[SINGAPORE] Freehold development Arina East Residences sold about 9 per cent of its 107 units on Saturday (Jun 7), at an average price of about S$3,000 per square foot.
According to PropNex, seven units of the two-bedroom apartment, a three-bedroom, and two four-bedroom units were moved, with the transacted unit prices of these 10 apartments ranging from about S$2,880 to S$3,250 per square foot.
The majority of the buyers of the Tanjong Rhu Road project by ZACD LV Development are believed to be Singaporeans, the real estate agency said in a media statement on Saturday.
Chief executive officer of PropNex, Ismail Gafoor, said: “Typically, we have observed that smaller projects with around 100 units in the development tend to see a more measured take-up rate at first, unlike the bigger projects with more units for buyers to choose from… Similar to many other smaller projects, we expect sales will likely move at a gradual pace over the coming months.”
ERA, one of the joint marketing agents for the project, noted that the development only had a one-week preview before opening for sales bookings during school holidays, and that Saturday was a public holiday.
CEO of ERA Singapore, Marcus Chu, pointed out that it was the first project launched in the area in a decade, and buyers recognised the project’s strong potential for capital appreciation. “The future BTO (Build-to-order) supply in the vicinity is projected to support investor exit strategies, providing a ready pool of upgraders in the long term.”
While some agencies called the average price “competitive”, Nicholas Mak, chief research officer at property search portal Mogul.sg, said that it is higher than its competitors, and that most homebuyers appear to be more price sensitive, especially in the current uncertain economic climate.
“Real estate developers have held back their project launches since April 2025 as the uncertain economic outlook hammers sentiments in the property market. Arina East Residences is the first major residential project to test the water since April. It appears that the market sentiment is still not favourable for project launches,” he said.
Arina East Residences is built on the site of the former La Ville, a 40-unit property that was acquired by ZACD Group in December 2021 for S$152 million.
