Kingsford sells 30% of units at The Hill @ One-North, with average price of $2,595 psf
By Cecilia Chow
/ EdgeProp Singapore |
The crowd at The Hill @ One-North during the sales by balloting on April 20 (Photo: Kingsford Development)
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On April 20, developer Kingsford Development sold 43 units (30.3%) out of the 142 at The Hill @ One-North in Slim Barracks Rise. The average transacted price of units sold in the 99-year leasehold project in one-north was $2,595 psf. “The average price achieved is likely to have set a new benchmark price for recent new private residential launches in one-north,” according to a statement by Kingsford Development.
Ismail Gafoor, CEO of PropNex, says the 30% take-up rate at The Hill @ One-North is decent, given the more cautious market sentiment. He notes that the take-up is also on a par with that of mid-sized projects (between 100 and 300 units) that hit the market earlier this year. For instance, the 172-unit, freehold The Arcady @ Boon Keng, launched in January, sold 51 units (29.7%) at an average price of about $2,568 psf. At the 267-unit Lentoria, launched in March, 23.6% of the 99-year leasehold project in Lentor Hills estate has been taken up at an average price of $2,123 psf.
According to Kingsford Development, the majority of units sold at The Hill @ One-North are two- and three-bedroom types. However, two of the six four-bedroom units were also taken up. The four-bedroom units are from 1,227 to 1,410 sq ft. Singaporeans made up about 86% of the total number of homebuyers, while permanent residents (PRs) and foreigners accounted for the remaining 14%.
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"The Hill @ One-North attracted a good balance of investors and owner occupiers," says Mark Yip, CEO of Huttons Asia. The bulk of the buyers have private residential addresses. While the buyers were predominantly Singaporean, Chinese PRs and US citizens made up a significant number, too, he adds.
Indicative prices of the two-bedders range from $1.9 million, with three-bedders above $2.3 million and four-bedders upwards of $3 million.
The two- and three-bedroom types were the most popular among homebuyers at The Hill @ One-North (Picture: Kingsford Development)
Proximity to MRT stations, schools, R&D cluster
"Apart from the relatively accessible price quantum, we think many buyers also like the project's convenient location, being within a seven- to eight-minute walk to the Rochester Mall, The Star Vista, and two MRT stations -One-North Station and Buona Vista Interchange Station," says PropNex's Gafoor.
Families appreciate the proximity to schools, especially with Fairfield Methodist School (Primary) and the one-north Park, Huttons' Yip reckons.
The prospect of strong rental demand and the higher rents in one-north are a draw for investors, says Yip. Huttons' data analytics shows that two-bedroom units in one-north have an average monthly rent of $5,500 compared to $4,300 at condos in the Dover area. "Limited supply of homes in Biopolis and Fusionopolis may support better price appreciation in the future," he adds.
Near The Hill @ One-North is the 275-unit Blossoms by the Park. Launched 12 months ago in April 2023, over 200 units (73%) on its launch weekend. A year to date, 245 units (89%) have been sold. Based on caveats lodged in the first four months of 2024, Blossoms by the Park saw 20 units transacted at an average price of $2,537 psf.
“That the launch take-up rate at The Hill @ One-North trended lower than that of Blossoms by the Park was not entirely unexpected,” says PropNex’s Gafoor. “We think the market sentiment has turned a lot more cautious now, with easing home sales, buyers’ fatigue, and perhaps a general lack of impetus for buyers to act.”
'Little competition'
Prior to Blossoms by the Park, the last launch in the area was the 165-unit One-North Eden in April 2021. About 85% of the units were snapped up on its launch weekend, and the project was fully sold in less than a year.
With One-North Eden fully taken up and Blossoms by the Park 89% sold, the next project launch in one-north will be the residential site at Media Circle, says Marcus Chu, CEO of ERA Singapore. The development site was awarded in January 2024. Hence, the new project is only expected to be launched sometime in 2025. "There is currently very little competition for The Hill @ One-North," he reckons.
The Hill @ One-North is expected to obtain its Temporary Occupation Permit in December 2026. The project is the first of three that Kingsford Group intends to roll out this year. The other two projects, the redevelopment of Chuan Park, which Kingsford purchased en bloc jointly with MCC Singapore and the residential development at Marina Gardens Lane, are expected to be launched in 2H2024.
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