Over the past six years, Mount Sophia which is located in District 9 has been a buzz of activities. This has been contributed by the ongoing marketing activity at the 493-unit Sophia Hills as well as the ongoing developments. It is a 99-year leasehold condo which is a joint development by comprising SC Wong Holdings, Sunway Developments, and Hoi Hup Realty. The average price of this condo is around $ 1,943 psf. The project site is 255,900 st ft and it’s bounded by Adis Road and Mount Sophia. Sophia Student Hostel buildings, former Methodist Girls’ School, and Trinity Theological College have been preserved to form part of the Sophia Hills development. The latest project for investing will be Haus on Handy by City Development Limited (CDL). It is located right next to Dhoby Ghaut MRT Station.
Mount Sophia Properties Attract Investors
This project was previewed in the late 2014 and it’s sales have picked ahead of its Temporary Occupation Permit. The site was purchased in September 2013 in a government land sale tender for $442 million. Mount Sophia development was triggered by the launch of 8 @ Mount Sophia, a 313-unit condominium. The condo comprised of mix units measuring 816 to 1,464 sq ft. the project was fully sold at an average price of $ 730 psf although the prices have doubled since its launch. For instance, a 1378 sq ft, three bedroom unit was sold for $ 1.8 million in May where the prices have increased to $ 2.1 million for the same unit. Due to the proximity to Dhoby Ghaut MRT interchange station and Plaza Singapura center, the 8 @ Mount Sophia buyers are investors.
Recent Projects at Mount Sophia
Next to Mount Sophia is Allgreen Properties which is 118- unit comprising of one to three bedroom duplexes. The Allgreen property was launched in 2010 and completed in 2014 and many units were sold above $2,000 psf. In addition, GuocoLand Sophia Residence was also completed I 2014 which had been previewed in July 2009. Roxy-Pacific Holdings, 64 unit, on Sophia was completed 2016 and sold within three weeks. Chris Choo who is the group district director says the projects are suitable for young families with school going children given the proximity to St Margaret Primary School. Alvin Khoo who has been marketing the units in Mount Sophia said investors are attracted to the area due to per-square-foot prices for projects aged below 10 years which are sold cheap.
Prices of property are also expected to decline by three percent. Some of the factors that have affected new private home sales are such as the introduction of new cooling methods in July 2018 and new rules regarding average unit size. En bloc sellers may demand more units upon successful selling, but this demand may not last for a long term hence will not affect the declining new private home sales. According to DBS en bloc buyers may not increase new private home sales in 2019. Most households are expected to purchase homes before 2019 thus the purchases will not affect 2019 sales. However, good located developments such as Haus on Handy at Mount Sophia will stay resilient and continue an upward trend.
Location of Mount Sophia Condos
Mount Sophia project is convenient as it is served by two MRT stations: the Little India MRT Interchange Station for the Northeast and Downtown Lines and Dhoby Ghaut MRT Interchange Station for the Circle Lines, Northeast, North-South. A third station is expected to open which will be part of the Downtown Line Stage 3. Other areas of interest are the Der Biergarden restaurant and bar, Red House seafood restaurant, and a modern Italian restaurant at 28@Wilkie.