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Hillhaven and The Arcady Record Strong Sales on Launch Weekend
Two private condos, Hillhaven and The Arcady Record Strong Sales on Launch Weekend on January 20, 2024, with the sale of over 50 units each.
These developments, jointly brought to the market by KSH Holdings, SLB Development, H10 Holdings, Far East Organization, and Sekisui House, have garnered significant interest from homebuyers and investors. We will delve into the details of the sales, the factors driving interest in these projects, and their strategic locations.
The Arcady at Boon Keng
The Arcady at Boon Keng, a freehold development comprising 172 units, witnessed the sale of 51 units on its launch day. Prices for these units started just below $2,400 per square foot (psf), with an average achieved price of $2,570 psf. The project’s strategic location within walking distance of Boon Keng MRT Station and proximity to shops, hawker centers, and schools has made it highly appealing to potential buyers.
Popular Unit Types
The project’s one-bedroom and two-bedroom units were particularly popular among owner-occupiers and investors. The smaller family size in Singapore has led to a preference for two-bedroom units, making them the top choice for many buyers. The majority of buyers at The Arcady were Singaporeans and Permanent Residents (PRs).
The Appeal of Freehold Tenure
The Arcady stands out as the first freehold private residential property to be launched in 2024, ahead of other freehold projects scheduled for the year. The allure of freehold tenure has attracted discerning homebuyers and investors. Freehold properties such as Watten House or Enchante continued to be good investment and long term living projects, knowing that you can pass on these properties to your future generations.
Hillhaven at Hillview Rise
Hillhaven, another remarkable development, consists of 341 units and is a joint venture between Far East Organization and Sekisui House. On its launch day, approximately 59 units were sold out of the 179 units released, achieving a sales rate of about 17.3%. Prices at Hillhaven started from $1,903 psf.
Strategic Location
Hillhaven’s location in District 23, close to Hillview MRT Station and surrounded by greenery, shopping centers, and dining options such as HillV2, Dairy Farm Mall, and Hillion Mall, has made it an attractive choice for homebuyers.
Preferred Unit Types
The two-bedroom and three-bedroom units at Hillhaven proved to be the most popular among buyers, with a significant number of Singaporeans and PRs upgrading to these units.
Comparing Prices
While the units at Hillhaven are priced from $1,903 psf, it’s worth noting that the average transacted price of new 99-year leasehold, non-landed private homes in the Outside Central Region (OCR) in 2023 was $2,150 psf, based on caveats lodged.
Strong Growth and Rental Potential
The growth in freehold property prices in District 12 and District 23 has been notable, with prices increasing by 29.3% in the past four years. Additionally, rental rates have surged by 40% from 2020 to 2023 in these areas.
Hillhaven and The Arcady Record Strong Sales on Launch Weekend : Future Outlook
The robust take-up rate for these developments is promising, especially considering the uncertainties in the market in 2023. With only 11% of expected 2024 launches offering freehold tenure, The Arcady and Hillhaven have set the stage for a year that promises attractive real estate opportunities.
We believe these two projects are worth your time and do contact us to find out more why.
