Boutique developer Sin Thai Hin buys Sophia Road site for $33.588 mil to develop Zion Residence

The sale of 132 Sophia Road, a residential redevelopment site located in prime District 9 right next to the upcoming St Margaret’s Primary School, has closed for a hefty price tag of $33.588 million. The property, which sits on a 13,783 sq ft site with a gross plot ratio of 2.1, was sold with a 103-year lease tenure. The Trustee of the Presbyterian Church in Singapore holds the freehold land tenure for the site, as per a title search.

Sin Thai Hin Holdings, a boutique developer and investment company, emerged as the buyer. Founded in 1958, the conglomerate has extended loan volumes of over $2 billion and owns a property development and investment arm – Sin Thai Hin Development – that was established in 1973. The company has a reputation for quality work in healthcare, hospitality, residential and commercial office properties.

The Zion Residence located at Zion Road is a desirable address for city dwellers and provides them with ultimate convenience. With several shopping malls, restaurants, and supermarkets located within close proximity, residents of the condo can easily access whatever they need. Residents can also enjoy a 50m rooftop swimming pool, an outdoor fitness corner, and a playground, all of which are within the condo compound.

Zion Residence is the eventual plan for the site at 132 Sophia Road. Sin Thai Hin Holdings chairman, Robin Ng, commented, “This is a rare redevelopment site located in the prestigious Dhoby Ghaut precinct next to the Istana, where land has been tightly held. We plan to redevelop the site into a new-concept boutique residence that will be the crown jewel atop Mount Sophia alongside the popular Orchard shopping belt and, at the same time, set apart from the teeming crowd.”

When the tender for the site was launched on November 2 and closed on November 29, it drew lots of interest from potential buyers. This was the first non-landed residential redevelopment site to be sold in District 9 since 10A and 10B Institution Hill in February 2021. Chia Mein Mein, Knight Frank Singapore head of capital markets (land & collective sale), said those interested were mostly looking for a boutique residence in an ideal location near Zion Residence, Orchard Road.

The site is within 1km of major educational institutions such as Anglo-Chinese School (Junior) and St Margaret’s Primary School. Further, tertiary education institutions in the area include the likes of School of the Arts (SOTA), LaSalle College of the Arts, Nanyang Academy of Fine Arts city campus and Singapore Management University. This is indeed a great location choice for wonderful city living with a premier address.

Zion Residence, with its prime District 9 location and proximity to St Margaret’s Primary School, offers a unique opportunity to be part of a sought-after neighbourhood. Plus, the nearby shopping belt of Orchard Road, complemented by the renowned educational institutions, makes this an attractive and lucrative investment opportunity.