Hillhaven, The Arcady Sales Over 50 Units Each on Launch
The Arcady Condominiums at Boon Keng with 172 units and Hillhaven at Hillview Rise, which has 341 units were both launched on Jan 20. Together, they sold 110 units. Both private condominiums were previews a couple of weeks ago.
The Arcady, Boon Keng, was sold by joint developers KSH Holdings (29.7%), SLB Development (29.6%), and H10 Holdings at 4pm Jan 20. Prices started at $2,400, and the average achieved was $2,570.
The Myst
Hillhaven is a joint venture between Far East Organization (FEO) and Sekisui House. At 6pm Jan 20th, approximately 59 of the 179 available units were sold. On the basis of the released units, the take up is approximately 33%. In fact, 17.3% of the 341 total units are sold. Hillhaven prices began at $1903 per sq ft.
All 11 of the one-bedroom Arcady units were taken and most of the two bedroom units were also sold. “Due to Singapore’s smaller families, most Singaporeans consider a 2-bedroom unit ideal.” Buyers were mainly Singaporeans, and Permanent Residents.
This is the first residential freehold property that will be launched in the year 2024.
PropNex states that The Arcady’s closest MRT station is Boon Keng on the Northeast Line, eight minutes walk away. Bendemeer Road and Geylang Bahru offer a variety of shops and hawker centre, and there are also schools nearby, such as Bendemeer Primary and Secondary School and Hong Wen School.
The Myst Condo
ERA believes that only 11% out of 11,000 expected units will be released this year. The Arcady, by Soilbuild Group, is the first freehold project launched in District 12 after Verticus. Launched in March 2020, the 162-unit building was sold to its full capacity by September 2022. Its average price was $2,108 psf.
Over the past four years, from 4Q2019 to 4,Q2023, freehold property prices in district 12 have grown by 29,3%. Rents in the District have also risen 40% between 2020 and 2030.
The Arcady in District 12, the rest of Central Region, is situated in the district of Hillview in District 23, which is the Outside Central Region. The Hillview MRT Station of the Downtown Line is a short four-minute stroll from the project.
Far East Organization reported that two-bedroom and three-bedroom units were most popular. The majority of buyers were Singaporeans or PRs.
Shaw Lay See, COO at Far East Organization’s sales and leasing division, describes Hillview residential as a charming area. The process of upgrading to private accommodation is lengthy. Hillhaven’s distinctive features have attracted a lot of interest, and we believe it is the perfect choice for homebuyers looking for a green house with urban connectivity.
Hillhaven is a four minute walk away from the Hillview MRT station. The Hillhaven is in close proximity to the nature and to F&B and shopping destinations like HillV2, Dairy Farm Mall Hillion Mall Junction 10 The Rail Mall.
PropNex considers that the 33 percent take-up of units launched to be encouraging. PropNex says that although units at Hillhaven have a starting price of $1,903/sq.ft., the average transacted prices for 99-year leasehold non-landed homes sold in OCR 2023 were $2,150/sq.ft., according to caveats.
The District 23 area saw the launch of many 99-year private condominiums between 2019-2023. The Phoenix Residences (74 units), Dairy Farm Residences (460 units), The Botany At Dairy Farm (386 Units), The Myst (408 Units), and The Arden (105 Units) are all 74 unit projects. In the past four year, these projects collectively sold 980 new houses.
Eugene Lim, the key executive officer, said that between 2019 and 20,23, median home prices in district 23 rose by about 44.8%. URA rental transaction figures show that a unit with three bedrooms could rent up to $5600 per month. A two-bedroom apartment could fetch as much at $4,000, according to Eugene Lim.
In the future, buyers can expect to see a significant increase in home values compared with other new launches within the OCR. This area has a strong rental history, giving investors confidence.
