Private placement at Arina East Residences moves 10 units at an average price of $3,008 psf

Just one week after its public preview on May 31, the freehold condo Arina East Residences opened for sale on June 7, a public holiday (Hari Raya Haji). As of 5pm, 10 out of 107 units (9.3%) had been sold at an average price of $3,008 psf.

The sales exercise was deliberately kept low-key, "by private placement" -- with a limited number of units released for sale by invitation only. “It was not a full launch in view of the June school holidays,” says Francis Tan, COO of ZACD Group, speaking on behalf of the Hong Kong-listed developer and its joint venture partners, Welltech Construction (a subsidiary of Qingjian Group) and FRX Capital.

The project is a redevelopment of the former 40-unit La Ville, which the ZACD-led consortium acquired en bloc for $152 million on Dec 1, 2021. It is located on Tanjong Rhu Road in prime District 15, just a three-minute walk from Katong Park MRT Station on the Thomson-East Coast Line. Arina East Residences comprises two 20-storey blocks, and is expected to be completed by the end of 2027.

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 $2,890 psf to $3,250 psf, with the majority of buyers believed to be Singaporeans.

‘Trying period’

“The sales of Arina East Residences came during a trying period, when uncertainties caused by the tariffs rocked the market,” notes Mark Yip, CEO of Huttons Asia. “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. “Similar to many other smaller projects, we expect sales will likely progress at a gradual pace over the coming months,” he adds.

Arina East’s launch marks the first new project in Tanjong Rhu in 13 years, says Marcus Chu, CEO of ERA Singapore. 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 were 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.

‘Relatively competitive’

Against this backdrop, Arina East Residences’ average launch price of $3,008 psf is considered “relatively competitive,” says PropNex’s Gafoor.

According to URA Realis caveats lodged as at May 27, 17 units were sold at Meyer Blue on Meyer Road at an average price of $3,150 psf, while The Continuum on Thiam Siew Avenue saw 51 units sold at an average of $2,920 psf during the same period.

The area has also seen increased interest from public housing buyers. In June 2024, Tanjong Rhu Riverfront I and II were launched under the Build-To-Order (BTO) exercise, offering 2,063 units. A second launch in February 2025 released 812 more units at Tanjong Rhu Parc Front Kallang. ERA’s Chu views these BTO buyers as a future pool of private housing upgraders.

Arina East Residences offers a mix of one- to four-bedroom premium apartments:

• One-bedroom units (from 495 sq ft) are priced from $1.43 million ($2,880 psf)
• Two-bedroom deluxe units (from 678 sq ft) start from $1.95 million
• Two-bedroom premium units (from 797 sq ft) start just under $2.3 million
• Three-bedroom deluxe units (from 969 sq ft) are priced from $2.86 million ($2,950 psf)
• Four-bedroom premium units (with private lift, from 1,389 sq ft) start at $4.34 million ($3,126 psf)

Benefiting from the transformation with the Kallang Alive Masterplan

The Tanjong Rhu area is poised for significant transformation, as part of the 120km Southern Coastline initiative announced by Prime Minister Lawrence Wong at the August 2024 National Day Rally, notes Huttons’ Yip.

As part of this broader vision, the Singapore Sports School will relocate from Champions Way in Woodlands to the Singapore Sports Hub, which fronts the Kallang Basin. Residents will benefit from proximity to recreational and leisure amenities, including the Kallang Wave Mall and the growing Kallang lifestyle precinct.

According to PropNex’s Gafoor, the Kallang Alive Masterplan could bring further value uplift to the neighbourhood in the years ahead.

The project is also near several notable schools, such as Dunman High School, Chung Cheng High School, and Broadrick Secondary School. “Buyers exploring legacy planning or looking for an asset to hedge against long-term inflation may find this freehold development especially appealing,” Gafoor adds.