Mount Sophia generating buzz

The Mount Sophia/Wilkie Road enclave is fast becoming a new property hotspot, mainly due to its central location and availability of city amenities.

At the same time, more developers are purchasing land parcels in the area for redevelopment purposes.

Recently, established player Roxy-Pacific Holdings acquired a 9,324 sq ft freehold site at 13/15 Wilkie Terrace, off Dhoby Ghaut/Selegie Road for S$24.5 million. The plot currently houses an old family-owned bungalow and is zoned residential under the 2008 Master Plan.

This is Roxy-Pacific’s third acquisition within the area in the last six months, following the purchase of Sophia Mansions at Adis Road and 7/9/11 Wilkie Terrace which adjoins the latest sale site.

Commenting on the appeal of the enclave, Karamjit Singh, Head of Investments & Residential at Jones Lang LaSalle (JLL) said: “Mount Sophia is situated in the heart of Singapore’s Education, Arts & Cultural District with an interesting mix of conservation shophouses, retail offerings and educational institutions such as the School of the Arts (SOTA), LaSalle College of the Arts, Nanyang Fine Arts Academy (NAFA), etc. The student population has injected vibrancy and added buzz to the area.”

Ong Teck Hui, National Director for Research at JLL added: “There are not many places in Singapore having the unique characteristics of the Mount Sophia/Wilkie Road enclave – a cosy environment with smallish boutique like developments, which is in contrast with many big nondescript condominiums elsewhere.”

Meanwhile, property prices in the area have held up generally well. 1919, a new condo project along Sophia Road was launched last year with prices averaging S$2,000 psf. Newly-completed projects like Estilo at Wilkie Road and Parc Sophia on Adis Road “are mostly in the S$1,600 psf to S$1,900 psf price range”, noted Ong.

Capital values in the area have also risen by about 50 to 60 percent since the market’s lowest point in mid-2009, which appears to be keeping with the general market. For instance, prices at 8 @ Mount Sophia bottomed at around S$1,000 to S$1,100 psf in 2009 but are now at the S$1,500 to S$1,600 psf level, Ong said.

Moving forward, the upcoming sale of a 2.37ha residential site in the vicinity under the Government Land Sales (GLS) Programme could yield some 505 units and is expected to create more buzz. Being the largest housing project in the Mount Sophia area, “it would raise the prominence of the location and make it an even more desirable residential address”, Ong noted.

“The Mount Sophia/Wilkie area would also be part of the inner city market so we should see increasing popularity of this area and its surroundings as the inner city trend continues.”

Moreover, the area will also enjoy enhanced accessibility via the upcoming Rochor MRT station located nearby.

Source : PropertyGuru – 24 Jan 2013

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