SINGAPORE: Two condominium projects were launched over the weekend, with both seeing a slow start. Approximately one-third of Hillhaven and The Arcady units, a freehold development, were sold.

Hillhaven was launched on Saturday (Jan 20), and by 6 o’clock on the evening of that date, around 59 of 179 units released had been sold. The project in District 23 is a joint development by the Far East Organization and Sekisui House.

Real estate website EdgeProp noted that while the take-up translates to 33 per cent, the proportion of units sold is at 17.3 per cent if figures are based on a total of 341 units. The units sold at Hillhaven on Jan 20 started from $1,903 per square foot.

PropNex CEO Ismail Gafoor is quoted in an EdgeProp piece as saying, ”Buying sentiment may still be slightly tentative as we start the new year, having come off a market fraught with uncertainties in 2023.”

He added, however, that he expects the market to pick up after the Lunar New Year celebrations.

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According to a press release from Far East Organization, the 59 buyers of Hillhaven’s units are all Singaporeans and permanent residents (PRs). Notably, about 70 per cent of the buyers are in the 31 to 50 age range.

Additionally, the press release also says that the majority of Hillhaven’s units that were sold are two- and three-bedroom units.

The company said earlier this month that a 678-square-foot, two-bedroom-with-two-bathroom unit at Hillhaven starts at S$1.37 million.

As for The Arcady at Boon Keng in District 12, 51 of the 172 units have already been scooped up. Mr Gafoor said that most of the ones sold are one and two-bedroom units, with prices that start at under $2,400 per square foot. All 11 one-bedroom units had been sold.

Mr Mark Yip, the CEO of Huttons Asia, noted that “The one- and two-bedroom units were the most popular with owner occupiers and investors. The smaller family size in Singapore means that most families view a two-bedroom unit as ideal.”

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He noted that the market for condominiums in Singapore for 2024 is off to a “good start to the year” with both launches.

EdgeProp also quotes Mr Marcus Chu, CEO of ERA Singapore, as saying, “Discerning homebuyers and investors are attracted by the project’s freehold tenure. It is the first freehold private residential property to be launched in 2024, ahead of the other 10 freehold projects slated for launch over the year.” /TISG

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