Sophia Residence Sells 85% Of Released Units

Source : The Business Times, July 23, 2009

GUOCOLAND Group's Sophia Residence has drawn a strong response from property buyers here, with 85 per cent of its 138 released units sold thus far.

The 138 units included 100 units that were released during the official launch of the development last weekend. GuocoLand said it decided to release 100 units as the initial 38 units released earlier during the preview were all snapped up.

The units sold were a mix of studio, two-, three-, four-bedroom and penthouse units with selling prices ranging from $1,450 to $1,850 per sq ft.

The development features 272 freehold units. All studio and two-bedroom units have been snapped up, said GuocoLand.

Margaret Thean, executive director of real estate agent DTZ, pointed to Sophia Residence's 'extremely attractive' location as the key draw.

Sixty per cent of the buyers are Singaporeans, while the rest are permanent residents and foreigners.

ERA president Jack Chua said that 'foreign buyers are buying the units for their children' due to the property's proximity to institutions of learning, such as the Singapore Management University.

Additional units will be released this weekend.