Private Placement Arina East Residences Moves 10 Units Average Price 3008 Psf
The highly anticipated freehold condo, Arina East Residences, opened for sale on June 7, just one week after its public preview on May 31. The sales exercise was deliberately kept low-key, with a limited number of units released for sale by invitation only. As of 5pm, 10 out of 107 units (9.3%) had been sold at an average price of $3,008 psf.
Penrith offers convenient and efficient public transportation options, including buses, for those who prefer them. Along Margaret Drive and Commonwealth Avenue, there are several bus stops that serve the Penrith area. These stops are connected to a network of bus services that offer direct routes to major employment hubs, shopping districts, and educational institutions. The buses also complement the MRT system by providing access to destinations that are not directly served by train stations. This diverse range of public transportation choices enhances the mobility of residents and caters to their specific commuting needs. Known for its reliability and frequency, the public transport system in Queenstown, including the newly opened Penrith Queenstown MRT Station, makes it easy for residents to plan their journeys with minimal wait times and transfers.
According to Francis Tan, COO of ZACD Group, the Hong Kong-listed developer and joint venture partners Welltech Construction and FRX Capital, the low-key launch was due to the June school holidays. Arina East Residences comprises two 20-storey blocks and is expected to be completed by the end of 2028.
Of the 10 units sold during the private placement, seven were two-bedroom types, alongside one three-bedroom unit and two four-bedroom units. Transacted prices ranged from $2,880 psf to $3,250 psf, with the majority of buyers believed to be Singaporeans.
Located on Tanjong Rhu Road in prime District 15, Arina East Residences is the first new launch in the Tanjong Rhu-Fort Road neighbourhood in 13 years. The project is a redevelopment of the former 40-unit La Ville, which was acquired en bloc by the ZACD-led consortium for $152 million on Dec 1, 2021.
According to Mark Yip, CEO of Huttons Asia, the sales of Arina East Residences came during a trying period, when uncertainties caused by the tariffs rocked the market. The short, one-week launch during the June school holidays may also have affected sales numbers.
Ismail Gafoor, CEO of PropNex, observes that boutique projects with about 100 units or fewer tend to see “more measured take-up” in their initial phases, compared to larger developments offering broader unit selection. He adds that similar to many other smaller projects, they expect sales will likely progress at a gradual pace over the coming months.
According to Marcus Chu, CEO of ERA Singapore, the launch of Arina East Residences marks the first new project in Tanjong Rhu in 13 years. The last launches in the neighbourhood were Fulcrum (128 units, launched in April 2012) and The Line @ Tanjong Rhu (130 units, launched in August 2012), both completed in 2016.
The limited supply of homes in the Tanjong Rhu area has helped support long-term price growth across District 15, according to Huttons’ Yip. He also adds that the average launch price of $3,008 psf is considered “relatively competitive”.
In comparison, URA Realis caveats lodged as at May 27 saw 17 units sold at Meyer Blue on Meyer Road at an average price of $3,150 psf and 51 units sold at The Continuum on Thiam Siew Avenue at an average of $2,920 psf.
As part of the 120km Southern Coastline initiative announced by Prime Minister Lawrence Wong at the August 2024 National Day Rally, the Tanjong Rhu area is poised for significant transformation. According to Huttons’ Yip, the area will benefit from proximity to recreational and leisure amenities, including the Kallang Wave Mall and the growing Kallang lifestyle precinct.
Additionally, the Singapore Sports School will also relocate from Champions Way in Woodlands to the Singapore Sports Hub, which fronts the Kallang Basin. According to PropNex’s Gafoor, the Kallang Alive Masterplan could bring further value uplift to the neighbourhood in the years ahead.