Terra Hill achieves 38% sales on launch weekend, with an average price above $2,650 psf

Hoi Hup and Sunway Developments sold 102 units (about 38%) of the 270-unit, freehold Terra Hill over the weekend of Feb 25-26. Situated at the top of Yew Siang Road, off Pasir Panjang Road, this marked the first freehold private condo launch in the Rest of Central Region (RCR) in 2023.

At the launch, seven units in The Prestige Collection, an exclusive 30-unit selection, were sold at prices averaging above $2,850 psf. More than 10,000 visitors visited the sales gallery along South Buona Vista Road in the two weeks leading up to the launch.

Ismail Gafoor, CEO of PropNex Realty said that the developer’s initial goal was to sell 100 units and that the 102 units showed they had set a new benchmark price. With 17 new project launches, and over 4,000 residential units in total, last year, Gafoor estimates that 47 new project launches with a potential 12,000 new units are expected this year; giving buyers more choices.

Mark Yip, CEO of Huttons Asia echoed similar views and commented that the weekend sales were within expectations and that sentiment is still positive.

Gafoor also pointed out that Pasir Panjang falls under the area URA requires the average unit size of new non-landed residential projects to be 100 sqm, which makes Terra Hill all the more appealing with larger units and higher absolute prices.

The Signature Collection makes up the majority of the units, comprising two-, three- and four-bedroom units, the two-bedders come in sizes from 624 to 840 sq ft with prices from over $1.5 million. Three-bedroom sizes range from 904 sq ft to 1,335 sq ft, priced from $2.3 million, and the four-bedroom units come in sizes from 1,302 to 1,862 sq ft with prices of $3.4 million ($2,611 psf).

Knowing that the last new launch of a residential project in the area was the 548-unit Kent Ridge Hill Residences in November 2018, and that the most recent transaction was the sale of a strata-terraced house for $3.266 million ($1,580 psf) and apartments sold from Jul 1, 2022, to Nov 30, 2022, ranged from $1,644 psf to $2,062 psf.

Gafoor furthers that the past launch of a freehold development in the vicinity was the 120-unit Bijou in 2014, which fetched up to $2,265 psf for its two-bedroom units in late November.

Buyers at Terra Hill were mainly located in the west and had a good mix of investors and owner-occupiers, drawn by its proximity to the upcoming Greater Southern Waterfront, which is soon to take shape, and the MRT station.

Places of employment and higher learning in the District 5 district are within 2km of the Science Park and 3km of the National University of Singapore (NUS), Biopolis and the Media Hub at one-north, making Terra Hill a particularly desirable destination.

Freehold, non-landed residential developments in the District 5 enclave represent just 14% of transacted private residential non-landed properties in District 5. Altogether, Terra Hill has set a benchmark price, providing buyers with an attractive option in Senja Close EC today’s saturated market.