Buzz set to heighten at Mount Sophia

Business Times: Tue, Jun 05

[SINGAPORE] Property buzz in the Mount Sophia neighbourhood, situated in District 9 near Dhoby Ghaut MRT, is set to heighten, with a project launch and en bloc sales tender both in the area announced yesterday. A new freehold development 1919 will be launched in early June by Aurum Land, a subsidiary of construction firm Woh Hup. The project draws inspiration from the design of colonial shophouses as well as the "black and white house" concept. "Being situated in the Mount Sophia neighbourhood highly sought after by singles and DINK (double income, no kids) couples and with its proximity to the many attractions, 1919 stands as a bold and defined statement," said Knight Frank, the marketing agent, in a release. Comprising a total of 75 apartments, the project offers 39 one-bedders with study (between 560 and 775 sq ft), 31 two-bedders (between 646 and 1001 sq ft, with or without study), and five three-bedders (1001 or 1302 sq ft). Units will be sold at a price range of $2,000 psf to $2,200 psf, with ground floor PES units starting from $1,600 psf. Said Wendy Tang, executive director of residential services at Knight Frank: "The pricing of 1919 is in line with the market . . . given the quality and concept of 1919, it is attractively priced, and has truly differentiated itself from others in the area." The most recent launches in the area include Sophia Residences in 2009 and Parc Sophia in 2008, both of which sold at figures ranging around $1,600 psf. Construction for 1919 is scheduled to start in early 2013, with the project slated to be completed in 2015. Launch previews start on June 9, this Saturday. On the sell side, Sophia Mansions, a 19-unit residential development along Adis Road, has been put up for collective sale by property consultants Credo Real Estate. The 20-year-old freehold site has a land area of about 17,545 sq ft, with sellers expecting an indicative price range of $42.5 million to $45 million. This translates into land rates of approximately $1,160 to $1,228 per square foot per plot ratio (psf ppr) based on a gross plot ratio of 2.1, inclusive of development charge. According to Credo, the site possesses a potential gross floor area of about 36,840 sq ft, which can be redeveloped into a 6-storey high boutique development accommodating 35 apartments with an average size of 1,000 sq ft. Under the 2008 Master Plan, the site is zoned "residential" and can be built up to a maximum height of 36 metres above mean sea level. The tender is likely to appeal to the working class, small families and investors due to its proximity to educational institutions such as the Singapore Management University and the School of the Arts, according to Yong Choon Fah, executive director of Credo. To date, more than 80 per cent of owners (by share value and strata floor area) of the development have signed a collective sale agreement to sell the property. The tender for Sophia Mansions will close on June 27. Source: Business Time