The crowd at The Hill @ One-North during the sales by balloting on April 20 (Photo: Kingsford Development)
On April 20, developer Kingsford Development sold 43 units (30.3%) out of the 142 at The Hill @ One-North in Slim Barracks Rise. The average transacted price of units sold in the 99-year leasehold project in one-north was $2,595 psf. “The average price achieved is likely to have set a new benchmark price for recent new private residential launches in one-north,” according to a statement by Kingsford Development.
Ismail Gafoor, CEO of PropNex, says the 30% take-up rate at The Hill @ One-North is decent, given the more cautious market sentiment. He notes that the take-up is also on a par with that of mid-sized projects (between 100 and 300 units) that hit the market earlier this year. For instance, the 172-unit, freehold The Arcady @ Boon Keng, launched in January, sold 51 units (29.7%) at an average price of about $2,568 psf. At the 267-unit Lentoria, launched in March, 23.6% of the 99-year leasehold project in Lentor Hills estate has been taken up at an average price of $2,123 psf.
According to Kingsford Development, the majority of units sold at The Hill @ One-North are two- and three-bedroom types. However, two of the six four-bedroom units were also taken up. The four-bedroom units are from 1,227 to 1,410 sq ft. Singaporeans made up about 86% of the total number of homebuyers, while permanent residents (PRs) and foreigners accounted for the remaining 14%.
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"The Hill @ One-North attracted a good balance of investors and owner occupiers," says Mark Yip, CEO of Huttons Asia. The bulk of the buyers have private residential addresses. While the buyers were predominantly Singaporean, Chinese PRs and US citizens made up a significant number, too, he adds.
Indicative prices of the two-bedders range from $1.9 million, with three-bedders above $2.3 million and four-bedders upwards of $3 million.
The two- and three-bedroom types were the most popular among homebuyers at The Hill @ One-North (Picture: Kingsford Development)
Proximity to MRT stations, schools, R&D cluster
"Apart from the relatively accessible price quantum, we think many buyers also like the project's convenient location, being within a seven- to eight-minute walk to the Rochester Mall, The Star Vista, and two MRT stations -One-North Station and Buona Vista Interchange Station," says PropNex's Gafoor.
Families appreciate the proximity to schools, especially with Fairfield Methodist School (Primary) and the one-north Park, Huttons' Yip reckons.