Developed by Kingsford Development, The Hill@One-North announced the sale of 43 units over the launch weekend, with an average price of $2595 per square foot. This price is believed to be the highest average per square foot among the new private residential projects recently launched in the One-North area.
Located at Slim Barracks Rise, The Hill@One-North has 142 units in total. The majority of the units sold were two-bedroom units, two-bedroom plus study units, three-bedroom units, and three-bedroom plus study units. Eighty-six percent of the buyers were Singaporean citizens, with the remaining 14% being permanent residents and foreigners.
This 99-year leasehold project is expected to receive its Temporary Occupation Permit by 2026. Despite the cautious market sentiment, sales performance at The Hill@One-North was still considered satisfactory, similar to or even better than some other mid-sized projects launched earlier this year.
shicheng.news
Additionally, The Hill@One-North is expected to generate good rental yields in the future. The average rent for a two-bedroom apartment in the One-North area is about $5500, which is higher than the average rent of $4300 in the nearby Dover area. The shortage of private residential supply in nearby Biopolis and Fusionopolis will help enhance the future value of The Hill@One-North.
Meanwhile, The Hillshore sold two units last Saturday with an average price per square foot of $2598. This freehold project, developed by Hillside View Development under FRX Capital, has 59 units and is located in Pasir Panjang.
For those unfamiliar with the area, it might take more time to appreciate the project. However, buyers who prefer a tranquil environment yet wish to stay close to the Central Business District may find it appealing. The project is near a metro station and the upcoming Greater Southern Waterfront, offering future benefits from the transformation of the area.
Despite the lukewarm performance of the new private residential projects, the market still shows some signs of activity. Resale prices for private homes in the Core Central Region have continued to rise, from $2,118 per square foot in the fourth quarter of 2023 to $2,196 per square foot in the last quarter, an increase of 3.7%. This marks the third consecutive quarter of growth for CCR resale prices.
shicheng.news
In the first three months of this year, the average price increase in the CCR was higher than the 1.7% in the fourth quarter of 2023 and the 0.1% in the third quarter of 2023. The volume of CCR resale transactions also increased, from 494 units in the fourth quarter of 2023 to 501 units in the first quarter of 2024. Consequently, the proportion of CCR resale transactions compared to the private residential resale market rose from 17.6% in the fourth quarter of 2023 to 19.2% in the first quarter of 2024.
Meanwhile, resale prices for private homes in other central regions rose by 0.5% quarter-on-quarter, while prices in regions outside the central area fell by 0.3%. Recent data indicates a 1.4% increase in prices in both landed and non-landed resale real estate markets. The price rise in the first quarter of this year was driven by increases in both non-landed and landed residential resale prices, at 1.4% and 1.2% respectively.
Despite a 7.2% quarterly decline in resale volume during the first quarter of 2024 due to the Lunar New Year holidays and the March school holidays, market data still shows some activity. According to URA data, 2,603 resale homes were sold in the first quarter of 2024, slightly below the 2,806 units sold in the fourth quarter of 2023.
