Hillhaven and The Arcady attract interest, but buying sentiment remains cautious
SINGAPORE: The first two condominium launches of 2024—Hillhaven and The Arcady—saw moderate sales over the weekend, with only about one-third of the units sold.
Hillhaven, a joint development by Far East Organization and Sekisui House in District 23, launched on Saturday (Jan 20). By 6 PM, 59 of the 179 units released—approximately 33%—were sold. However, based on the total project size of 341 units, this represents only 17.3% of available units. Prices at Hillhaven started at $1,903 per square foot, with two- and three-bedroom units proving most popular among buyers.
All of Hillhaven’s buyers were Singaporeans or permanent residents, with 70% aged between 31 and 50. A press release from Far East Organization revealed that a 678-square-foot, two-bedroom unit starts at S$1.37 million.
Meanwhile, The Arcady at Boon Keng in District 12 saw 51 of its 172 units snapped up. The development, which features freehold tenure, saw strong demand for its one- and two-bedroom units, with prices starting below $2,400 per square foot. All 11 one-bedroom units were sold during the weekend.
Market Sentiment and Trends
PropNex CEO Ismail Gafoor observed a tentative buying sentiment as the market adjusts to uncertainties from 2023. He expressed optimism that activity will pick up post-Lunar New Year.
Huttons Asia CEO Mark Yip noted that smaller unit types remain popular among owner-occupiers and investors, aligning with the preference for smaller family sizes in Singapore.
ERA Singapore CEO Marcus Chu highlighted the appeal of The Arcady’s freehold tenure, making it the first such project launched this year ahead of 10 more slated for 2024.
Both launches indicate a cautious but steady start to Singapore’s 2024 condominium market, with developers and analysts optimistic about stronger momentum in the months ahead.
