Hillhaven & The Arcady both record sales exceeding 50 units during launch.
Two private condominiums have been launched today. The Arcady, a 172 unit freehold condo at Boonkeng and Hillhaven, a 341 unit Hillview Rise. Together, the two condos sold 110 units. Both private condos had been previewed just a week ago, on 6 January.
At 4pm on January 20, KSH Holdings together with SLB Development and H10 Holdings had sold 51 units at The Arcady. This represents a 29.7% share. Prices ranged from below $2400 psf to an average of $2570 psf.
About 59 units of the 179 released at Hillhaven (a joint development between Far East Organization and Sekisui House) were sold by 6pm on January 20. According to the units released, this translates into a 33% take-up. On a total of 341, the percentage of units sold was 17.3%. Hillhaven’s prices started at $1,903/sqft.
The Arcady, Boon Keng has sold a majority and all of its two-bedroom units. In Singapore, most families consider a two-bedroom apartment ideal. The majority of buyers were Singaporeans and Permanent Resident (PRs).
“This is the first of 10 freehold residential projects to be launched this year.
PropNex reports that The Arcady can be reached in eight minutes by foot from Boon Keng MRT Station. Bendemeer Road and Geylang Bahru have hawker centres and shops, and schools like Bendemeer Primary and Secondary School, Hong Wen School and St. Andrew’s Junior School.
ERA estimates just 11% (or 11,000) of the expected 11,000 new units launched in 2019 will be freehold. The Arcady will be the first project to launch in District 12 that is freehold since Verticus, a development by Soilbuild Group. The 162-unit development was launched in February of 2020 and sold out completely by September of 2022 for an average price $2,108 per sq ft.
The price of freehold property in District 12 has risen by 29.3% from the 4th quarter of 2019 to the 4th quarter 2023. In the meantime, rents in District 12 have increased by 40% between 2020 and 2023.
The Arcady lies in District 12 on the city fringe, or Rest of Central Region. Hillhaven is located in district 23, the suburban suburb of Hillview. The Hillview MRT Station is just a four minute walk away.
Far East Organization, a developer in Singapore, said that two- and three bedders are the most popular. Buyers were mainly Singaporeans, PRs and many upgraders.
Shaw Lay See (COO, Sales and Leasing Group, Far East Organization) describes the Hillview Residential Precinct as an intimate and charming location. Upgrading to private housing can be a long and tedious process. We are confident that the interest Hillhaven received is a good choice for buyers looking for an urban green home with easy access to city amenities.
Hillhaven can be reached in four minutes by foot from the Hillview station. The Hillhaven is close to shopping and F&B options such as HillV2, Dairy Farm Mall and Hillion Mall.
PropNex deems the 33% uptake of units based on those launched as encouraging. PropNex states that units at Hillhaven begin at $1,903/sqft, but the average transaction price for new 99-year non-landed private homes purchased in the OCR by 2023 is $2,150/sqft, based on caveats filed.
In the District 23 area, between 2019 and 20,23, many private condos with 99-year leaseholds were introduced. The Phoenix Residences consisting of 74 units. The Dairy Farm Residences consisting of 460 units. The Botany, comprising 386 unit, is located at Dairy Farm. The Myst, consisting 408 units. The projects sold 980 homes in the last four-year period.
Eugene Lim says the median home price in District 23 has risen 44.8% over 2019-2023. URA data on rental transactions shows that a three bedroom unit can be rented for as high as $5600 a month while a two bedroom unit can fetch up to $4000 a monthly, says Eugene Lim, key executive officer.
The OCR is a hotspot for homebuyers who are interested in new homes. Rents have been historically high in the OCR, which gives investors confidence.