DEAL WATCH: Parc Sophia unit up for sale at $1 mil

Parc Sophia is a freehold condominium located along Adis Road in District 9. The 152-unit project was fully sold and completed at the end of 2011 by listed Singapore developer Oxley Holdings.

The project contains predominantly one- and two-bedroom apartments. Unit sizes range from 464 to 549 sq ft for one-bedroom units, and 667 to 732 sq ft for one-bedroom+study and two-bedroom units.

On the market is a 689 sq ft, one-bedroom unit on the ground floor that was recently listed for sale at $1 million ($1,451 psf) on TheEdgeProperty.com.sg. The unit is currently leased until August 2018 at a monthly rental rate of $2,300, according to Caleb Seah, a property agent from ERA Realty Network who is marketing the unit.

A 689 sq ft, one-bedroom unit on the ground floor of Parc Sophia was recently listed for sale at $1 million ($1,451 psf)

The development is popular with investors, owing to its proximity to Plaza Singapura shopping mall, Dhoby Ghaut MRT interchange station, as well Bencoolen MRT station on the Downtown Line and Bras Basah MRT station on the Circle Line.

There has only been one transaction at Parc Sophia this year, and it was for the sale of a 667 sq ft, one-bedroom+study unit on the second level that fetched $1.01 million ($1,513 psf) in January. The unit last transacted for $960,475 ($1,439 psf) in Sept 2008, when the previous owner purchased it from the developer.

In the vicinity, the most recent transaction was at Sophia Hills, a new 493-unit development by Hoi Hup Realty and Sunway Group. A 689 sq ft, one-bedroom unit was sold for $1.379 million ($2,002 psf) earlier this month. The 99-year leasehold project is scheduled for completion next year.

Meanwhile, a 560 sq ft, one-bedroom unit at Mount Sophia Suite fetched a price of $888,000 ($1,586 psf) in April 2017. Mount Sophia Suites is a 50-unit freehold project that was completed in 2010.

Based on the URA data for the month of May in 2017, three units of 600 to 700 sq ft at Parc Sophia were leased at monthly rental rates of $2,400 to $2,800. This translates to a potential gross rental yield of 3.4% based on the asking price of $1 million for the one-bedroom unit at Parc Sophia.

This article appeared in The Edge Property Pullout, Issue 785 (Jun 26, 2017) of The Edge Singapore

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