First two condominium launches for 2024 are starting slowly

At 4 pm Saturday, 51 of the 172 freehold apartments at The Arcady were sold – less than 30 percent.

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

Both projects’ sales have been “encouraging” and experts expect a gradual improvement in take-up as buyers gradually return.

In general, buyers still have a positive attitude towards buying, but they may take their time to evaluate the market and consider their options.

Buyers are still very price conscious, selective with the type of property they are looking to buy and not really in a rush.

Analysts also think that Hillhaven has a competitive price compared to new 99-year leasehold non-landed private home sales outside Central Region in 2023. The average transacted prices for these homes is S$2,150/sqft.

In a release issued on Saturday by Far East, the company said that 59 of its buyers were Singaporeans and Permanent Residents (PRs), with an average age range between 31-50 years old.

It added that the majority of the units were 2- and 3-bedroom units.

Lentor Mansion at District 26

The project has been developed in collaboration by KSH Holdings SLB Development and H10 Holdings.

The launch of private homes for the new year began with two projects: Hillhaven in district 23 and The Arcady in Boon Keng (freehold) in district 12. Although both were slow to start, analysts found the sales to be “encouraging”.

Far East Organization and Sekisui House’s joint-venture partner sold 59 units out of 179 – or about 33 percent – during their Hillhaven Phase 1 Launch on Saturday, Jan 20. Prices started at S$1,903 for a square foot.

The Arcady in Boon Keng is popular with investors because it’s within 1km of St Andrews Junior School as well as Hong Wen School and Bendemeer Elementary School.

Rents in this area also saw a “remarkable increase” of over 40 percent from 2020 to 2030, reflecting the demand for properties on the city fringe.

There will only be 11 per cent of 11,000 units that are expected to launch this year as private residential homes with freehold ownership.

The HDB (Housing and Development Board) estates in the area, such as the Kallang/Whampoa Estate in the vicinity, saw 54 units of multi-million dollar flats change hands in 2023

The project is attractive to HDB upgraders looking for freehold developments within a vibrant and strategically located neighborhood near the city.


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