132 Sophia Road Site Sold To Sin Thai Hin Development

132 Sophia Road Residential Site Sold To Sin Thai Hin Development for S$33.59 million

In a notable real estate transaction, a residential redevelopment site located at 132 Sophia Road, Singapore, has been sold to boutique property developer and investor Sin Thai Hin Development for S$33.59 million.

This land sale, concluded after a tender that closed on November 29, fell slightly below the initial guide price, marking a significant event in Singapore’s real estate market.

The sale price translates to a land rate of about S$1,172 per square foot per plot ratio (psf ppr), inclusive of a nominal land betterment charge.

Initially, the site was launched in the market with a guide price exceeding S$35 million, setting a benchmark land rate of at least S$1,221 psf ppr. The final deal reflects a 4 percent discount on this asking price.

Strategically situated in a prime location, the 132 Sophia Road property is within a comfortable walking distance from key landmarks like Dhoby Ghaut MRT station, Plaza Singapura, Wilkie Edge, and Parklane Shopping Mall.

Covering a land area of 13,783 square feet, it was sold under a 103-year leasehold tenure. The property is zoned for residential use, in line with the Urban Redevelopment Authority’s Master Plan 2019, which allows a gross plot ratio of 2.1.

The acquisition by a boutique property developer and investor signifies a growing interest in the residential redevelopment sector in Singapore, especially in areas close to the vibrant Orchard Road.

Observing the limited availability of land in the Dhoby Ghaut area where the site is situated, Sin Thai Hin chairman Robin Ng of the acquiring company expressed intentions to transform the site into an innovative boutique residence.

This development aims to stand out as a distinctive landmark atop Mount Sophia, in close proximity to the renowned Orchard shopping district.

The property attracted keen interest from various parties, indicating a strong demand for boutique residential redevelopment sites in prime city locations.

This particular site appealed to those seeking an urban living experience with a prestigious address and families looking for proximity to educational institutions.

This land sale is a milestone in District 9’s real estate landscape, being the first residential non-landed redevelopment site transaction since early 2021.

The real estate market in this district had been relatively quiet in terms of residential collective sales over the past few years, influenced by multiple rounds of cooling measures.

The latest measures, introduced in April, have notably impacted foreign homeowners’ participation in collective sales due to increased taxes.

132 Sophia Road Sale Site Details

  • Status: SOLD

  • Tenure: 103-year Leasehold

  • Land Size: 13,783 sq ft

  • Gross Plot Ratio: 2.1

  • Address: 132 Sophia Road, Singapore

  • Nearby MRTs: Little India, Dhoby Ghaut & Bencoolen

  • District: 9

  • Guide Price: S$35 million

  • Sale Price: S$33.59 million

  • Buyer: Sin Thai Hin Development