Hillhaven and The Arcady record sales of over 50 units each on launch weekend

Visitors at the sales gallery of The Arcady at Boon Keng, where 51 out of 172 units were sold today (Photo: EdgeProp Singapore)

Two private condos launched today [Jan 20]: The freehold 172-unit The Arcady at Boon Keng and the 341-unit Hillhaven at Hillview Rise. Together, they chalked up 110 units in sales. Both private condos were previewed a fortnight ago, on Jan 6.

Joint developers KSH Holdings, SLB Development, and KSH Holdings sold 51 units (29.7%) at The Arcady at Boon Keng as at 4pm on Jan 20. Prices started from just below $2,400 psf, with the average price achieved of $2,570 psf.

At Hillhaven, a joint development by Far East Organization and Sekisui House, about 59 of 179 units released were sold as at 6pm on Jan 20. Based on the units released, the take-up translates to 33%. However, the proportion of units sold is 17.3%, based on a total of 341 units. Prices at Hillhaven started from $1,903 psf.

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Visitors at the launch of Hillhaven today, Jan 20. The project saw 59 units sold out of 179 units released (Photo: Far East Organization)

"Buying sentiment may still be slightly tentative as we start the new year, having come off a market fraught with uncertainties in 2023," comments PropNex CEO Ismail Gafoor.

The Arcady at Boon Keng saw all 11 one-bedroom units taken up and a majority of the two-bedroom units sold. "The one- and two-bedroom units were the most popular with owner occupiers and investors," says Mark Yip, CEO of Huttons Asia. "The smaller family size in Singapore means that most families view a two-bedroom unit as ideal." The buyers were predominantly Singaporeans and Permanent Residents (PRs).

"Discerning homebuyers and investors are attracted by the project's freehold tenure," says Marcus Chu, CEO of ERA Singapore. "It is the first freehold private residential property to be launched in 2024, ahead of the other 10 freehold projects slated for launch over the year."

The 172-unit freehold The Arcady at Boon Keng is within walking distance of the Boon Keng MRT Station (Source: EdgeProp Landlens)

Boon Keng MRT Station on the Northeast Line is an eight-minute walk from The Arcady, notes PropNex. There are shops and hawker centres nearby in Bendemeer Road and Geylang Bahru, as well as schools such as Bendemeer Primary and Secondary, Hong Wen School, St. Andrew's Junior School, St. Andrew's Secondary, and St. Andrew's Junior College.

ERA estimates that just 11% of an expected 11,000 units to be launched this year are freehold. The Arcady is also the first freehold project in District 12 to be launched since Verticus by developer Soilbuild Group. Launched in February 2020, the 162-unit project was fully sold by September 2022 at an average price of $2,108 psf.

"Freehold property prices in District 12 grew by 29.3% over the four years from 4Q2019 to 4Q2023," notes ERA's Chu. Meanwhile, he adds that rents in the area have surged 40% from 2020 to 2023.

Hillhaven is near the Hillview MRT station, greenery and other amenities like shopping and F&B destinations such as HillV2, Dairy Farm Mall and Hillion Mall (Source: EdgeProp Landlens)

While The Arcady is located in District 12 in the city fringe or Rest of Central Region (RCR), Hillhaven is in District 23, in the suburban neighbourhood of Hillview or the Outside Central Region (OCR). The project is a four-minute walk to the Hillview MRT Station on the Downtown Line.

Developer Far East Organization said the two- and three-bedders were the most popular units. The buyers were predominantly Singaporeans and PRs, many of whom were upgraders.

The Hillview residential precinct is a "charming and intimate location", says Shaw Lay See, COO of sales and leasing group at Far East Organization. However, upgrading to private housing is a lengthy process, she adds. "We are optimistic that the strong interest Hillhaven has received, distinguished by its distinctive features, is an ideal choice for homebuyers seeking a green abode with convenient urban connectivity."

Artist's impression of the 341-unit Hillhaven in the Hillview neighbourhood of District 23 (Photo: Far East Organization)

The Hillview MRT station is a four-minute walk from Hillhaven. While close to nature, it is close to amenities such as shopping and F&B destinations such as HillV2, Dairy Farm Mall, Hillion Mall, Junction 10 and The Rail Mall, notes Huttons' Yip.

According to PropNex's Gafoor, the 33% take-up based on units launched is "encouraging". While units sold at Hillhaven are priced from $1,903 psf, PropNex notes that the average transacted price of new 99-year leasehold, non-landed private homes sold in the OCR in 2023 was $2,150 psf, based on caveats lodged.

Many 99-year leasehold private condos were launched in the District 23 area between 2019 and 2023, points out Gafoor: the 74-unit Phoenix Residences, 460-unit Dairy Farm Residences, 386-unit The Botany at Dairy Farm, the 408-unit The Myst and the 105-unit The Arden. These projects collectively sold over 980 new homes over the past four years.

Median home prices in District 23 have risen by some 44.8% between 2019 and 2023, says Eugene Lim, key executive officer. URA rental transaction data indicate that a three-bedder could rent for up to $5,600 while a two-bedroom unit could fetch $4,000 a month, he adds.

"Homebuyers could expect strong value growth in the future as they compare with other new launches in the OCR," says SRI managing partner Ken Low. "Investors are also confident with the strong rental statistics traditionally in this locale."

PropNex's Gafoor expects market activity to pick up "more meaningfully" after Chinese New Year in February.

Check out the latest listings for Hillhaven, The Arcady At Boon Keng properties