Hillhaven & The Arcady each record sales of more than 50 units on launch.
Today [Jan 20] two private condos were launched: the 172-unit freehold The Arcady in Boon Keng, and the 341 unit Hillhaven in Hillview Rise. They sold 110 units together. The two private condos were both previewed on January 6, a fortnight earlier.
As of 4pm, Jan 20, joint developers KSH Holdings and SLB Development sold 51 units, or 29.7%, at The Arcady in Boon Keng. Prices began at just under $2,400 per square foot, with an average price of $2,570 per square foot.
As of 6pm, Jan 20, 59 out of the 179 units that were released had been sold. The take-up is 33% based on the number of units released. The proportion of sold units is 17,3%, based upon a total 341 units. The prices at Hillhaven began as low as $1,903 per square foot.
All 11 units of The Arcady in Boon Keng were sold, and the majority of two-bedroom apartments. Most Singaporean families prefer a unit with two bedrooms due to the smaller size of their family. Most of the buyers were Singaporeans or Permanent Residents.
The first private freehold residential property in 2024 will be launched ahead of the 10 other freehold projects scheduled to launch throughout the year.
PropNex notes that The Arcady is only eight minutes away from the Boon Keng MRT Station, which is on the Northeast Line. Bendemeer Road and Geylang Bahru are home to a number of shops and hawker centers, including Hong Wen School and St. Andrew’s Junior School.
ERA estimates only 11% of the 11,000 units expected to be launched in this year will be freehold. The Arcady project is the first new freehold development in District 12 since Soilbuild Group launched Verticus. The 162-unit project, which was launched in February 2020, was sold out by September 2022, at an average price per square foot of $2,108.
In the period from 4Q2019 until 4Q2023, prices of freehold properties in District 12 increased by 29.3%. Rents have risen by 40% in the district from 2020 to 2023.
The Arcady, located in District 12, is on the edge of the city or Rest of Central Region. Hillhaven, however is in District 23 in the suburb of Hillview (Outside Central Region). The Hillview MRT Station, on the Downtown Line, is only a 4-minute walk from the project.
The developer Far East Organization stated that the two and three bedroom units were the most in demand. Most of the buyers were Singaporeans and PRs. Many were upgrading.
Shaw Lay See is the COO for sales and leasing at Far East Organization. He describes Hillview as a charming, intimate area. Upgrades to private housing are a long process. We believe that the high interest in Hillhaven, which is distinguished by its unique features, makes it an ideal choice for those homebuyers who are looking for a green abode and convenient urban connectivity.
Hillhaven is a 4-minute walk to the Hillview MRT Station. It is located near shopping and F&B areas such as HillV2, Dairy Farm Malls, Hillion Malls, Junction 10 and The Rail Mall.
PropNex says that the 33% take up based on units released is encouraging. PropNex reports that while units at Hillhaven start at $1,903 per square foot, the average price of non-landed, 99-year leasehold private homes in the OCR sold in 2023 will be $2,150 per square foot, based upon caveats.
Between 2019 and 2023, many 99-year leasehold condos have been launched in District 23. The Phoenix Residences with 74 units, Dairy Farm Residences with 460 units, The Botany at Dairy Farm with 386 units, The Myst, 408 unit and The Arden, which has 105 units. Over the last four years, these projects have collectively sold more than 980 new homes.
Eugene Lim is the chief executive officer of District 23. He says that median home prices have increased by 44.8% from 2019 to 2023. URA rental data shows that a 3-bedder can rent for as much as $5,600, while a 2-bedroom unit may fetch up to $4,000 per month.
Comparing new developments in the OCR, homebuyers can expect a strong growth in value in the future. The strong rental statistics in this area have also given investors confidence.