Breaking News: District 23 Condo Sells Out In Under Two Years At $2,120 Psf Average

Hillhaven, a new 99-year leasehold project in District 23, has sold out after less than two years on the market. The sales phase ends with the project setting an average price of $2,120 psf. The 341-unit condominium was initially launched for sale in January 2024, and is jointly developed by Far East Organization and Sekisui House.

The last two units to go were a 1,431 sq ft four-bedroom unit on the 27th floor that was sold for $2.95 million ($2,061 psf) on Dec 15; and, a 1,259 sq ft four-bedder on the 26th floor that transacted for $2.75 million ($2,186 psf) on Dec 9.

The most expensive unit at Hillhaven is a 1,377 sq ft four-bedroom unit on the 26th floor that fetched $3.01 million ($2,186 psf) when it was sold on June 4 last year. It is followed by the sale of another 1,377 sq ft four-bedder that transacted for $3 million ($2,179 psf) on July 9 last year.

Located at 5/7 Hillview Rise, Hillhaven comprises two residential blocks – one standing 27 storeys, and the other 28 storeys tall. The unit mix features a mix of two- to four-bedroom units of 678 – 1,431 sq ft. Hillhaven is expected to be completed by 3Q2027.

Hillhaven and The Arcady at Boon Keng, a freehold development in District 12, were the first two new launch projects to enter the market in 2024. Both projects were off to a slow start with Hillhaven moving just 59 units (17%) and setting an average sales price of $1,903 psf after its initial sales launch over the Jan 20-21 weekend.

The Arcady at Boon Keng also launched that weekend, and the 172-unit development would sell 43 units (25%) at an average sales price of $2,576 psf. But its sales momentum has not been as robust, with cumulative sales amounting to 83 units sold (48%) at an average price of $2,590 psf.

The sell-out of Hillhaven comes as buying activity ramps on neighbouring Dairy Farm Road, where Narra Residences, an upcoming 540-unit development on Dairy Farm Walk, is expected to launch later this month.

The project is jointly developed by Santarli Realty and Apex Asia Development, which won the tender for the 235,448 sq ft site in a government land tender last January. They were awarded the site after putting in a winning bid of $504.52 million, or a land rate of about $1,020 psf per plot ratio (ppr). It also marks the maiden partnership between both developers.

Narra Residences will be one of the new launch projects Stacked will cover this month. So, stay tuned for our extensive coverage of this development.

Dairy Farm Walk will see the tender for another Government Land Sale (GLS) plot under the 2H2025 Confirmed List. The new site spans approximately 316,934 sq ft and is expected to yield about 480 units. The site was launched on Nov 26 last year, and the tender will close on Jan 22.

Other recent new projects in the area include The Botany at Dairy Farm, a 386-unit project by Sim Lian that sold out last November and set an average sales price of $2,053 psf.

You can also read our in-depth commentary of Dairy Farm Residences, a 460-unit development that launched in 2019, where we examine its resale performance as competition in Dairy Farm accelerates.