The unit up for auction faces the east, looking out to the condominium’s pool (Photo: Edmund Tie)
SINGAPORE (EDGEPROP) - A three-bedroom-plus-study unit at Sophia Residence, measuring 1,055 sq ft and located along Sophia Road, off Prinsep Street, will be put up for auction on May 25 by Edmund Tie. The opening guide price is $1.85 million ($1,754 psf). A bank sale, the unit was first put up for auction on April 28 at the same opening price. It was withdrawn as there were no bids.
The corner unit faces east and enjoys views of the pool. Originally a two-bedroom-plus-study unit, it was partitioned to create a third bedroom. The wall can be easily removed if the next owner prefers a spacious living and dining area, says Joy Tan, head of auctions at Edmund Tie.
The unit will be sold with vacant possession on an as-is-where-is basis, and may require major renovation.
One of three bedrooms in the unit (Photo: Edmund Tie)
Sophia Residence is a freehold project comprising 272 units. Developed by GuocoLand, it was completed in 2014. It is in close proximity to Dhoby Ghaut MRT Station, which offers access to the North-South, North-East and Circle Lines. It is also an eight-minute walk to Bencoolen MRT Station on the Downtown Line.
Nearby malls include Plaza Singapura and The Cathay. The Orchard Road shopping belt is a short drive away. The development is also close to tertiary educational institutions such as Singapore Management University, Nanyang Academy of Fine Arts, and Lasalle College of the Arts.
“The price is attractive as a nearby development, 8 @ Mount Sophia, a leasehold development of 103 years, has already achieved $1,645 psf for a comparable 1,033 sq ft unit in August last year and in February,” says Tan.
She adds: “Freehold developments below $2,000 psf in District 9 are uncommon and also offer potential capital appreciation.”
The kitchen of the unit (Photo: Edmund Tie)
Tan says that they have received “healthy levels of enquiries” for this unit from investors who are looking for potential rental yields and capital gains from a property located in the Core Central Region. “As the development is located near educational institutions, investors could rent the unit out to potential tenants working or studying there,” she adds.
According to EdgeProp Singapore data, the most recent rental transactions at Sophia Residence of three-bedroom units of between 1,000 sq ft and 1,100 sq ft can fetch a monthly rent of between $4,150 and $5,000.