Hillhaven and Arcady are off to a slow start in 2024

The weekend saw the launch of two projects, Hillhaven, in District 23, as well as The Arcady, a freehold development in Boon Keng, District 12. Both were off to a sluggish start, but analysts called the sales “encouraging”.

Far East Organization, along with joint venture partner Sekisui House, sold 59 of the 179 units (about 33%) as part of Hillhaven’s Phase 1 launch on Saturday (20 Jan), at prices starting at S$1,903 a square foot.

In a Saturday press release, Far East stated that all 59 purchasers were Singaporeans or permanent residents (PRs), and the majority of them were aged between 31-50.

The majority of units sold are two- and three bedroom units, the report added.

As of 4pm on Saturday, 51 units out of 172 at The Arcady Boon Keng – or just over 30% – had been sold.

All 11 of the one-bedroom-and-study units, and 25 out of 38 two-bedroom units, were sold.

The project was developed jointly by KSH Holdings and SLB Development, as well as H10 Holdings.

Experts expect that as buyers return to the market, sales will improve.

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Most people believe that the buying mood is still strong, but some prospective buyers are taking their time to review and assess the market.

It seems that buyers remain price-conscious and selective in the properties they choose to purchase. They are also not very eager.

Analysts believe that Hillhaven’s price is competitive compared to the average transaction price of S$2,150 per square foot for non-landed, 99-year-leasehold private homes in Outside Central Region (OCR), sold by 2023.

The Arcady is a popular choice for investors as it is located within 1 km from St Andrews Junior School. Hong Wen School, and Bendemeer primary school.

Rents have also increased “remarkably” by more than 40% from 2020 to 2023. This is due to the demand for residential property on the city’s fringe.

Only 11 percent of the 11,000 residential units expected to be launched in this year are freehold.

In 2023, 54 million-dollar apartments were sold in the Kallang/Whampoa HDB estate.

This project is a good buy for HDB upgraders who are looking to purchase a freehold development in thriving neighbourhoods near the city.

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