collective at One Sophia, which comprises two 19-storey private residential towers with a total of 367 apartments. The residential mix includes studio apartments and one- to three-bedroom units.

The Collective at One Sophia is expected to preview next year. The entire development will also be managed by three separate Management Corporation Strata Titles (MCSTs), overseeing the office, retail, and residential components respectively.

A joint venture comprising CEL Development, SingHaiyi Crystal, and Ultra Infinity successfully acquired the former Peace Centre and the adjoining Peace Mansion in December 2021 via a collective sale for $650 million, translating to $1,426 per square foot per plot ratio (psf ppr).

One Sophia has drawn strong interest from prospective owner-occupiers and investors, who are captivated by the broader transformative potential the development will bring to the precinct.

Enjoying a prime location at the junction of Sophia Road and Selegie Road, One Sophia is within close proximity to Bras Basah, Bugis, Dhoby Ghaut, and the Orchard Road shopping belt. The development is well-served by four MRT stations: Dhoby Ghaut Interchange, Bencoolen, Bras Basah, and Rochor.

The project has attracted keen investor interest as it is the only new launch offering strata commercial units for sale in the Orchard Road precinct. Its pricing is also competitive when compared against most freehold strata office developments in the area, which command upwards of $4,000 psf.

Although One Sophia is a 99-year leasehold development, its indicative pricing is fair. It also holds an edge over surrounding commercial buildings, which may be freehold but lack the modern wellness and sustainability standards typical of new commercial developments today.

The developers appointed ADDP Architects and studioMilou to bring One Sophia's concept and design to life. The signature architectural element features two lushly landscaped curvilinear planes that complement the vertical composition of gardens and glass-clad office volumes fronting the commercial block. Only the third, eighth, and 13th office storeys enjoy direct access to garden terraces on their respective levels.

Typically, newly built Grade-A office developments feature floor-to-ceiling heights of around four metres, whereas One Sophia’s strata units offer a height of 3.1 metres. The development has also achieved BCA's Green Mark Gold Plus certification. The basement carpark shared with the residential units will provide season parking.

In terms of retail curation, the developers intend to hand-pick an array of brands and retail concepts. One Sophia houses a total of 127 retail units spanning 90,000 sq ft.

These will feature either brands new to the market or established operators introducing novel retail concepts. Industry insiders also noted that the developers are looking to bring in leisure, wellness, and entertainment offerings to diversify the project's retail mix.