102 units were sold by joint venture partners Hoi Hup and Sunway Developers

, ,

Read related article: Together, Knight Frank and Berkadia provide a platform for the global capital markets

Together, Knight Frank and Berkadia provide a platform for the global capital markets

Joint venture partner Hoi Hup as well as Sunway Developments sold 102 units (about 38%) of the 270-unit freehold Terra Hill over the weekend between Feb 25 and 26. It is located near the top of Yew Siang Road, off Pasir Panjang Road, Terra Hill is the first freehold condo launch located in the Rest of Central Region (RCR) in 2023. The average of those units was greater than $2,650 per square foot.

At Terra Hill thirty exclusive units form The Prestige Collection. 24 of them have 1,894 square feet, four-bedroom homes priced starting at $5 million. There are also six penthouses with five bedrooms that are 3,035 square feet. When the collection was launched seven units of the Prestige Collection were offered for a price that was higher than $2,850 per square foot.

The preview of the past week attracted more than 10,000 customers in the sales showroom located along South Buona Vista Road. As per the developer in a statement to the media the voting and booking procedure to Terra Hill held on Feb 24-25 “received the most enthusiastic reaction from the general public”.

“The initial goal for the developer at the time of debut was selling 100 units” states Ismail Gafoor, CEO of PropNex Realty. “Selling 102 units indicates they’ve achieved their goal sales and established an all-new standard price.”

70% to 85% up to 85% sales at new projects in the past year are not likely to repeat this year According to Gafoor. “Last year there were 17 new projects launched, with more than 4,500 residential units,” he estimates. “Up up to 47 brand new projects with the potential of 12,000 units are anticipated to be launched in the coming year. This means that the supply will be three times greater and buyers are able to choose from a wider selection.”

Gafoor believes that the majority of new projects launched this year to reach 35% to 40% sales over the weekend of the launch, particularly due to rising rates of interest and uncertainty in the market. He explains the fact that Pasir Panjang is one of nine estates located outside of in the Central Area in which URA has set the minimum size of residential developments that are not landed to be 100 square metres. “Terra Hill’s units are therefore bigger and have higher prices per square meter,” he says.

Mark Yip, CEO of Huttons Asia, is of the same opinion. “The weekend sales that were achieved on Terra Hill were within expectations,” he says. “Sentiment about the situation is positive. In spite of the Budget announcement about the increase in stamp duty for buyers the large attendance at the show flats showed that interest in buying is not affected.”

In addition to In addition to Prestige Collection, Terra Hill offers a variety of two, three-, and four-bedroom homes of the 240 unit Signature Collection. Two-bedroom units ranging from 624 to 840 sq feet are priced above $1.5 million. Three-bedroom types comprise 126 units. Sizes vary from 904 sq ft up to 1,335 sq ft and prices range from $2.3 million. Four-bedroom apartments ranging from 1,302 to 1,862 square feet comprise the 63 units with costs in the range of $3.4 million ($2,611 per square foot).

The most recent introduction of a new residential development in the region included the five-48 unit Kent Ridge Hill Residences in November of 2018. It was completely sold by the end of November 2022, with the most recent transaction being an auction of the strata-terraced home at $3.266 million ($1,580 per square foot). Apartments sold between July 1st, 2022 to November 30, 2022 varied from $1,644 to $2,062 psf according to caveats that were filed by URA Realis.

“However, Kent Ridge Hill Residences is a 99-year leasehold project and we do not have any freehold condominiums to compare,” notes Gafoor. “At an average cost of $2,600 per square foot, Terra Hill is reasonably priced, considering that 99-year leasehold developments within the Outside Central Region have already reached $2,000 per sq ft.”

The most recent new release of a freehold project within the area included the 120-unit Bijou in the year 2014. In 2018, the Bijou project was completed and it is situated just opposite Pasir Pajang’s MRT Station. the most recent sale at Bijou is for 775 square foot 2-bedroom unit which sold for $1.755 million ($2,265 per square foot) in the latter part of November.

Based on Marcus Chu, CEO of ERA Realty Network, there are “few” freehold non-landed residential developments within District 5’s Enclave. In the present, he says they make up only 14% of the private residential transactions that are transacted non-landed properties in District 5.

The buyers who bought Terra Hill were predominantly those who resided on the western side, according to Huttons Yip. “There was a mix of owners and investors,” he adds. “Both types of buyers were attracted by the closeness to the upcoming Greater Southern Waterfront, which is beginning to develop.”

Terra Hill is a four-minute walk from the Pasir panjang MRT station, which is on the Circle Line, which “will be a complete circle by 2026” Yip says. Yip. “This will make it easier to get to the city’s central area.”

In addition to Labrador Tower, an office tower that is scheduled to be completed in 2024. Terra Hill is near workplaces and places of higher education, according to the ERA’s Chu. He also says that it’s located within 2 km of The Science Park and 3 km of the National University of Singapore (NUS), Biopolis and the Media Hub in one-north.