[New Launch] Hillhaven and The Arcady each achieve over 50 units sold on launch weekend

Two private residential projects were recently launched: the 172-unit freehold development The Arcady at Boon Keng and the 341-unit Hillhaven at Hillview Rise. Together, the two projects moved a total of 110 units. Both private condominiums opened for public previews two weeks ago.

The Arcady sold 51 units (29.7%). Starting prices were just under $2,400 psf, with an average price reaching $2,570 psf.

Jointly developed by Far East Organization and Sekisui House, Hillhaven saw about 59 of the 179 launched units sold, achieving a sales rate of approximately one-third. Prices at Hillhaven started from $1,903 psf.

Following a market fraught with uncertainty in 2023, buying sentiment may still be somewhat cautious at the start of the new year.

All 11 one-bedroom units at The Arcady at Boon Keng were snapped up, and the majority of the two-bedroom units were also sold. 

One- and two-bedroom units proved most popular among owner-occupiers and investors alike. With smaller household sizes in Singapore, many families find two-bedroom layouts an ideal fit. Buyers were predominantly Singaporeans and Permanent Residents (PRs).

The development's freehold tenure appealed strongly to discerning homebuyers and investors. It also marks the first freehold private residential property launched in 2024.

Boon Keng MRT Station is just an eight-minute walk from The Arcady. Nearby amenities include shops and hawker centres, as well as reputable schools such as Hong Wen School, St. Andrew's Junior School, St. Andrew's Secondary School, and St. Andrew's Junior College.

Out of an estimated 11,000 units expected to launch this year, only around 11% are freehold units. The Arcady is also developer Soilbuild Group’s first freehold launch in District 12 since Verticus. Launched in February 2020, the 162-unit Verticus was fully sold out by September 2022 at an average price of $2,108 psf.

Over the four-year period from 4Q2019 to 4Q2023, freehold property prices in District 12 grew by 29.3%. Concurrently, rental rates in the area surged by 40% from 2020 to 2023.

The Arcady is situated in District 12 within the city fringe, or Rest of Central Region (RCR), while Hillhaven is located in District 23 within the Outside Central Region (OCR). Hillhaven is just a four-minute walk from Hillview MRT Station on the Downtown Line.

Developer Far East Organization noted that two- and three-bedroom units were the most sought-after. Buyers were predominantly Singaporeans and PRs, many of whom were upgraders.

The Hillview residential enclave offers a "charming yet secluded residential retreat". Hillhaven generated keen interest with its distinctive appeal, making it an ideal choice for homebuyers seeking seamless urban connectivity close to nature.

Hillview MRT Station is just a four-minute walk from Hillhaven, which is also close to retail and dining destinations such as HillV2, Dairy Farm Mall, Hillion Mall, Junction 10, and The Rail Mall.

Achieving a 33% take-up rate for the launched units is an encouraging result. While units at Hillhaven were sold from $1,903 psf, new 99-year leasehold non-landed private residential homes in the OCR transacted at an average of $2,150 psf in 2023.

Between 2019 and 2023, several 99-year leasehold private condominiums were launched in District 23: the 74-unit Phoenix Residences, 460-unit Dairy Farm Residences, 386-unit The Botany at Dairy Farm, 408-unit The Myst, and 105-unit The Arden. Collectively, these developments have sold more than 980 units over the past four years.

During this period, median home prices in District 23 climbed by approximately 44.8%. URA rental transaction data indicates that three-bedroom rentals can reach up to $5,600, while two-bedroom units can command up to $4,000 per month.

Compared to other newly launched properties in the OCR, buyers anticipate resilient future capital appreciation. Investors are also confident in the district's historically robust rental performance.

Market momentum is expected to pick up further following the Chinese New Year festivities in February.